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

SoundHound AI, Inc. (NASDAQ:SOUN) saw unusually large options trading on Wednesday. Traders bought 92,140 call options on the company. This represents an increase of 50% compared to the average volume of 61,497 call options.

Insider Activity at SoundHound AI

In other SoundHound AI news, insider James Ming Hom sold 31,019 shares of the business’s stock in a transaction on Friday, March 20th. The stock was sold at an average price of $6.79, for a total transaction of $210,619.01. Following the sale, the insider directly owned 772,364 shares in the company, valued at approximately $5,244,351.56. The trade was a 3.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Keyvan Mohajer sold 124,510 shares of the business’s stock in a transaction on Friday, March 20th. The stock was sold at an average price of $6.79, for a total value of $845,422.90. Following the sale, the chief executive officer owned 2,073,777 shares in the company, valued at approximately $14,080,945.83. The trade was a 5.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 307,973 shares of company stock valued at $2,091,110 in the last 90 days. 9.17% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in SoundHound AI by 4.4% during the fourth quarter. Vanguard Group Inc. now owns 45,367,437 shares of the company’s stock worth $452,313,000 after acquiring an additional 1,909,868 shares during the last quarter. Geode Capital Management LLC increased its stake in SoundHound AI by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 9,180,321 shares of the company’s stock worth $91,543,000 after acquiring an additional 273,097 shares during the last quarter. Morgan Stanley increased its stake in SoundHound AI by 48.1% during the fourth quarter. Morgan Stanley now owns 8,987,522 shares of the company’s stock worth $89,606,000 after acquiring an additional 2,917,280 shares during the last quarter. State Street Corp increased its stake in SoundHound AI by 0.9% during the fourth quarter. State Street Corp now owns 8,691,235 shares of the company’s stock worth $86,652,000 after acquiring an additional 80,908 shares during the last quarter. Finally, UBS Group AG increased its stake in SoundHound AI by 77.6% during the fourth quarter. UBS Group AG now owns 6,124,283 shares of the company’s stock worth $61,059,000 after acquiring an additional 2,676,707 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

SoundHound AI Stock Performance

SoundHound AI stock traded up $0.74 during trading on Wednesday, hitting $7.71. The company’s stock had a trading volume of 22,797,056 shares, compared to its average volume of 25,585,736. The stock has a market capitalization of $3.26 billion, a price-to-earnings ratio of -154.47 and a beta of 2.71. The stock’s fifty day moving average is $7.45 and its 200 day moving average is $11.25. SoundHound AI has a 1-year low of $5.83 and a 1-year high of $22.17.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, February 26th. The company reported ($0.02) EPS for the quarter, meeting the consensus estimate of ($0.02). The firm had revenue of $55.06 million during the quarter, compared to analyst estimates of $53.88 million. SoundHound AI had a negative return on equity of 3.63% and a negative net margin of 8.71%.The business’s quarterly revenue was up 59.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.05) earnings per share. On average, research analysts anticipate that SoundHound AI will post -0.38 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of SoundHound AI in a report on Friday, January 9th. LADENBURG THALM/SH SH raised SoundHound AI to a “strong-buy” rating in a report on Thursday, December 18th. Zacks Research raised SoundHound AI from a “strong sell” rating to a “hold” rating in a report on Monday, February 9th. HC Wainwright cut their price target on SoundHound AI from $26.00 to $20.00 and set a “buy” rating for the company in a report on Monday, March 2nd. Finally, Piper Sandler reissued a “neutral” rating and issued a $9.00 price target (down from $11.00) on shares of SoundHound AI in a report on Friday, February 27th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $14.93.

SoundHound AI Company Profile

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.