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

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) saw unusually large options trading on Tuesday. Stock investors bought 170,683 call options on the stock. This is an increase of 58% compared to the average volume of 108,189 call options.

Insiders Place Their Bets

In other SoundHound AI news, CEO Keyvan Mohajer sold 118,605 shares of SoundHound AI stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $1,174,189.50. Following the transaction, the chief executive officer now directly owns 1,903,061 shares of the company's stock, valued at $18,840,303.90. The trade was a 5.87% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider James Ming Hom sold 28,388 shares of SoundHound AI stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $281,041.20. Following the sale, the insider now owns 689,652 shares in the company, valued at $6,827,554.80. This represents a 3.95% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 548,537 shares of company stock valued at $5,567,760 in the last three months. Company insiders own 12.28% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Wealth Effects LLC bought a new position in shares of SoundHound AI during the 4th quarter worth approximately $357,000. Mitchell Capital Management Co. bought a new position in shares of SoundHound AI during the 4th quarter worth approximately $2,329,000. UNICOM Systems Inc. bought a new position in shares of SoundHound AI during the 4th quarter worth approximately $4,662,000. Patriot Financial Group Insurance Agency LLC bought a new stake in SoundHound AI in the 4th quarter valued at $594,000. Finally, Deutsche Bank AG boosted its stake in SoundHound AI by 64.2% in the 4th quarter. Deutsche Bank AG now owns 264,559 shares of the company's stock valued at $5,249,000 after purchasing an additional 103,450 shares during the period. 19.28% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SOUN. DA Davidson lowered their price target 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. Wedbush reduced their price objective on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating on the stock in a research note on Friday, May 9th. Piper Sandler assumed coverage on SoundHound AI in a research note on Tuesday. They set an "overweight" rating and a $12.00 price target on the stock. Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Finally, HC Wainwright dropped their price objective on SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a report on Monday, May 12th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $10.50.

SoundHound AI Stock Down 4.0%

Shares of NASDAQ SOUN traded down $0.44 during mid-day trading on Thursday, reaching $10.53. 37,281,575 shares of the company's stock were exchanged, compared to its average volume of 38,338,753. The business has a fifty day simple moving average of $9.15 and a 200 day simple moving average of $11.75. SoundHound AI has a twelve month low of $3.82 and a twelve month high of $24.98. The firm has a market capitalization of $4.23 billion, a price-to-earnings ratio of -29.25 and a beta of 2.71. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.09) by $0.03. The business had revenue of $29.13 million for the quarter, compared to analyst estimates of $30.38 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. SoundHound AI's revenue for the quarter was up 151.2% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.07) EPS. As a group, equities analysts expect that SoundHound AI will post -0.38 EPS for the current fiscal year.

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.