Private Advisor Group LLC Sells 150,666 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Private Advisor Group LLC lessened its stake in SoundHound AI, Inc. (NASDAQ:SOUN) by 47.9% in the fourth quarter, HoldingsChannel reports. The firm owned 164,018 shares of the company’s stock after selling 150,666 shares during the period. Private Advisor Group LLC’s holdings in SoundHound AI were worth $3,254,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Blue Trust Inc. boosted its stake in shares of SoundHound AI by 197.6% in the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after buying an additional 830 shares during the last quarter. Sound Income Strategies LLC lifted its holdings in SoundHound AI by 2,542.0% in the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after acquiring an additional 1,271 shares during the period. Future Financial Wealth Managment LLC purchased a new position in SoundHound AI in the fourth quarter worth about $40,000. Compagnie Lombard Odier SCmA bought a new stake in shares of SoundHound AI during the 4th quarter valued at about $40,000. Finally, Golden State Wealth Management LLC bought a new stake in shares of SoundHound AI during the 4th quarter valued at about $42,000. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SOUN. Northland Securities boosted their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research report on Tuesday, January 14th. HC Wainwright reissued a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a research report on Monday, January 13th. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Wedbush boosted their price objective on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. Finally, Barclays reiterated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $12.36.

SoundHound AI Stock Down 5.5 %

SOUN opened at $10.31 on Monday. The firm has a 50-day simple moving average of $16.24 and a two-hundred day simple moving average of $9.79. SoundHound AI, Inc. has a 52 week low of $3.50 and a 52 week high of $24.98. The company has a market capitalization of $4.05 billion, a PE ratio of -28.64 and a beta of 2.56. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.

Insiders Place Their Bets

In other news, Director Lawrence Marcus sold 20,000 shares of the stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $20.47, for a total value of $409,400.00. Following the sale, the director now owns 108,117 shares of the company’s stock, valued at approximately $2,213,154.99. This represents a 15.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Keyvan Mohajer sold 465,394 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the completion of the sale, the chief executive officer now directly owns 2,299,148 shares of the company’s stock, valued at approximately $34,579,185.92. The trade was a 16.83 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,722,918 shares of company stock valued at $44,935,943 in the last quarter. 12.28% of the stock is currently owned by insiders.

About SoundHound AI

SoundHound AI, Inc develops independent voice artificial intelligence (AI) solutions that enables businesses across automotive, TV, and IoT, and to customer service industries to deliver high-quality conversational experiences to their customers. Its products include Houndify platform that offers a suite of Houndify tools to help brands build conversational voice assistants, such as Application Programming Interfaces (API) for text and voice queries, support for custom commands, extensive library of content domains, inclusive software development kit platforms, collaboration capabilities, diagnostic tools, and built-in analytics; SoundHound Chat AI that integrates with knowledge domains, pulling real-time data like weather, sports, stocks, flight status, and restaurants; and SoundHound Smart Answering is built to offer customer establishments custom AI-powered voice assistant.