Concurrent Investment Advisors LLC Acquires 7,124 Shares of SoundHound AI, Inc. (NASDAQ:SOUN)

Concurrent Investment Advisors LLC increased its holdings in SoundHound AI, Inc. (NASDAQ:SOUN) by 16.8% in the third quarter, Holdings Channel.com reports. The firm owned 49,518 shares of the company’s stock after acquiring an additional 7,124 shares during the period. Concurrent Investment Advisors LLC’s holdings in SoundHound AI were worth $231,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in SOUN. Clear Creek Financial Management LLC grew its holdings in shares of SoundHound AI by 3.8% in the third quarter. Clear Creek Financial Management LLC now owns 74,581 shares of the company’s stock worth $348,000 after purchasing an additional 2,707 shares during the last quarter. Farther Finance Advisors LLC raised its stake 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 valued at $42,000 after acquiring an additional 6,716 shares during the last quarter. Focus Financial Network Inc. purchased a new stake in shares of SoundHound AI during the third quarter worth about $120,000. Financial Advocates Investment Management raised its position in SoundHound AI by 6.3% during the 3rd quarter. Financial Advocates Investment Management now owns 46,685 shares of the company’s stock valued at $218,000 after purchasing an additional 2,750 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its holdings in SoundHound AI by 2,198.7% in the 3rd quarter. Nisa Investment Advisors LLC now owns 88,111 shares of the company’s stock worth $411,000 after buying an additional 84,278 shares during the period. Institutional investors own 19.28% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Keyvan Mohajer sold 63,544 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $4.92, for a total value of $312,636.48. Following the transaction, the chief executive officer now owns 2,299,148 shares in the company, valued at $11,311,808.16. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Keyvan Mohajer sold 63,544 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $4.92, for a total value of $312,636.48. Following the completion of the transaction, the chief executive officer now owns 2,299,148 shares in the company, valued at $11,311,808.16. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Nitesh Sharan sold 39,728 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $193,872.64. Following the sale, the chief financial officer now directly owns 1,560,411 shares in the company, valued at $7,614,805.68. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 327,275 shares of company stock valued at $1,606,644. 12.28% of the stock is currently owned by corporate insiders.

SoundHound AI Stock Up 7.9 %

Shares of SOUN opened at $7.77 on Tuesday. The stock has a market cap of $2.79 billion, a P/E ratio of -19.92 and a beta of 2.71. The business’s 50 day moving average price is $5.12 and its 200-day moving average price is $4.89. SoundHound AI, Inc. has a 52 week low of $1.62 and a 52 week high of $10.25.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, September 18th. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $5.00 to $7.00 in a report on Friday, August 9th. Northland Securities boosted their price target on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research report on Friday, August 9th. Wedbush restated an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a report on Thursday, September 26th. Finally, DA Davidson reiterated a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, SoundHound AI presently has an average rating of “Moderate Buy” and a consensus price target of $7.08.

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.