SpotShotter changes name to SoundThinking after Chicago contract concerns
10/04/2023 15:49
** Gunshot detection tech provider SpotShotter Inc SSTI.O
changes corporate name to SoundThinking after seeing its stock
tumble to 6-mth lows last week following Chicago mayoral
election
** SSTI shares fell 22% on Weds and another 12% on Thurs
after Brandon Johnson was elected mayor of Chicago, a city
grappling with crime, an issue that dominated the race
** Johnson, a longtime critic of SpotShotter, vowed in his
campaign to end the firm's contract
** Co says new name reflects its focus on public safety,
launches SafetySmart Platform, an integrated suite of four
data-driven tools that enable law enforcement and community
violence prevention
** Lake Street Capital last week reduced its SSTI PT, noting
the Chicago contract, set to expire in Feb 2024, accounted for
10% of 2022 rev, or $8.1 mln
** Northland Capital Markets last week also lowered its PT,
saying it expects SSTI's main focus will be "to convince the
mayor to change his political position to an operational one
based on facts"
** Craig-Hallum last week downgraded SSTI to "hold" from
"buy" and slashed its PT by $18 to Street-low $30, per Refinitiv
** SSTI shares on Mon last up 0.1% at $25.97, looking to
snap 4-session losing streak
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))