SoundHound AI, Inc. (NASDAQ:SOUN) Short Interest Update

SoundHound AI, Inc. (NASDAQ:SOUN) was the target of a large growth in short interest during the month of February. As of February 28th, there was short interest totalling 119,720,000 shares, a growth of 18.7% from the February 13th total of 100,850,000 shares. Currently, 34.2% of the shares of the stock are short sold. Based on an average daily volume of 71,490,000 shares, the short-interest ratio is currently 1.7 days.

Insider Buying and Selling at SoundHound AI

In related news, COO Michael Zagorsek sold 277,813 shares of the stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $21.25, for a total value of $5,903,526.25. Following the completion of the transaction, the chief operating officer now owns 1,473,322 shares of the company’s stock, valued at approximately $31,308,092.50. This trade represents a 15.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Majid Emami sold 37,459 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $20.30, for a total transaction of $760,417.70. Following the completion of the transaction, the vice president now directly owns 698,226 shares of the company’s stock, valued at approximately $14,173,987.80. The trade was a 5.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 802,489 shares of company stock valued at $16,542,220 in the last 90 days. Insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Institutional investors have recently modified their holdings of the stock. Blue Trust Inc. increased its position in shares of SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after acquiring an additional 830 shares during the period. Sound Income Strategies LLC increased its holdings in SoundHound AI by 2,542.0% during the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after buying an additional 1,271 shares during the period. Orion Capital Management LLC purchased a new position in SoundHound AI during the fourth quarter valued at approximately $30,000. Future Financial Wealth Managment LLC purchased a new position in SoundHound AI during the fourth quarter valued at approximately $40,000. Finally, Compagnie Lombard Odier SCmA purchased a new position in SoundHound AI during the fourth quarter valued at approximately $40,000. 19.28% of the stock is owned by hedge funds and other institutional investors.

SoundHound AI Trading Down 3.7 %

SoundHound AI stock traded down $0.37 during midday trading on Tuesday, reaching $9.71. The stock had a trading volume of 12,125,665 shares, compared to its average volume of 39,986,035. The firm has a market cap of $3.82 billion, a price-to-earnings ratio of -27.01 and a beta of 2.62. The company has a fifty day moving average of $12.65 and a 200 day moving average of $10.30. SoundHound AI has a 52-week low of $3.50 and a 52-week high of $24.98. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). The company had revenue of $34.54 million for the quarter, compared to analysts’ expectations of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. On average, analysts anticipate that SoundHound AI will post -0.38 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently commented on SOUN. Wedbush increased their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a report on Monday, March 3rd. Northland Securities increased their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a report on Tuesday, January 14th. DA Davidson increased their price objective on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Finally, Cantor Fitzgerald raised shares of SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, SoundHound AI presently has an average rating of “Hold” and an average price target of $12.86.

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.