SoundHound AI Target of Unusually Large Options Trading (NASDAQ:SOUN)

SoundHound AI, Inc. (NASDAQ:SOUN) was the target of unusually large options trading activity on Tuesday. Stock investors bought 202,454 call options on the company. This represents an increase of 251% compared to the average volume of 57,657 call options.

SoundHound AI Price Performance

SOUN opened at $6.27 on Thursday. SoundHound AI has a fifty-two week low of $1.62 and a fifty-two week high of $10.25. The firm has a market capitalization of $2.25 billion, a price-to-earnings ratio of -17.42 and a beta of 2.71. The company’s 50 day moving average price is $5.21 and its two-hundred day moving average price is $4.93.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.02. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 73.21%. The firm had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. During the same period in the previous year, the firm posted ($0.09) EPS. The company’s revenue for the quarter was up 88.7% compared to the same quarter last year. As a group, equities research analysts predict that SoundHound AI will post -0.36 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have recently commented on SOUN shares. Northland Securities lifted their price objective on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research report on Friday, August 9th. DA Davidson reissued a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, September 18th. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $5.00 to $7.00 in a research report on Friday, August 9th. Finally, LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.50.

Insider Buying and Selling

In related news, CTO Timothy Stonehocker sold 20,337 shares of the firm’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 directly owns 1,039,194 shares in the company, valued at $5,071,266.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CEO Keyvan Mohajer sold 63,544 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $4.92, for a total transaction of $312,636.48. Following the sale, the chief executive officer now directly owns 2,299,148 shares in the company, valued at $11,311,808.16. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO Timothy Stonehocker sold 20,337 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was 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 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 ninety days. Company insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in 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 acquiring an additional 2,226,471 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of SoundHound AI by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after purchasing an additional 189,109 shares during the last quarter. Baupost Group LLC MA bought a new stake in shares of SoundHound AI in the 1st quarter valued at $6,659,000. Bank of New York Mellon Corp boosted its stake in shares of SoundHound AI by 92.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after purchasing an additional 479,912 shares during the last quarter. Finally, Carnegie Investment Counsel bought a new stake in shares of SoundHound AI in the 3rd quarter valued at $4,193,000. 19.28% of the stock is owned by institutional investors.

About SoundHound AI

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.