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

Transcendent Capital Group LLC purchased a new stake in SoundHound AI, Inc. (NASDAQ:SOUN) during the 4th quarter, Holdings Channel reports. The institutional investor purchased 5,000 shares of the company’s stock, valued at approximately $99,000.

Other large investors have also recently added to or reduced their stakes in the company. Creative Planning acquired a new position in SoundHound AI in the third quarter worth about $91,000. Sequoia Financial Advisors LLC grew its position in shares of SoundHound AI by 40.9% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 29,133 shares of the company’s stock worth $136,000 after acquiring an additional 8,450 shares in the last quarter. Signaturefd LLC increased its holdings in shares of SoundHound AI by 19.5% in the 3rd quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock valued at $57,000 after acquiring an additional 2,000 shares during the last quarter. International Assets Investment Management LLC raised its position in shares of SoundHound AI by 914.6% during the 3rd quarter. International Assets Investment Management LLC now owns 80,152 shares of the company’s stock valued at $374,000 after acquiring an additional 72,252 shares in the last quarter. Finally, Nisa Investment Advisors LLC lifted its stake in SoundHound AI by 2,198.7% during the third quarter. Nisa Investment Advisors LLC now owns 88,111 shares of the company’s stock worth $411,000 after purchasing an additional 84,278 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on SOUN. Wedbush increased their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. Northland Securities increased their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 14th. LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Barclays reiterated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, HC Wainwright restated a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a research report on Monday, January 13th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, SoundHound AI currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.36.

Insider Transactions at SoundHound AI

In related news, CEO Keyvan Mohajer sold 465,394 shares of SoundHound AI 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 transaction, the chief executive officer now directly owns 2,299,148 shares of the company’s stock, valued at $34,579,185.92. The trade was a 16.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Eric R. Ball sold 50,000 shares of the firm’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $12.00, for a total transaction of $600,000.00. Following the transaction, the director now owns 451,756 shares of the company’s stock, valued at approximately $5,421,072. This trade represents a 9.97 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 2,722,918 shares of company stock valued at $44,935,943. Company insiders own 12.28% of the company’s stock.

SoundHound AI Stock Performance

SOUN stock opened at $9.43 on Tuesday. The company has a 50-day simple moving average of $16.04 and a 200 day simple moving average of $9.82. The company has a market capitalization of $3.71 billion, a P/E ratio of -26.19 and a beta of 2.56. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. SoundHound AI, Inc. has a fifty-two week low of $3.50 and a fifty-two week high of $24.98.

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.