C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Invests $187,000 in SoundHound AI, Inc. (NASDAQ:SOUN)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 9,445 shares of the company’s stock, valued at approximately $187,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Commons Capital LLC lifted its holdings in SoundHound AI by 2.7% during the fourth quarter. Commons Capital LLC now owns 27,349 shares of the company’s stock worth $543,000 after acquiring an additional 723 shares in the last quarter. ST Germain D J Co. Inc. lifted its holdings in SoundHound AI by 33.2% during the fourth quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company’s stock worth $60,000 after acquiring an additional 750 shares in the last quarter. Blue Trust Inc. lifted its holdings in SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after acquiring an additional 830 shares in the last quarter. Choreo LLC lifted its holdings in SoundHound AI by 7.6% during the fourth quarter. Choreo LLC now owns 14,424 shares of the company’s stock worth $309,000 after acquiring an additional 1,015 shares in the last quarter. Finally, Genesee Capital Advisors LLC lifted its holdings in SoundHound AI by 6.5% during the fourth quarter. Genesee Capital Advisors LLC now owns 17,168 shares of the company’s stock worth $341,000 after acquiring an additional 1,050 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

SoundHound AI Price Performance

NASDAQ:SOUN opened at $10.91 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The stock’s 50-day simple moving average is $16.38 and its 200 day simple moving average is $9.67. The company has a market cap of $4.29 billion, a P/E ratio of -30.31 and a beta of 2.56. SoundHound AI, Inc. has a 52-week low of $3.46 and a 52-week high of $24.98.

Insider Activity at SoundHound AI

In other SoundHound AI news, CTO Timothy Stonehocker sold 34,407 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $20.30, for a total transaction of $698,462.10. Following the transaction, the chief technology officer now owns 796,581 shares of the company’s stock, valued at $16,170,594.30. The trade was a 4.14 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Majid Emami sold 37,459 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $760,417.70. Following the transaction, the vice president now directly owns 698,226 shares in the company, valued at approximately $14,173,987.80. This trade represents a 5.09 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,752,918 shares of company stock valued at $45,176,843. 12.28% of the stock is 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.