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

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) was the recipient of 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 shares are sold short. Based on an average daily trading volume, of 71,490,000 shares, the short-interest ratio is presently 1.7 days.

Insiders Place Their Bets

In other news, Director Lawrence Marcus sold 20,000 shares of the company's stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $20.47, for a total transaction of $409,400.00. Following the transaction, the director now directly owns 108,117 shares of the company's stock, valued at $2,213,154.99. This represents a 15.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Keyvan Mohajer sold 156,288 shares of the company's stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $20.20, for a total value of $3,157,017.60. Following the transaction, the chief executive officer now directly owns 2,021,666 shares in the company, valued at $40,837,653.20. The trade was a 7.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 12.28% of the company's stock.

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Institutional Investors Weigh In On SoundHound AI

Several institutional investors have recently added to or reduced their stakes in SOUN. Sigma Planning Corp lifted its holdings in SoundHound AI by 79.7% during the third quarter. Sigma Planning Corp now owns 21,640 shares of the company's stock valued at $101,000 after purchasing an additional 9,600 shares during the last quarter. Harbour Investments Inc. lifted its holdings in SoundHound AI by 4.7% during the third quarter. Harbour Investments Inc. now owns 62,534 shares of the company's stock valued at $291,000 after purchasing an additional 2,788 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in SoundHound AI by 230.9% during the third quarter. Victory Capital Management Inc. now owns 120,812 shares of the company's stock valued at $563,000 after purchasing an additional 84,301 shares during the last quarter. Oppenheimer & Co. Inc. lifted its holdings in SoundHound AI by 11.0% during the third quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company's stock valued at $89,000 after purchasing an additional 1,887 shares during the last quarter. Finally, Briaud Financial Planning Inc purchased a new stake in SoundHound AI during the third quarter valued at about $92,000. 19.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

SoundHound AI Stock Performance

SOUN traded up $0.27 during trading on Friday, hitting $9.86. 26,153,874 shares of the company traded hands, compared to its average volume of 38,650,965. The firm has a market cap of $3.88 billion, a P/E ratio of -27.39 and a beta of 2.62. The stock's fifty day moving average is $12.19 and its 200 day moving average is $10.40. 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 has a one year low of $3.50 and a one year high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.58). The company had revenue of $34.54 million for the quarter, compared to the consensus estimate of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. As a group, equities analysts predict that SoundHound AI will post -0.38 EPS for the current fiscal year.

SoundHound AI Company Profile

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.