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

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

A number of other institutional investors have also recently bought and sold shares of SOUN. Sanctuary Advisors LLC acquired a new position in SoundHound AI during the second quarter valued at approximately $104,000. Creative Planning acquired a new position in SoundHound AI during the third quarter valued at approximately $91,000. Sequoia Financial Advisors LLC grew its holdings in SoundHound AI by 40.9% during the third quarter. Sequoia Financial Advisors LLC now owns 29,133 shares of the company’s stock valued at $136,000 after purchasing an additional 8,450 shares during the period. Signaturefd LLC grew its holdings in SoundHound AI by 19.5% during the third quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock valued at $57,000 after purchasing an additional 2,000 shares during the period. Finally, Lake Street Private Wealth LLC acquired a new position in SoundHound AI during the third quarter valued at approximately $51,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

Insider Buying and Selling

In related news, Director Lawrence Marcus sold 30,000 shares of the stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $7.15, for a total transaction of $214,500.00. Following the completion of the transaction, the director now owns 178,117 shares in the company, valued at approximately $1,273,536.55. This represents a 14.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Majid Emami sold 94,067 shares of the 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 transaction, the vice president now owns 735,685 shares of the company’s stock, valued at $6,657,949.25. The trade was a 11.34 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,782,918 shares of company stock worth $45,391,343. 12.28% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

SOUN has been the subject of a number of analyst reports. Wedbush boosted their price objective 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. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a 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 company a “market perform” rating in a report on Tuesday, January 14th. HC Wainwright reiterated a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a report on Monday, January 13th. Finally, Barclays reiterated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, SoundHound AI presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.36.

SoundHound AI Stock Performance

Shares of SOUN opened at $11.44 on Wednesday. SoundHound AI, Inc. has a 12 month low of $3.46 and a 12 month high of $24.98. The firm has a fifty day simple moving average of $16.48 and a 200 day simple moving average of $9.65. The stock has a market capitalization of $4.50 billion, a price-to-earnings ratio of -31.78 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.

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.