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

by · The Cerbat Gem

SoundHound AI, Inc. (NASDAQ:SOUN – Get Free Report) saw unusually large options trading activity on Thursday. Investors acquired 63,734 call options on the company. This represents an increase of 67% compared to the average daily volume of 38,099 call options.

Insider Buying and Selling

In other SoundHound AI news, CEO Keyvan Mohajer sold 90,641 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $442,328.08. Following the completion of the sale, the chief executive officer now directly owns 2,362,692 shares in the company, valued at approximately $11,529,936.96. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Keyvan Mohajer sold 90,641 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $442,328.08. Following the completion of the sale, the chief executive officer now owns 2,362,692 shares of the company’s stock, valued at $11,529,936.96. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider James Ming Hom sold 21,024 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $102,597.12. Following the sale, the insider now directly owns 865,965 shares of the company’s stock, valued at approximately $4,225,909.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 327,275 shares of company stock worth $1,606,644 in the last three months. Insiders own 21.30% of the company’s stock.

Institutional Trading of SoundHound AI

Several hedge funds have recently made changes to their positions in the business. Ameritas Investment Partners Inc. raised its position in shares of SoundHound AI by 17.3% during the 1st quarter. Ameritas Investment Partners Inc. now owns 13,561 shares of the company’s stock valued at $80,000 after buying an additional 2,000 shares in the last quarter. Genesee Capital Advisors LLC raised its position in SoundHound AI by 11.4% in the 2nd quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company’s stock worth $77,000 after purchasing an additional 2,000 shares during the period. Signaturefd LLC raised its position in SoundHound AI by 27.3% in the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock worth $41,000 after purchasing an additional 2,200 shares during the period. Newbridge Financial Services Group Inc. raised its position in SoundHound AI by 24.7% in the 2nd 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 during the period. Finally, Sequoia Financial Advisors LLC increased its position 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 worth $82,000 after acquiring an additional 2,500 shares during the period. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SOUN has been the subject of a number of recent research reports. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $5.00 to $7.00 in a research report on Friday, August 9th. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, September 18th. Northland Securities upped their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a report on Friday, August 9th. Wedbush reaffirmed an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a report on Thursday, September 26th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.08.

Get Our Latest Research Report on SOUN

SoundHound AI Stock Performance

Shares of SOUN traded up $0.21 during midday trading on Thursday, hitting $4.84. 23,767,512 shares of the company traded hands, compared to its average volume of 34,615,582. The firm has a 50 day moving average of $4.80 and a 200-day moving average of $4.77. SoundHound AI has a 52 week low of $1.49 and a 52 week high of $10.25. The stock has a market cap of $1.59 billion, a price-to-earnings ratio of -12.87 and a beta of 2.73.

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

About SoundHound AI

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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.

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