Sigma Planning Corp Grows Stock Position in SoundHound AI, Inc. $SOUN

Sigma Planning Corp lifted its stake in SoundHound AI, Inc. (NASDAQ:SOUN) by 238.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 106,661 shares of the company’s stock after purchasing an additional 75,113 shares during the quarter. Sigma Planning Corp’s holdings in SoundHound AI were worth $1,144,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. AlphaQuest LLC purchased a new position in SoundHound AI during the first quarter worth approximately $32,000. Kozak & Associates Inc. lifted its position in SoundHound AI by 6,249.0% during the second quarter. Kozak & Associates Inc. now owns 3,238 shares of the company’s stock worth $35,000 after buying an additional 3,187 shares in the last quarter. Quarry LP lifted its position in SoundHound AI by 1,552.7% during the first quarter. Quarry LP now owns 5,272 shares of the company’s stock worth $43,000 after buying an additional 4,953 shares in the last quarter. Larson Financial Group LLC lifted its position in SoundHound AI by 72.7% during the first quarter. Larson Financial Group LLC now owns 7,027 shares of the company’s stock worth $57,000 after buying an additional 2,959 shares in the last quarter. Finally, Silver Oak Securities Incorporated purchased a new position in SoundHound AI during the second quarter worth approximately $76,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Insider Transactions at SoundHound AI

In related news, CEO Keyvan Mohajer sold 118,654 shares of the business’s stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $20.00, for a total value of $2,373,080.00. Following the sale, the chief executive officer owned 2,342,613 shares in the company, valued at approximately $46,852,260. The trade was a 4.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Majid Emami sold 41,167 shares of the business’s stock in a transaction on Wednesday, October 8th. The shares were sold at an average price of $20.00, for a total value of $823,340.00. Following the completion of the sale, the vice president owned 608,186 shares in the company, valued at $12,163,720. This represents a 6.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 785,917 shares of company stock worth $13,955,610. 9.17% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages recently commented on SOUN. Northland Securities upgraded SoundHound AI from a “market perform” rating to an “outperform” rating and set a $14.50 price objective on the stock in a research report on Friday, August 8th. Wedbush reiterated an “outperform” rating and set a $16.00 price objective on shares of SoundHound AI in a research report on Thursday, September 11th. DA Davidson lifted their price objective on SoundHound AI from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Wednesday, September 10th. Northland Capmk raised SoundHound AI from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 8th. Finally, LADENBURG THALM/SH SH raised SoundHound AI from a “neutral” rating to a “buy” rating and raised their target price for the stock from $9.00 to $16.00 in a research note on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $15.50.

SoundHound AI Trading Up 3.9%

SOUN stock opened at $15.72 on Thursday. The company has a market capitalization of $6.41 billion, a PE ratio of -24.95 and a beta of 2.60. SoundHound AI, Inc. has a 12-month low of $5.41 and a 12-month high of $24.98. The business’s fifty day moving average price is $16.61 and its 200 day moving average price is $12.90.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.13). The firm had revenue of $42.68 million during the quarter, compared to analysts’ expectations of $32.88 million. SoundHound AI had a negative net margin of 171.81% and a negative return on equity of 73.13%. SoundHound AI’s quarterly revenue was up 216.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.11) EPS. Research analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

SoundHound AI 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.