Sigma Planning Corp Buys 75,113 Shares of SoundHound AI, Inc. $SOUN

Key Points

• Sigma Planning Corp increased its stake by 238.1% in SoundHound AI in Q2, adding 75,113 shares to hold 106,661 shares valued at about $1.144 million.
• Institutional interest is sizable (Vanguard owns ~35.06M shares; institutions hold 19.28%), and analysts have a consensus rating of "Moderate Buy" with a $15.50 target while individual targets range up to $26.
• Insiders have sold heavily (785,917 shares, ~$13.96M over 90 days) even as Q2 revenue jumped 216.3% to $42.7M while EPS missed at ($0.19); the stock trades near $15.72 with a $6.41B market cap.

Sigma Planning Corp lifted its stake in SoundHound AI, Inc. (NASDAQ:SOUN - Free Report) by 238.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 106,661 shares of the company's stock after acquiring an additional 75,113 shares during the period. Sigma Planning Corp's holdings in SoundHound AI were worth $1,144,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of SoundHound AI by 9.5% in the 1st quarter. Vanguard Group Inc. now owns 35,059,943 shares of the company's stock worth $284,687,000 after acquiring an additional 3,028,281 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of SoundHound AI by 84.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,973,728 shares of the company's stock worth $40,390,000 after acquiring an additional 2,274,105 shares in the last quarter. Northern Trust Corp raised its position in shares of SoundHound AI by 2.5% in the 1st quarter. Northern Trust Corp now owns 2,979,011 shares of the company's stock worth $24,190,000 after acquiring an additional 72,766 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in SoundHound AI by 4.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,847,261 shares of the company's stock valued at $23,120,000 after buying an additional 121,568 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in SoundHound AI by 69.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company's stock valued at $21,434,000 after buying an additional 1,085,473 shares in the last quarter. 19.28% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Wedbush reiterated an "outperform" rating and set a $16.00 price target on shares of SoundHound AI in a research note on Thursday, September 11th. LADENBURG THALM/SH SH upgraded SoundHound AI from a "neutral" rating to a "buy" rating and upped their target price for the stock from $9.00 to $16.00 in a research note on Monday, August 11th. HC Wainwright upped their target price on SoundHound AI from $18.00 to $26.00 and gave the stock a "buy" rating in a research note on Thursday, October 16th. Weiss Ratings restated a "sell (d-)" rating on shares of SoundHound AI in a research note on Tuesday, October 14th. Finally, Northland Securities upgraded SoundHound AI from a "market perform" rating to an "outperform" rating and set a $14.50 target price on the stock in a research note on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, SoundHound AI presently has a consensus rating of "Moderate Buy" and a consensus target price of $15.50.

Insiders Place Their Bets

In other news, VP Majid Emami sold 42,119 shares of the firm's stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $16.00, for a total value of $673,904.00. Following the transaction, the vice president owned 685,538 shares in the company, valued at $10,968,608. This trade represents a 5.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Michael Zagorsek sold 69,837 shares of the firm's stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $16.00, for a total value of $1,117,392.00. Following the completion of the transaction, the chief operating officer owned 1,860,790 shares in the company, valued at approximately $29,772,640. This trade represents a 3.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 785,917 shares of company stock valued at $13,955,610. 9.17% of the stock is owned by corporate insiders.

SoundHound AI Trading Up 3.9%

NASDAQ SOUN opened at $15.72 on Thursday. The stock has a market capitalization of $6.41 billion, a price-to-earnings ratio of -24.95 and a beta of 2.60. SoundHound AI, Inc. has a twelve month low of $5.41 and a twelve month high of $24.98. The stock has a 50-day moving average of $16.61 and a 200 day moving average of $12.90.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.19) earnings per share for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.13). The business had revenue of $42.68 million during the quarter, compared to analyst estimates of $32.88 million. SoundHound AI had a negative return on equity of 73.13% and a negative net margin of 171.81%.The business's revenue for the quarter was up 216.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.11) EPS. Equities 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.

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