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

SoundHound AI, Inc. (NASDAQ:SOUN) was the recipient of a large increase in short interest during the month of March. As of March 31st, there was short interest totalling 50,350,000 shares, an increase of 24.5% from the March 15th total of 40,450,000 shares. Based on an average daily trading volume, of 59,610,000 shares, the short-interest ratio is presently 0.8 days. Approximately 19.7% of the company’s stock are short sold.

SoundHound AI Price Performance

NASDAQ:SOUN opened at $4.38 on Monday. The company has a debt-to-equity ratio of 6.03, a current ratio of 4.69 and a quick ratio of 4.69. The firm has a market cap of $1.35 billion, a price-to-earnings ratio of -11.23 and a beta of 2.75. The company has a 50 day moving average price of $5.16 and a 200-day moving average price of $3.09. SoundHound AI has a 1-year low of $1.49 and a 1-year high of $10.25.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). SoundHound AI had a negative return on equity of 1,955.68% and a negative net margin of 188.57%. The business had revenue of $17.10 million for the quarter, compared to analysts’ expectations of $17.75 million. During the same period in the previous year, the company earned ($0.15) EPS. SoundHound AI’s quarterly revenue was up 80.0% compared to the same quarter last year. Equities research analysts forecast that SoundHound AI will post -0.3 EPS for the current year.

Insider Transactions at SoundHound AI

In other news, CEO Keyvan Mohajer sold 107,927 shares of SoundHound AI stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $3.70, for a total value of $399,329.90. Following the transaction, the chief executive officer now owns 1,218,712 shares of the company’s stock, valued at approximately $4,509,234.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CTO Timothy Stonehocker sold 5,276 shares of SoundHound AI stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $7.70, for a total value of $40,625.20. Following the completion of the sale, the chief technology officer now directly owns 982,584 shares in the company, valued at approximately $7,565,896.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Keyvan Mohajer sold 107,927 shares of SoundHound AI stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $3.70, for a total transaction of $399,329.90. Following the completion of the sale, the chief executive officer now owns 1,218,712 shares of the company’s stock, valued at $4,509,234.40. The disclosure for this sale can be found here. Insiders have sold a total of 410,714 shares of company stock valued at $2,598,723 in the last 90 days. Insiders own 21.30% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

A number of large investors have recently modified their holdings of the business. Global Assets Advisory LLC purchased a new stake in shares of SoundHound AI during the first quarter worth $819,000. Ballew Advisors Inc acquired a new position in shares of SoundHound AI during the 1st quarter valued at about $59,000. HighPoint Advisor Group LLC acquired a new position in shares of SoundHound AI during the 4th quarter valued at about $37,000. Quadrature Capital Ltd boosted its position in shares of SoundHound AI by 67.1% during the 4th quarter. Quadrature Capital Ltd now owns 381,557 shares of the company’s stock valued at $807,000 after acquiring an additional 153,273 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of SoundHound AI by 5.1% during the 4th quarter. Vanguard Group Inc. now owns 13,843,982 shares of the company’s stock valued at $29,349,000 after acquiring an additional 676,993 shares during the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on SOUN. Wedbush lifted their target price on shares of SoundHound AI from $5.00 to $9.00 and gave the stock an “outperform” rating in a research note on Friday, March 1st. Cantor Fitzgerald upgraded shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price objective for the company in a research note on Thursday. LADENBURG THALM/SH SH began coverage on shares of SoundHound AI in a research note on Tuesday, January 30th. They set a “buy” rating and a $4.00 price objective for the company. Northland Securities restated a “market perform” rating on shares of SoundHound AI in a research note on Wednesday, February 28th. Finally, HC Wainwright lifted their price objective on shares of SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a research note on Monday, March 4th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $6.88.

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.