Concurrent Investment Advisors LLC Acquires Stake in SoundHound AI, Inc. (NASDAQ:SOUN) – Insider Buying, Price Performance, and Analyst Ratings
Concurrent Investment Advisors LLC recently made a significant move by acquiring a new stake in SoundHound AI, Inc. (NASDAQ:SOUN). The fund acquired 33,800 shares of the company’s stock, valued at approximately $199,000. This acquisition comes at a time when several other institutional investors have also been increasing their stakes in SoundHound AI.
Vanguard Group Inc. and Intrinsic Edge Capital Management LLC are among the institutional investors that have recently boosted their holdings in SoundHound AI. Vanguard Group Inc. now owns over 13 million shares of the company’s stock, while Intrinsic Edge Capital Management LLC has over 4 million shares. These investments indicate a growing interest in the potential of SoundHound AI in the market.
SoundHound AI has shown promising performance in terms of its stock price, with a 1-year low of $1.49 and a 1-year high of $10.25. The company’s market capitalization is currently at $1.81 billion, with a price-to-earnings ratio of -14.45. Analysts are optimistic about the company’s future, with expectations of improved earnings per share for the current fiscal year.
In terms of insider activity, CTO Timothy Stonehocker recently sold a significant number of shares, while Director Lawrence Marcus also sold shares of SoundHound AI. These insider transactions are worth noting as they can provide insights into the company’s performance and future prospects.
Analysts have also been closely monitoring SoundHound AI, with several research firms providing ratings and price targets for the stock. Overall, the company has received positive ratings, with an average rating of “Moderate Buy” and an average price target of $6.88.
SoundHound AI is a company that develops independent voice artificial intelligence solutions for various industries. Its products, including the Houndify platform and SoundHound Chat AI, have been instrumental in helping businesses deliver high-quality conversational experiences to their customers.
Overall, the recent developments surrounding SoundHound AI indicate a growing interest from institutional investors, positive analyst ratings, and promising performance in the market. Investors and analysts alike will be keeping a close eye on the company as it continues to make strides in the AI industry.
