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

Sigma Planning Corp grew its holdings in SoundHound AI, Inc. (NASDAQ:SOUN) by 79.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the 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 at the end of the most recent reporting period.

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

SoundHound AI Price Performance

SOUN stock opened at $6.36 on Monday. The stock has a market cap of $2.28 billion, a price-to-earnings ratio of -17.67 and a beta of 2.71. SoundHound AI, Inc. has a fifty-two week low of $1.62 and a fifty-two week high of $10.25. The company has a quick ratio of 8.77, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The business has a 50 day moving average price of $5.30 and a 200 day moving average price of $4.96.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) 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 company’s revenue for the quarter was up 88.7% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.09) EPS. Equities research analysts anticipate that SoundHound AI, Inc. will post -0.37 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Barclays restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. DA Davidson reiterated a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. HC Wainwright increased their price objective on shares of SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Northland Securities raised their price objective on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a report on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $7.64.

Insider Buying and Selling at SoundHound AI

In other news, Director Lawrence Marcus sold 50,000 shares of SoundHound AI stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total value of $251,000.00. Following the transaction, the director now directly owns 74,038 shares of the company’s stock, valued at $371,670.76. The trade was a 40.31 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider James Ming Hom sold 21,024 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $102,597.12. Following the completion of the sale, the insider now owns 865,965 shares of the company’s stock, valued at approximately $4,225,909.20. This trade represents a 2.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 327,275 shares of company stock worth $1,606,644 over the last 90 days. Corporate insiders own 12.28% of the company’s stock.

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.