Fortis Group Advisors LLC Sells 12,609 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Fortis Group Advisors LLC reduced its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 52.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,313 shares of the company’s stock after selling 12,609 shares during the quarter. Fortis Group Advisors LLC’s holdings in SoundHound AI were worth $224,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SOUN. Sanctuary Advisors LLC bought a new stake in SoundHound AI during the second quarter worth $104,000. Creative Planning bought a new stake in SoundHound AI during the third quarter worth $91,000. Sequoia Financial Advisors LLC raised its position in SoundHound AI by 40.9% during 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 in the last quarter. Signaturefd LLC raised its position in SoundHound AI by 19.5% during the third quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock worth $57,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Lake Street Private Wealth LLC bought a new stake in SoundHound AI during the third quarter worth $51,000. 19.28% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

SoundHound AI Price Performance

NASDAQ:SOUN opened at $11.44 on Wednesday. SoundHound AI, Inc. has a 52 week low of $3.46 and a 52 week high of $24.98. The firm has a market cap of $4.50 billion, a price-to-earnings ratio of -31.78 and a beta of 2.56. The firm’s 50-day simple moving average is $16.48 and its 200 day simple moving average is $9.65. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

Insider Buying and Selling

In related news, CEO Keyvan Mohajer sold 156,288 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 2,021,666 shares of the company’s stock, valued at approximately $40,837,653.20. This trade represents a 7.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Michael Zagorsek sold 277,813 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $21.25, for a total transaction of $5,903,526.25. Following the sale, the chief operating officer now owns 1,473,322 shares in the company, valued at $31,308,092.50. The trade was a 15.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,782,918 shares of company stock valued at $45,391,343. 12.28% of the stock is owned by company insiders.

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.