Stock Traders Buy High Volume of SoundHound AI Call Options (NASDAQ:SOUN)

SoundHound AI, Inc. (NASDAQ:SOUN) was the target of some unusual options trading activity on Monday. Stock traders acquired 86,588 call options on the stock. This represents an increase of approximately 81% compared to the average volume of 47,887 call options.

Analyst Upgrades and Downgrades

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

SoundHound AI Stock Performance

SOUN stock traded up $0.76 during midday trading on Monday, reaching $5.94. The company’s stock had a trading volume of 35,222,116 shares, compared to its average volume of 33,978,336. The stock has a fifty day simple moving average of $4.90 and a two-hundred day simple moving average of $4.74. SoundHound AI has a 1 year low of $1.51 and a 1 year high of $10.25. The firm has a market capitalization of $1.96 billion, a price-to-earnings ratio of -14.95 and a beta of 2.73.

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

Insider Activity at SoundHound AI

In other news, CTO Timothy Stonehocker sold 20,337 shares of the business’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 $99,244.56. Following the sale, the chief technology officer now owns 1,039,194 shares in the company, valued at approximately $5,071,266.72. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Keyvan Mohajer sold 90,641 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $442,328.08. Following the completion of the transaction, the chief executive officer now directly owns 2,362,692 shares in the company, valued at approximately $11,529,936.96. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Timothy Stonehocker sold 20,337 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $99,244.56. Following the completion of the transaction, the chief technology officer now owns 1,039,194 shares of the company’s stock, valued at $5,071,266.72. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 327,275 shares of company stock worth $1,606,644 over the last quarter. Corporate insiders own 21.30% of the company’s stock.

Institutional Trading of SoundHound AI

Hedge funds and other institutional investors have recently bought and sold shares of the business. Carnegie Investment Counsel purchased a new stake in SoundHound AI in the third quarter worth $4,193,000. Principal Financial Group Inc. grew its position in shares of SoundHound AI by 16.5% during the 1st quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock worth $109,000 after buying an additional 2,629 shares in the last quarter. Vanguard Group Inc. grew 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 worth $94,655,000 after buying an additional 2,226,471 shares in the last quarter. Commonwealth Equity Services LLC grew its position in shares of SoundHound AI by 239.7% during the 1st quarter. Commonwealth Equity Services LLC now owns 296,428 shares of the company’s stock worth $1,746,000 after buying an additional 209,154 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after buying an additional 479,912 shares in the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

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.