SoundHound AI, Inc. (NASDAQ:SOUN) Short Interest Up 18.7% in February

SoundHound AI, Inc. (NASDAQ:SOUN) was the target 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. Currently, 34.2% of the company’s stock are short sold. Based on an average trading volume of 71,490,000 shares, the days-to-cover ratio is currently 1.7 days.

Insider Buying and Selling at SoundHound AI

In other news, 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 value of $3,157,017.60. Following the completion of the transaction, the chief executive officer now owns 2,021,666 shares in the company, valued at $40,837,653.20. This trade represents a 7.18 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Nitesh Sharan sold 57,761 shares of the company’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $1,172,548.30. Following the completion of the sale, the chief financial officer now directly owns 1,502,650 shares in the company, valued at approximately $30,503,795. The trade was a 3.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 524,676 shares of company stock valued at $10,638,694. 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. Vanguard Group Inc. grew its position in shares of SoundHound AI by 35.6% during the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock worth $635,508,000 after purchasing an additional 8,402,881 shares in the last quarter. Rockefeller Capital Management L.P. bought a new stake in SoundHound AI in the 4th quarter worth approximately $41,595,000. Invesco Ltd. grew its holdings in shares of 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 purchasing an additional 1,289,360 shares in the last quarter. Driehaus Capital Management LLC bought a new stake in shares of SoundHound AI in the 4th quarter worth about $16,421,000. Finally, Capital Fund Management S.A. bought a new position in shares of SoundHound AI in the 4th quarter valued at about $16,092,000. Institutional investors own 19.28% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Northland Securities upped their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a report on Tuesday, January 14th. Wedbush raised 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. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a report on Monday, February 24th. DA Davidson raised their price target on SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a report on Friday, February 28th. Finally, HC Wainwright reiterated a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a research note on Monday, March 3rd. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, SoundHound AI currently has a consensus rating of “Hold” and an average price target of $12.86.

SoundHound AI Price Performance

Shares of NASDAQ:SOUN opened at $9.70 on Wednesday. The business has a 50-day simple moving average of $12.48 and a two-hundred day simple moving average of $10.33. 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 firm has a market cap of $3.82 billion, a price-to-earnings ratio of -26.96 and a beta of 2.62. SoundHound AI has a fifty-two week low of $3.50 and a fifty-two week high of $24.98.

SoundHound AI (NASDAQ:SOUN) last released 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). 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 for the quarter, compared to the consensus estimate of $33.70 million. On average, analysts expect that SoundHound AI will post -0.38 earnings per share for the current 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.