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

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Wedbush upped their price objective 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 boosted their target price on shares of SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research note on Friday, February 28th. HC Wainwright reiterated a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research note on Monday, March 3rd. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Finally, Northland Securities boosted their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research note on Tuesday, January 14th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, SoundHound AI currently has a consensus rating of “Hold” and an average target price of $12.86.

Insider Transactions at SoundHound AI

In related news, VP Majid Emami sold 37,459 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $760,417.70. Following the transaction, the vice president now directly owns 698,226 shares of the company’s stock, valued at approximately $14,173,987.80. This represents a 5.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider James Ming Hom sold 36,771 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $746,451.30. Following the completion of the transaction, the insider now directly owns 718,040 shares in the company, valued at $14,576,212. This trade represents a 4.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 802,489 shares of company stock valued at $16,542,220 in the last ninety days. 12.28% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC boosted its holdings in SoundHound AI by 171.0% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 69,831 shares of the company’s stock worth $1,385,000 after buying an additional 44,059 shares during the period. B. Riley Wealth Advisors Inc. bought a new position in SoundHound AI in the 4th quarter worth $544,000. United Advisor Group LLC bought a new position in SoundHound AI in the 4th quarter worth $379,000. Mackenzie Financial Corp boosted its holdings in SoundHound AI by 14.5% in the 4th quarter. Mackenzie Financial Corp now owns 20,831 shares of the company’s stock worth $413,000 after buying an additional 2,643 shares during the period. Finally, Sunbelt Securities Inc. boosted its holdings in SoundHound AI by 153.1% in the 4th quarter. Sunbelt Securities Inc. now owns 4,555 shares of the company’s stock worth $90,000 after buying an additional 2,755 shares during the period. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Stock Performance

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

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.58). The company had revenue of $34.54 million during 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, equities research analysts expect that SoundHound AI will post -0.38 EPS for the current fiscal year.

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.