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

SoundHound AI, Inc. (NASDAQ:SOUN) saw a large growth in short interest in 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 company’s stock are short sold. Based on an average daily volume of 71,490,000 shares, the short-interest ratio is presently 1.7 days.

SoundHound AI Stock Performance

Shares of SOUN opened at $9.85 on Thursday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The stock has a market capitalization of $3.87 billion, a P/E ratio of -27.36 and a beta of 2.62. The company’s fifty day moving average is $12.38 and its two-hundred day moving average is $10.33. SoundHound AI has a 1 year low of $3.50 and a 1 year high of $24.98.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.58). The firm had revenue of $34.54 million during the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. On average, sell-side analysts predict that SoundHound AI will post -0.38 earnings per share for the current year.

Analyst Upgrades and Downgrades

SOUN has been the topic of several research analyst reports. Northland Securities raised their target price on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 14th. DA Davidson raised their target price on SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. HC Wainwright reissued a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research report on Monday, March 3rd. Wedbush raised their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Finally, Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $12.86.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, CTO Timothy Stonehocker sold 34,407 shares of the stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $698,462.10. Following the sale, the chief technology officer now owns 796,581 shares of the company’s stock, valued at $16,170,594.30. This trade represents a 4.14 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Keyvan Mohajer sold 156,288 shares of the stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $20.20, for a total value of $3,157,017.60. Following the completion of the sale, the chief executive officer now directly owns 2,021,666 shares in the company, valued at $40,837,653.20. This represents a 7.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 524,676 shares of company stock valued at $10,638,694 in the last quarter. Corporate insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Institutional investors have recently bought and sold shares of the company. Sigma Planning Corp grew its stake in shares of SoundHound AI by 79.7% during the 3rd quarter. Sigma Planning Corp now owns 21,640 shares of the company’s stock worth $101,000 after purchasing an additional 9,600 shares during the period. Harbour Investments Inc. grew its stake in shares of SoundHound AI by 4.7% during the 3rd quarter. Harbour Investments Inc. now owns 62,534 shares of the company’s stock worth $291,000 after purchasing an additional 2,788 shares during the period. Victory Capital Management Inc. grew its stake in shares of SoundHound AI by 230.9% during the 3rd quarter. Victory Capital Management Inc. now owns 120,812 shares of the company’s stock worth $563,000 after purchasing an additional 84,301 shares during the period. Oppenheimer & Co. Inc. grew its stake in shares of SoundHound AI by 11.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock worth $89,000 after purchasing an additional 1,887 shares during the period. Finally, Briaud Financial Planning Inc acquired a new position in shares of SoundHound AI during the 3rd quarter worth $92,000. 19.28% of the stock is owned by institutional investors and hedge funds.

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.