SoundHound AI, Inc. (NASDAQ:SOUN) Sees Significant Increase in Short Interest

SoundHound AI, Inc. (NASDAQ:SOUN) was the target of a significant growth in short interest in the month of January. As of January 15th, there was short interest totalling 100,760,000 shares, a growth of 26.0% from the December 31st total of 79,990,000 shares. Approximately 31.0% of the company’s stock are short sold. Based on an average daily trading volume, of 69,810,000 shares, the short-interest ratio is presently 1.4 days.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SOUN. Northland Securities lifted their target price 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. Wedbush lifted their target price 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 reiterated a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a report on Monday, January 13th. Barclays restated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, SoundHound AI has an average rating of “Moderate Buy” and an average price target of $12.36.

SoundHound AI Stock Up 0.6 %

NASDAQ SOUN traded up $0.09 during mid-day trading on Monday, reaching $14.24. The stock had a trading volume of 33,730,235 shares, compared to its average volume of 60,016,117. 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 1 year low of $1.62 and a 1 year high of $24.98. The stock has a market cap of $5.27 billion, a PE ratio of -39.56 and a beta of 2.56. The company has a fifty day moving average price of $15.63 and a 200 day moving average price of $8.87.

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

Insiders Place Their Bets

In other news, Director Eric R. Ball sold 30,000 shares of SoundHound AI stock in a transaction that occurred on 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 transaction, the director now directly owns 110,907 shares in the company, valued at approximately $890,583.21. This trade represents a 21.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lawrence Marcus sold 20,000 shares of SoundHound AI stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $20.47, for a total transaction of $409,400.00. Following the transaction, the director now owns 108,117 shares of the company’s stock, valued at $2,213,154.99. The trade was a 15.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,782,918 shares of company stock worth $45,391,343 over the last three months. Company insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Large investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. grew its position in SoundHound AI by 197.6% in the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after purchasing an additional 830 shares during the period. Sound Income Strategies LLC grew its position in shares of SoundHound AI by 2,542.0% during the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after acquiring an additional 1,271 shares during the period. NBC Securities Inc. grew its position in shares of SoundHound AI by 97.8% during the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after acquiring an additional 3,818 shares during the period. Future Financial Wealth Managment LLC bought a new stake in shares of SoundHound AI during the 4th quarter valued at $40,000. Finally, Compagnie Lombard Odier SCmA bought a new stake in shares of SoundHound AI during the 4th quarter valued at $40,000. Institutional investors 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.