Investors Purchase Large Volume of Call Options on SoundHound AI (NASDAQ:SOUN)

SoundHound AI, Inc. (NASDAQ:SOUN) saw some unusual options trading on Wednesday. Investors acquired 71,999 call options on the company. This is an increase of approximately 68% compared to the typical daily volume of 42,744 call options.

Analyst Ratings Changes

Several research analysts recently issued reports on SOUN shares. Cantor Fitzgerald upgraded 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 upped their price objective on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research report on Friday, August 9th. HC Wainwright reiterated a “buy” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday. Finally, Wedbush restated an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a report on Friday, August 9th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $7.08.

SoundHound AI Stock Up 2.3 %

Shares of SOUN traded up $0.11 during midday trading on Wednesday, hitting $4.91. The company had a trading volume of 23,933,197 shares, compared to its average volume of 36,565,801. SoundHound AI has a 52 week low of $1.49 and a 52 week high of $10.25. The company’s 50 day moving average price is $4.92 and its 200 day moving average price is $4.99. The stock has a market cap of $1.62 billion, a price-to-earnings ratio of -13.29 and a beta of 2.74.

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

Insider Buying and Selling at SoundHound AI

In other news, CTO Timothy Stonehocker sold 16,039 shares of the company’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $4.04, for a total transaction of $64,797.56. Following the transaction, the chief technology officer now directly owns 867,531 shares of the company’s stock, valued at approximately $3,504,825.24. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other SoundHound AI news, CTO Timothy Stonehocker sold 16,039 shares of the company’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total value of $64,797.56. Following the sale, the chief technology officer now owns 867,531 shares of the company’s stock, valued at $3,504,825.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider James Ming Hom sold 16,716 shares of SoundHound AI stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total value of $67,532.64. Following the transaction, the insider now directly owns 486,989 shares of the company’s stock, valued at approximately $1,967,435.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 521,728 shares of company stock valued at $2,501,976. 21.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

A number of hedge funds have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. grew its position in SoundHound AI by 17.3% in the 1st quarter. Ameritas Investment Partners Inc. now owns 13,561 shares of the company’s stock worth $80,000 after purchasing an additional 2,000 shares during the last quarter. Genesee Capital Advisors LLC raised its stake in SoundHound AI by 11.4% during the 2nd quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company’s stock valued at $77,000 after acquiring an additional 2,000 shares in the last quarter. Signaturefd LLC boosted its position in SoundHound AI by 27.3% during the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock worth $41,000 after acquiring an additional 2,200 shares during the period. Newbridge Financial Services Group Inc. grew its stake in shares of SoundHound AI by 24.7% in the second quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock worth $46,000 after purchasing an additional 2,320 shares in the last quarter. Finally, Sequoia Financial Advisors LLC increased its holdings in shares of SoundHound AI by 13.7% during the second quarter. Sequoia Financial Advisors LLC now owns 20,683 shares of the company’s stock valued at $82,000 after purchasing an additional 2,500 shares during the period. 19.28% of the stock is currently 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.