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

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) was the recipient of unusually large options trading on Monday. Investors bought 86,588 call options on the company. This represents an increase of approximately 81% compared to the typical volume of 47,887 call options.

SoundHound AI Trading Up 18.1 %

Shares of SOUN traded up $0.94 during trading hours on Monday, hitting $6.12. The company had a trading volume of 49,526,562 shares, compared to its average volume of 34,056,102. The company has a market capitalization of $2.01 billion, a PE ratio of -16.11 and a beta of 2.73. SoundHound AI has a one year low of $1.51 and a one year high of $10.25. The company's fifty day moving average price is $4.92 and its two-hundred day moving average price is $4.75.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.02). SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The company had revenue of $13.46 million during the quarter, compared to the consensus estimate of $13.09 million. During the same period in the previous year, the firm posted ($0.10) earnings per share. The company's revenue was up 53.8% on a year-over-year basis. Analysts forecast that SoundHound AI will post -0.36 earnings per share for the current year.

Insider Transactions at SoundHound AI

In other news, CFO Nitesh Sharan sold 39,728 shares of SoundHound AI stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $193,872.64. Following the completion of the transaction, the chief financial officer now owns 1,560,411 shares in the company, valued at approximately $7,614,805.68. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Nitesh Sharan sold 39,728 shares of the business'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 $193,872.64. Following the completion of the transaction, the chief financial officer now owns 1,560,411 shares in the company, valued at $7,614,805.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Keyvan Mohajer sold 63,544 shares of the business's stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $4.92, for a total value of $312,636.48. Following the transaction, the chief executive officer now owns 2,299,148 shares of the company's stock, valued at approximately $11,311,808.16. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 327,275 shares of company stock worth $1,606,644. 21.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Carnegie Investment Counsel purchased a new stake in SoundHound AI during the 3rd quarter valued at about $4,193,000. Principal Financial Group Inc. grew its stake in SoundHound AI by 16.5% during the 1st quarter. Principal Financial Group Inc. now owns 18,560 shares of the company's stock valued at $109,000 after purchasing an additional 2,629 shares during the last quarter. Vanguard Group Inc. grew its stake in SoundHound AI by 16.1% during the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company's stock valued at $94,655,000 after purchasing an additional 2,226,471 shares during the last quarter. Commonwealth Equity Services LLC grew its stake in SoundHound AI by 239.7% during the 1st quarter. Commonwealth Equity Services LLC now owns 296,428 shares of the company's stock valued at $1,746,000 after purchasing an additional 209,154 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in SoundHound AI by 92.7% during 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. 19.28% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently issued reports on SOUN shares. HC Wainwright restated a "buy" rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, September 18th. Cantor Fitzgerald upgraded SoundHound AI from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $5.00 to $7.00 in a report on Friday, August 9th. Wedbush reiterated an "outperform" rating and issued a $9.00 target price on shares of SoundHound AI in a report on Thursday, September 26th. DA Davidson reiterated a "buy" rating and issued a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. Finally, Northland Securities upped their target price on SoundHound AI from $5.50 to $6.00 and gave the stock a "market perform" rating in a report on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $7.08.

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.