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

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) was the recipient of a significant 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. Based on an average daily trading volume, of 71,490,000 shares, the days-to-cover ratio is presently 1.7 days. Approximately 34.2% of the shares of the company are short sold.

Wall Street Analyst Weigh In

SOUN has been the topic of a number of analyst reports. Northland Securities raised their target price 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. DA Davidson boosted their price objective on SoundHound AI from $9.50 to $13.00 and gave the company a "buy" rating in a research report on Friday, February 28th. 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 research 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 research note on Monday, March 3rd. Finally, Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $12.86.

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Insider Transactions at SoundHound AI

In other SoundHound AI 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 value of $409,400.00. Following the sale, the director now owns 108,117 shares in the company, valued at approximately $2,213,154.99. This represents a 15.61 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Keyvan Mohajer sold 156,288 shares of the firm'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 transaction of $3,157,017.60. Following the sale, 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 position. The disclosure for this sale can be found here. Company insiders own 12.28% of the company's stock.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Commons Capital LLC increased its holdings in SoundHound AI by 2.7% in the 4th quarter. Commons Capital LLC now owns 27,349 shares of the company's stock valued at $543,000 after purchasing an additional 723 shares during the last quarter. ST Germain D J Co. Inc. boosted its position in shares of SoundHound AI by 33.2% during the fourth quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company's stock worth $60,000 after buying an additional 750 shares during the period. Keynote Financial Services LLC grew its stake in shares of SoundHound AI by 4.7% in the fourth quarter. Keynote Financial Services LLC now owns 16,587 shares of the company's stock valued at $329,000 after buying an additional 752 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of SoundHound AI by 197.6% in the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock valued at $25,000 after buying an additional 830 shares during the period. Finally, Russell Investments Group Ltd. lifted its stake in SoundHound AI by 16.4% during the 4th quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company's stock worth $131,000 after acquiring an additional 929 shares in the last quarter. 19.28% of the stock is owned by hedge funds and other institutional investors.

SoundHound AI Trading Up 2.8 %

Shares of SOUN stock traded up $0.27 during trading on Friday, hitting $9.86. 26,153,874 shares of the stock traded hands, compared to its average volume of 39,158,426. SoundHound AI has a 52-week low of $3.50 and a 52-week high of $24.98. The firm has a market capitalization of $3.88 billion, a P/E ratio of -27.39 and a beta of 2.62. The firm's fifty day moving average price is $12.27 and its 200-day moving average price is $10.32. 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 (NASDAQ:SOUN - Get Free Report) last posted 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 business had revenue of $34.54 million during the quarter, compared to analysts' expectations 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, research analysts forecast that SoundHound AI will post -0.38 earnings per share 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.