Transcendent Capital Group LLC Takes $99,000 Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Transcendent Capital Group LLC acquired a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 5,000 shares of the company’s stock, valued at approximately $99,000.

Several other institutional investors have also recently added to or reduced their stakes in the company. Blue Trust Inc. grew its holdings in shares of 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 buying an additional 830 shares in the last quarter. Sound Income Strategies LLC raised its holdings in SoundHound AI by 2,542.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after acquiring an additional 1,271 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new position in SoundHound AI in the 4th quarter valued at $40,000. Compagnie Lombard Odier SCmA purchased a new position in shares of SoundHound AI during the 4th quarter worth $40,000. Finally, Farther Finance Advisors LLC boosted its holdings in shares of SoundHound AI by 298.5% during the third quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock worth $42,000 after purchasing an additional 6,716 shares during the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

SoundHound AI Stock Down 8.5 %

Shares of SoundHound AI stock opened at $9.43 on Tuesday. SoundHound AI, Inc. has a twelve month low of $3.50 and a twelve month high of $24.98. The stock has a market cap of $3.71 billion, a price-to-earnings ratio of -26.19 and a beta of 2.56. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a fifty day moving average price of $16.04 and a 200 day moving average price of $9.82.

Wall Street Analysts Forecast Growth

SOUN has been the subject of several analyst reports. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Barclays reissued a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Northland Securities upped their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 14th. Wedbush increased their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. Finally, 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. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $12.36.

Insider Transactions at SoundHound AI

In other news, Director Lawrence Marcus sold 20,000 shares of the company’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $20.47, for a total value of $409,400.00. Following the completion of the transaction, the director now directly owns 108,117 shares in the company, valued at approximately $2,213,154.99. This represents a 15.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Majid Emami sold 94,067 shares of SoundHound AI stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $9.05, for a total transaction of $851,306.35. Following the sale, the vice president now directly owns 735,685 shares in the company, valued at $6,657,949.25. This trade represents a 11.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,722,918 shares of company stock valued at $44,935,943 over the last quarter. Company insiders own 12.28% of the company’s stock.

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.