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

SoundHound AI, Inc. (NASDAQ:SOUN) was the recipient of some unusual options trading on Friday. Traders purchased 129,362 call options on the company. This is an increase of 84% compared to the average daily volume of 70,259 call options.

SoundHound AI Trading Up 18.7 %

NASDAQ SOUN traded up $1.47 during mid-day trading on Friday, reaching $9.35. 54,919,661 shares of the stock were exchanged, compared to its average volume of 35,266,168. The stock has a market cap of $3.46 billion, a P/E ratio of -24.94 and a beta of 2.71. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. SoundHound AI has a one year low of $1.62 and a one year high of $10.25. The stock has a 50 day simple moving average of $5.69 and a 200-day simple moving average of $5.09.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. During the same period in the previous year, the business earned ($0.09) EPS. The firm’s revenue was up 88.7% compared to the same quarter last year. On average, analysts anticipate that SoundHound AI will post -0.38 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have recently commented on SOUN shares. Wedbush restated an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a research note on Thursday, September 26th. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and raised their target price for the company from $5.00 to $7.00 in a research report on Friday, August 9th. DA Davidson reiterated a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, Northland Securities boosted their price objective on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research report on Friday, August 9th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.64.

Insider Buying and Selling at SoundHound AI

In related news, CEO Keyvan Mohajer sold 63,544 shares of SoundHound AI stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $4.92, for a total transaction of $312,636.48. Following the completion of the sale, 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 2.69 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Eric R. Ball sold 30,000 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.03, for a total transaction of $240,900.00. Following the completion of the sale, the director now directly owns 110,907 shares of the company’s stock, valued at approximately $890,583.21. The trade was a 21.29 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 337,275 shares of company stock valued at $1,811,044. Company insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

Large investors have recently modified their holdings of the stock. Franklin Resources Inc. acquired a new position in shares of SoundHound AI during the 3rd quarter valued at $177,000. Sanctuary Advisors LLC boosted its position in shares of SoundHound AI by 13.8% during the 3rd quarter. Sanctuary Advisors LLC now owns 29,976 shares of the company’s stock worth $140,000 after purchasing an additional 3,642 shares in the last quarter. Geode Capital Management LLC increased its position in SoundHound AI by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after buying an additional 602,311 shares in the last quarter. MML Investors Services LLC acquired a new position in SoundHound AI during the 3rd quarter worth approximately $86,000. Finally, State Street Corp boosted its holdings in SoundHound AI by 0.6% in the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock worth $33,540,000 after acquiring an additional 42,869 shares in the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

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.