Vontobel Holding Ltd., a financial institution, has disclosed a decrease in its ownership of SoundHound AI, Inc. by 18.8% during the third quarter, according to its recent filing with the Securities & Exchange Commission. The company sold 3,700 shares, bringing its total holdings to 16,000 shares valued at $75,000 as of the filing.
Other institutional investors have also made moves in SoundHound AI recently. Hexagon Capital Partners LLC acquired a new stake in the company during the first quarter, valued at $29,000. DecisionPoint Financial LLC purchased a new stake in the first quarter, worth approximately $40,000. Kings Path Partners LLC also acquired a new stake in the second quarter, valued at around $28,000. NBC Securities Inc. increased its holdings by 97.8% during the third quarter, now owning 7,720 shares worth $35,000. Additionally, International Assets Investment Management LLC purchased a new position in the second quarter, valued at about $31,000. Currently, institutional investors and hedge funds own approximately 19.28% of SoundHound AI’s stock.
SoundHound AI’s stock opened at $4.98 on Thursday, with a 50-day moving average of $4.89 and a 200-day moving average of $4.74. The company has a market capitalization of $1.64 billion, a price-to-earnings ratio of -13.05, and a beta of 2.73. Its 52-week low is $1.49, and the 52-week high is $10.25.
Several analysts have recently provided their insights on SoundHound AI. HC Wainwright reiterated a “buy” rating with a target price of $7.00, while DA Davidson reissued a “buy” rating with a $9.50 price objective. Wedbush restated an “outperform” rating and set a $9.00 target price, and Northland Securities raised their price target from $5.50 to $6.00, giving the company a “market perform” rating. Cantor Fitzgerald upgraded the stock from “neutral” to “overweight” and raised their price target from $5.00 to $7.00. Currently, the stock has an average rating of “Moderate Buy” and a consensus price target of $7.08, according to MarketBeat.
In terms of insider trading, CFO Nitesh Sharan sold 39,728 shares of SoundHound AI stock on September 20th at an average price of $4.88, totaling $193,872.64. Following the sale, Sharan now holds 1,560,411 shares valued at $7,614,805.68. CEO Keyvan Mohajer also sold 63,544 shares on September 23rd at an average price of $4.92, amounting to $312,636.48. After the transaction, Mohajer owns 2,299,148 shares worth $11,311,808.16. Insiders have sold a total of 327,275 shares valued at $1,606,644 over the last quarter. Insiders currently own 21.30% of the company’s stock.
SoundHound AI, Inc. develops independent voice artificial intelligence solutions for various industries, including automotive, TV, IoT, and customer service. Its products include the Houndify platform, which offers a suite of tools for building conversational voice assistants, SoundHound Chat AI that integrates with knowledge domains, and SoundHound Smart Answering, a custom AI-powered voice assistant for customer establishments.