Philip James Wealth Mangement LLC Lowers Stake in SoundHound AI, Inc. (NASDAQ:SOUN)

Philip James Wealth Mangement LLC reduced its holdings in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 7.7% during the 4th quarter, HoldingsChannel reports. The firm owned 103,130 shares of the company’s stock after selling 8,635 shares during the period. Philip James Wealth Mangement LLC’s holdings in SoundHound AI were worth $2,046,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Commons Capital LLC grew its position in 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. grew its position in SoundHound AI by 33.2% during the 4th quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company’s stock worth $60,000 after purchasing an additional 750 shares during the last quarter. Blue Trust Inc. grew its position in SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after purchasing an additional 830 shares during the last quarter. Choreo LLC boosted its holdings in shares of SoundHound AI by 7.6% in the fourth quarter. Choreo LLC now owns 14,424 shares of the company’s stock valued at $309,000 after acquiring an additional 1,015 shares in the last quarter. Finally, Genesee Capital Advisors LLC boosted its holdings in shares of SoundHound AI by 6.5% in the fourth 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 in the last quarter. 19.28% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Lawrence Marcus sold 30,000 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $7.15, for a total value of $214,500.00. Following the sale, the director now directly owns 178,117 shares in the company, valued at $1,273,536.55. This represents a 14.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Timothy Stonehocker sold 34,407 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $20.30, for a total transaction of $698,462.10. Following the completion of the sale, the chief technology officer now owns 796,581 shares in the company, valued at $16,170,594.30. This represents a 4.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,782,918 shares of company stock worth $45,391,343 over the last ninety days. 12.28% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SOUN. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a report on Monday, January 13th. 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. Barclays restated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Northland Securities increased their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a report on Tuesday, January 14th. Finally, Wedbush increased their target price 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. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, SoundHound AI presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.36.

SoundHound AI Trading Down 28.1 %

Shares of SoundHound AI stock opened at $10.97 on Monday. The company has a 50-day moving average of $16.62 and a two-hundred day moving average of $9.56. The stock has a market cap of $4.31 billion, a PE ratio of -30.47 and a beta of 2.56. SoundHound AI, Inc. has a 12-month low of $3.11 and a 12-month high of $24.98. The company has a current ratio of 2.58, a quick 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.