Concurrent Investment Advisors LLC Trims Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Concurrent Investment Advisors LLC cut its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 35.9% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 31,754 shares of the company’s stock after selling 17,764 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in SoundHound AI were worth $630,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Creative Planning purchased a new stake in SoundHound AI during the third quarter valued at $91,000. Sequoia Financial Advisors LLC boosted its stake in shares of SoundHound AI by 40.9% in the third quarter. Sequoia Financial Advisors LLC now owns 29,133 shares of the company’s stock worth $136,000 after acquiring an additional 8,450 shares during the period. Signaturefd LLC boosted its stake in SoundHound AI by 19.5% during the third quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock valued at $57,000 after buying an additional 2,000 shares during the last quarter. International Assets Investment Management LLC boosted its stake in SoundHound AI by 914.6% during the third quarter. International Assets Investment Management LLC now owns 80,152 shares of the company’s stock valued at $374,000 after buying an additional 72,252 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its stake in SoundHound AI by 2,198.7% during the third quarter. Nisa Investment Advisors LLC now owns 88,111 shares of the company’s stock valued at $411,000 after buying an additional 84,278 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, VP Majid Emami sold 94,067 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $9.05, for a total value of $851,306.35. Following the transaction, the vice president now directly owns 735,685 shares in the company, valued at approximately $6,657,949.25. This represents a 11.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Keyvan Mohajer sold 465,394 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $15.04, for a total value of $6,999,525.76. Following the transaction, the chief executive officer now owns 2,299,148 shares in the company, valued at $34,579,185.92. This trade represents a 16.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,722,918 shares of company stock worth $44,935,943. Corporate insiders own 12.28% of the company’s stock.

SoundHound AI Price Performance

Shares of SoundHound AI stock opened at $10.31 on Monday. SoundHound AI, Inc. has a twelve month low of $3.50 and a twelve month high of $24.98. The business has a 50-day moving average price of $16.24 and a 200 day moving average price of $9.79. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm has a market cap of $4.05 billion, a PE ratio of -28.64 and a beta of 2.56.

Analyst Upgrades and Downgrades

SOUN has been the subject of several analyst reports. Barclays reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright restated a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a report on Monday, January 13th. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Wedbush lifted their price target on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. Finally, 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 report on Tuesday, January 14th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $12.36.

SoundHound AI Company Profile

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.