Sigma Planning Corp Grows Position in SoundHound AI, Inc. (NASDAQ:SOUN)

Sigma Planning Corp lifted its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 79.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,640 shares of the company’s stock after purchasing an additional 9,600 shares during the quarter. Sigma Planning Corp’s holdings in SoundHound AI were worth $101,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Janney Montgomery Scott LLC purchased a new position in shares of SoundHound AI in the 1st quarter valued at about $109,000. Avantax Advisory Services Inc. acquired a new position in shares of SoundHound AI during the 1st quarter worth approximately $63,000. Vanguard Group Inc. lifted its position in shares of SoundHound AI by 16.1% during the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after buying an additional 2,226,471 shares in the last quarter. Ameritas Investment Partners Inc. grew its stake in SoundHound AI by 17.3% in the 1st quarter. Ameritas Investment Partners Inc. now owns 13,561 shares of the company’s stock valued at $80,000 after acquiring an additional 2,000 shares during the period. Finally, Anson Funds Management LP purchased a new stake in SoundHound AI in the 1st quarter worth $1,223,000. 19.28% of the stock is owned by hedge funds and other institutional investors.

SoundHound AI Stock Down 4.1 %

NASDAQ SOUN opened at $6.36 on Monday. The company has a quick ratio of 8.77, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. SoundHound AI, Inc. has a 52 week low of $1.62 and a 52 week high of $10.25. The business’s fifty day simple moving average is $5.30 and its 200-day simple moving average is $4.96. The firm has a market cap of $2.28 billion, a PE ratio of -17.67 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. The business had revenue of $25.10 million during the quarter, compared to analysts’ expectations of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The business’s revenue for the quarter was up 88.7% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.09) EPS. As a group, equities analysts anticipate that SoundHound AI, Inc. will post -0.37 earnings per share for the current year.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 63,544 shares of SoundHound AI stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $4.92, for a total transaction of $312,636.48. Following the completion of the sale, the chief executive officer now directly owns 2,299,148 shares in the company, valued at $11,311,808.16. This trade represents a 2.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lawrence Marcus sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total transaction of $251,000.00. Following the completion of the sale, the director now directly owns 74,038 shares in the company, valued at $371,670.76. This trade represents a 40.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 327,275 shares of company stock worth $1,606,644 over the last quarter. 12.28% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on SOUN shares. DA Davidson reaffirmed a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. Wedbush reissued an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a report on Thursday, September 26th. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. Northland Securities increased their price objective on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research note on Friday, August 9th. Finally, Barclays reaffirmed a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research note 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. Based on data from MarketBeat, SoundHound AI presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.64.

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.