SG Americas Securities LLC Reduces Stock Position in SoundHound AI, Inc. (NASDAQ:SOUN)

SG Americas Securities LLC lowered its position in shares of SoundHound AI, Inc. (NASDAQ:SOUN) by 46.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 114,580 shares of the company’s stock after selling 99,195 shares during the period. SG Americas Securities LLC’s holdings in SoundHound AI were worth $534,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Hexagon Capital Partners LLC acquired a new position in SoundHound AI in the 1st quarter worth approximately $29,000. DecisionPoint Financial LLC acquired a new position in shares of SoundHound AI during the 1st quarter worth approximately $40,000. Kings Path Partners LLC purchased a new stake in SoundHound AI in the 2nd quarter valued at $28,000. International Assets Investment Management LLC purchased a new stake in shares of SoundHound AI in the second quarter valued at about $31,000. Finally, Amalgamated Bank increased its holdings in shares of SoundHound AI by 108.0% during the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after buying an additional 5,099 shares during the last quarter. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Trading Up 2.3 %

NASDAQ SOUN opened at $5.31 on Wednesday. The business’s 50 day moving average is $4.85 and its two-hundred day moving average is $4.74. The stock has a market capitalization of $1.75 billion, a price-to-earnings ratio of -13.97 and a beta of 2.73. SoundHound AI, Inc. has a 12-month low of $1.49 and a 12-month high of $10.25.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, August 8th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The business had revenue of $13.46 million during the quarter, compared to analyst estimates of $13.09 million. During the same period last year, the business posted ($0.10) EPS. SoundHound AI’s revenue was up 53.8% compared to the same quarter last year. Equities analysts forecast that SoundHound AI, Inc. will post -0.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Keyvan Mohajer sold 90,641 shares of SoundHound AI stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $442,328.08. Following the completion of the sale, the chief executive officer now directly owns 2,362,692 shares in the company, valued at approximately $11,529,936.96. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other SoundHound AI news, CEO Keyvan Mohajer sold 90,641 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $442,328.08. Following the sale, the chief executive officer now owns 2,362,692 shares of the company’s stock, valued at $11,529,936.96. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lawrence Marcus sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total transaction of $251,000.00. Following the transaction, the director now directly owns 74,038 shares of the company’s stock, valued at approximately $371,670.76. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 327,275 shares of company stock valued at $1,606,644. Corporate insiders own 21.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Wedbush reiterated an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research report on Thursday, September 26th. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $5.00 to $7.00 in a research report on Friday, August 9th. Northland Securities increased their price target on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research note on Friday, August 9th. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, September 18th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, SoundHound AI presently has an average rating of “Moderate Buy” and an average price target of $7.08.

SoundHound AI Company 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.