Nations Financial Group Inc. IA ADV Takes $766,000 Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Nations Financial Group Inc. IA ADV bought a new stake in shares of SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 38,585 shares of the company's stock, valued at approximately $766,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. State Street Corp grew its holdings in shares of SoundHound AI by 0.6% during the third quarter. State Street Corp now owns 7,197,414 shares of the company's stock valued at $33,540,000 after buying an additional 42,869 shares during the last quarter. Geode Capital Management LLC increased its holdings in SoundHound AI by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company's stock worth $33,529,000 after buying an additional 602,311 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in SoundHound AI by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company's stock worth $12,033,000 after buying an additional 189,109 shares during the last quarter. Carnegie Investment Counsel boosted its holdings in SoundHound AI by 9.1% in the fourth quarter. Carnegie Investment Counsel now owns 982,050 shares of the company's stock worth $19,484,000 after purchasing an additional 82,300 shares during the last quarter. Finally, Oriental Harbor Investment Fund purchased a new stake in shares of SoundHound AI during the 4th quarter valued at about $8,964,000. 19.28% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at SoundHound AI

In related news, CTO Timothy Stonehocker sold 34,407 shares of the company's stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $20.30, for a total transaction of $698,462.10. Following the transaction, the chief technology officer now directly owns 796,581 shares in the company, valued at approximately $16,170,594.30. This represents a 4.14 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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. In the last 90 days, insiders have sold 2,752,918 shares of company stock worth $45,176,843. Company insiders own 12.28% of the company's stock.

Wall Street Analysts Forecast Growth

SOUN has been the topic of several analyst reports. Barclays reaffirmed a "neutral" rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Northland Securities raised 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 note on Tuesday, January 14th. Wedbush lifted their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a report on Monday, December 16th. HC Wainwright reissued a "buy" rating and set a $26.00 price objective on shares of SoundHound AI in a report on Monday, January 13th. Finally, 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. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, SoundHound AI presently has an average rating of "Moderate Buy" and an average target price of $12.36.

SoundHound AI Trading Down 1.4 %

NASDAQ SOUN traded down $0.16 during trading hours on Thursday, hitting $10.91. 37,161,744 shares of the company were exchanged, compared to its average volume of 57,831,527. The stock has a market cap of $4.29 billion, a PE 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. The stock has a 50-day moving average price of $16.43 and a 200 day moving average price of $9.66. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.

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.