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

SoundHound AI, Inc. (NASDAQ:SOUN) saw some unusual options trading activity on Thursday. Stock traders bought 224,764 call options on the company. Thisisanincreaseofapproximately87% compared to the typical daily volume of 120,013 call options.

SoundHound AI Price Performance

Shares of NASDAQ:SOUN opened at $14.26 on Friday. The company’s 50-day moving average price is $12.36 and its two-hundred day moving average price is $10.44. SoundHound AI has a one year low of $4.32 and a one year high of $24.98. The stock has a market capitalization of $5.81 billion, a PE ratio of -22.63 and a beta of 2.58.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.13). The business had revenue of $42.68 million during the quarter, compared to the consensus estimate of $32.88 million. SoundHound AI had a negative net margin of 171.81% and a negative return on equity of 73.13%. SoundHound AI’s quarterly revenue was up 216.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.11) EPS. SoundHound AI has set its FY 2025 guidance at EPS. On average, analysts anticipate that SoundHound AI will post -0.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CTO Timothy Stonehocker sold 2,981 shares of the business’s stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $9.68, for a total transaction of $28,856.08. Following the completion of the transaction, the chief technology officer owned 716,866 shares of the company’s stock, valued at approximately $6,939,262.88. The trade was a 0.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Majid Emami sold 60,295 shares of the stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $10.00, for a total transaction of $602,950.00. Following the completion of the transaction, the vice president owned 477,657 shares of the company’s stock, valued at approximately $4,776,570. This represents a 11.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold 913,317 shares of company stock valued at $8,679,813 in the last three months. Company insiders own 9.17% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Several large investors have recently bought and sold shares of SOUN. Vanguard Group Inc. increased its holdings in SoundHound AI by 9.5% in the first quarter. Vanguard Group Inc. now owns 35,059,943 shares of the company’s stock valued at $284,687,000 after purchasing an additional 3,028,281 shares during the period. Geode Capital Management LLC grew its position in shares of SoundHound AI by 8.3% in the 2nd quarter. Geode Capital Management LLC now owns 8,830,144 shares of the company’s stock valued at $94,759,000 after buying an additional 679,436 shares during the last quarter. State Street Corp increased its stake in shares of SoundHound AI by 9.1% in the second quarter. State Street Corp now owns 8,476,348 shares of the company’s stock valued at $90,951,000 after buying an additional 708,369 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of SoundHound AI by 1.0% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,024,632 shares of the company’s stock worth $53,906,000 after acquiring an additional 50,904 shares during the last quarter. Finally, Northern Trust Corp raised its position in shares of SoundHound AI by 2.5% during the first quarter. Northern Trust Corp now owns 2,979,011 shares of the company’s stock worth $24,190,000 after acquiring an additional 72,766 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Northland Capmk upgraded shares of SoundHound AI from a “hold” rating to a “strong-buy” rating in a report on Friday, August 8th. Wedbush boosted their price target on shares of SoundHound AI from $15.00 to $16.00 and gave the company an “outperform” rating in a report on Friday, August 8th. Piper Sandler restated a “neutral” rating and issued a $12.00 price objective on shares of SoundHound AI in a research report on Monday, July 14th. Northland Securities upgraded SoundHound AI from a “market perform” rating to an “outperform” rating and set a $14.50 target price on the stock in a report on Friday, August 8th. Finally, Wall Street Zen cut SoundHound AI from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, SoundHound AI currently has a consensus rating of “Moderate Buy” and an average target price of $13.36.

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.