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

by · The Cerbat Gem

SoundHound AI, Inc. (NASDAQ:SOUN – Get Free Report) was the target of a large increase in short interest in the month of 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. Currently, 34.2% of the shares of the stock are sold short. Based on an average daily volume of 71,490,000 shares, the days-to-cover ratio is currently 1.7 days.

SoundHound AI Stock Up 2.9 %

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. SoundHound AI has a 1 year low of $3.50 and a 1 year high of $24.98. The firm has a 50 day moving average price of $12.38 and a 200 day moving average price of $10.33. The company has a market cap of $3.87 billion, a PE ratio of -27.36 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN – Get Free Report) last issued 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). SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $34.54 million during the quarter, compared to analyst estimates of $33.70 million. Sell-side analysts expect that SoundHound AI will post -0.38 earnings per share for the current year.

Insider Transactions at SoundHound AI

In related news, 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 sale, the chief executive officer now directly owns 2,021,666 shares of the company’s stock, valued at approximately $40,837,653.20. This represents a 7.18 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Michael Zagorsek sold 60,796 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $20.30, for a total transaction of $1,234,158.80. Following the completion of the sale, the chief operating officer now directly owns 1,412,526 shares in the company, valued at approximately $28,674,277.80. The trade was a 4.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 524,676 shares of company stock valued at $10,638,694 in the last ninety days. 12.28% of the stock is currently owned by company insiders.

Institutional Trading of SoundHound AI

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in SoundHound AI by 35.6% in the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock valued at $635,508,000 after buying an additional 8,402,881 shares during the last quarter. Rockefeller Capital Management L.P. bought a new stake in SoundHound AI in the fourth quarter valued at $41,595,000. Invesco Ltd. lifted its stake in SoundHound AI by 1,386.2% in the fourth quarter. Invesco Ltd. now owns 1,382,371 shares of the company’s stock valued at $27,426,000 after buying an additional 1,289,360 shares during the last quarter. Driehaus Capital Management LLC bought a new stake in SoundHound AI in the fourth quarter valued at $16,421,000. Finally, Capital Fund Management S.A. bought a new stake in SoundHound AI in the fourth quarter valued at $16,092,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

Analysts Set New Price Targets

SOUN has been the topic of a number of research reports. Northland Securities increased their price objective 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. Wedbush upped 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 restated a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a report on Monday, March 3rd. DA Davidson upped their target price on shares of SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a report on Friday, February 28th. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a report on Monday, February 24th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $12.86.

Read Our Latest Report on SoundHound AI

SoundHound AI Company Profile

(Get Free Report)

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.

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