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

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) was the recipient of unusually large options trading on Monday. Traders bought 186,752 call options on the stock. This is an increase of approximately 122% compared to the typical daily volume of 83,962 call options.

Insider Transactions at SoundHound AI

In related news, CFO Nitesh Sharan sold 111,111 shares of the stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $9.36, for a total value of $1,039,998.96. Following the completion of the sale, the chief financial officer directly owned 1,442,900 shares of the company's stock, valued at approximately $13,505,544. This represents a 7.15% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider James Ming Hom sold 79,530 shares of the company's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $9.36, for a total transaction of $744,400.80. Following the completion of the transaction, the insider owned 637,560 shares of the company's stock, valued at approximately $5,967,561.60. The trade was a 11.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 961,289 shares of company stock valued at $9,247,847. Company insiders own 9.17% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in SOUN. Orion Capital Management LLC purchased a new position in shares of SoundHound AI in the 4th quarter worth approximately $30,000. AlphaQuest LLC purchased a new position in SoundHound AI during the first quarter worth $32,000. Golden State Wealth Management LLC increased its position in SoundHound AI by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company's stock valued at $34,000 after acquiring an additional 2,115 shares during the last quarter. BIT Capital GmbH bought a new position in SoundHound AI during the fourth quarter valued at $43,000. Finally, Quarry LP raised its stake in shares of SoundHound AI by 1,552.7% in the first quarter. Quarry LP now owns 5,272 shares of the company's stock valued at $43,000 after acquiring an additional 4,953 shares during the period. Hedge funds and other institutional investors own 19.28% of the company's stock.

SoundHound AI Price Performance

Shares of NASDAQ SOUN traded down $0.25 during midday trading on Tuesday, reaching $10.48. 36,744,663 shares of the stock traded hands, compared to its average volume of 39,657,102. The company's 50 day moving average is $9.82 and its 200 day moving average is $11.79. SoundHound AI has a one year low of $3.82 and a one year high of $24.98. The stock has a market capitalization of $4.21 billion, a PE ratio of -19.03 and a beta of 2.64.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.03. SoundHound AI had a negative net margin of 184.34% and a negative return on equity of 68.55%. The business had revenue of $29.13 million during the quarter, compared to analyst estimates of $30.38 million. During the same quarter last year, the business earned ($0.07) earnings per share. SoundHound AI's quarterly revenue was up 151.2% compared to the same quarter last year. As a group, equities analysts forecast that SoundHound AI will post -0.38 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Piper Sandler assumed coverage on SoundHound AI in a research report on Tuesday, May 27th. They issued an "overweight" rating and a $12.00 price objective on the stock. Wedbush dropped their price target on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. HC Wainwright cut their price objective on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a report on Monday, May 12th. Finally, DA Davidson lowered their target price on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, SoundHound AI has a consensus rating of "Moderate Buy" and a consensus price target of $10.50.

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.