Stock Traders Purchase Large Volume of SoundHound AI Call Options (NASDAQ:SOUN)

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) was the target of unusually large options trading on Thursday. Investors bought 123,031 call options on the stock. This is an increase of 41% compared to the typical daily volume of 87,052 call options.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Piper Sandler reiterated a "neutral" rating and set a $12.00 price target on shares of SoundHound AI in a report on Monday, July 14th. Wedbush lowered their target price on shares of 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 lowered their target price on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a research note 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 for the company in a research note on Monday, April 14th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, SoundHound AI currently has a consensus rating of "Hold" and a consensus price target of $10.50.

SoundHound AI Stock Up 1.3%

SoundHound AI stock traded up $0.17 during mid-day trading on Friday, reaching $12.81. 41,657,255 shares of the company's stock were exchanged, compared to its average volume of 40,138,180. The business's fifty day simple moving average is $10.53 and its 200 day simple moving average is $11.03. The firm has a market capitalization of $5.15 billion, a PE ratio of -23.29 and a beta of 2.59. SoundHound AI has a one year low of $3.94 and a one year high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share for the quarter, beating analysts' consensus estimates of ($0.09) by $0.03. The firm had revenue of $29.13 million for the quarter, compared to analysts' expectations of $30.38 million. SoundHound AI had a negative net margin of 184.34% and a negative return on equity of 68.55%. The company's quarterly revenue was up 151.2% on a year-over-year basis. During the same period in the previous year, the company earned ($0.07) earnings per share. On average, sell-side analysts forecast that SoundHound AI will post -0.38 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Keyvan Mohajer sold 254,376 shares of the firm's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $9.36, for a total value of $2,380,959.36. Following the completion of the sale, the chief executive officer directly owned 1,749,790 shares in the company, valued at approximately $16,378,034.40. This trade represents a 12.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Majid Emami sold 132,352 shares of the firm's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $10.04, for a total transaction of $1,328,814.08. Following the completion of the sale, the vice president owned 537,482 shares of the company's stock, valued at $5,396,319.28. This trade represents a 19.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 961,289 shares of company stock worth $9,247,847 over the last ninety days. 9.17% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of SOUN. Orion Capital Management LLC bought a new stake in SoundHound AI during the fourth quarter valued at approximately $30,000. AlphaQuest LLC purchased a new position in SoundHound AI during the first quarter valued at approximately $32,000. Golden State Wealth Management LLC lifted its holdings 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 purchasing an additional 2,115 shares in the last quarter. Kozak & Associates Inc. lifted its holdings in SoundHound AI by 6,249.0% during the second quarter. Kozak & Associates Inc. now owns 3,238 shares of the company's stock valued at $35,000 after purchasing an additional 3,187 shares in the last quarter. Finally, BIT Capital GmbH purchased a new position in shares of SoundHound AI in the fourth quarter worth $43,000. 19.28% of the stock is owned by hedge funds and other 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.