10,916 Shares in SoundHound AI, Inc. (NASDAQ:SOUN) Bought by Valmark Advisers Inc.

Valmark Advisers Inc. bought a new position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) during the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 10,916 shares of the company’s stock, valued at approximately $217,000.

Several other institutional investors and hedge funds have also recently modified their holdings of SOUN. Blue Trust Inc. increased its holdings in shares of SoundHound AI by 197.6% in the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock valued at $25,000 after purchasing an additional 830 shares during the last quarter. Sound Income Strategies LLC increased its holdings in shares of SoundHound AI by 2,542.0% in the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after purchasing an additional 1,271 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new position in shares of SoundHound AI in the fourth quarter valued at $40,000. Compagnie Lombard Odier SCmA acquired a new position in shares of SoundHound AI in the fourth quarter valued at $40,000. Finally, Farther Finance Advisors LLC increased its holdings in shares of SoundHound AI by 298.5% in the third quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock valued at $42,000 after purchasing an additional 6,716 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on SOUN shares. Wedbush boosted their target price 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. 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. LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. HC Wainwright reissued a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a research report on Monday, January 13th. Finally, Northland Securities boosted 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 report on Tuesday, January 14th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $12.36.

SoundHound AI Trading Up 4.3 %

SOUN opened at $11.44 on Wednesday. SoundHound AI, Inc. has a twelve month low of $3.46 and a twelve month high of $24.98. The company has a 50-day simple moving average of $16.48 and a 200 day simple moving average of $9.65. 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 stock has a market capitalization of $4.50 billion, a price-to-earnings ratio of -31.78 and a beta of 2.56.

Insider Buying and Selling

In other news, CFO Nitesh Sharan sold 57,761 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $1,172,548.30. Following the completion of the transaction, the chief financial officer now owns 1,502,650 shares of the company’s stock, valued at approximately $30,503,795. This represents a 3.70 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Keyvan Mohajer sold 465,394 shares of the 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 transaction, the chief executive officer now directly owns 2,299,148 shares of the company’s stock, valued at $34,579,185.92. This trade represents a 16.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,782,918 shares of company stock valued at $45,391,343 over the last quarter. 12.28% of the stock is owned by company insiders.

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.