Concurrent Investment Advisors LLC Decreases Holdings in SoundHound AI, Inc. (NASDAQ:SOUN)

Concurrent Investment Advisors LLC decreased its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 35.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). 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 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the stock. Commons Capital LLC raised its position in shares of SoundHound AI by 2.7% during the 4th quarter. Commons Capital LLC now owns 27,349 shares of the company’s stock worth $543,000 after purchasing an additional 723 shares during the last quarter. ST Germain D J Co. Inc. raised its holdings in SoundHound AI by 33.2% in the 4th quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company’s stock valued at $60,000 after acquiring an additional 750 shares during the last quarter. Blue Trust Inc. raised its holdings in SoundHound AI by 197.6% in the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock valued at $25,000 after acquiring an additional 830 shares during the last quarter. Choreo LLC raised its holdings in SoundHound AI by 7.6% in the 4th quarter. Choreo LLC now owns 14,424 shares of the company’s stock valued at $309,000 after acquiring an additional 1,015 shares during the last quarter. Finally, Genesee Capital Advisors LLC raised its holdings in SoundHound AI by 6.5% in the 4th quarter. Genesee Capital Advisors LLC now owns 17,168 shares of the company’s stock valued at $341,000 after acquiring an additional 1,050 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

SoundHound AI Price Performance

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

Insider Activity

In other SoundHound AI news, CEO Keyvan Mohajer sold 156,288 shares of SoundHound AI stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $20.20, for a total transaction of $3,157,017.60. Following the sale, the chief executive officer now owns 2,021,666 shares in the company, valued at $40,837,653.20. The trade was a 7.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Majid Emami sold 37,459 shares of SoundHound AI stock in a transaction on Friday, December 20th. The stock was sold at an average price of $20.30, for a total transaction of $760,417.70. Following the sale, the vice president now owns 698,226 shares in the company, valued at $14,173,987.80. This represents a 5.09 % 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 over the last 90 days. 12.28% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

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

SoundHound AI 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.