SoundHound AI, Inc. (NASDAQ:SOUN) Short Interest Up 26.0% in January

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) saw a significant growth in short interest in the month of January. As of January 15th, there was short interest totalling 100,760,000 shares, a growth of 26.0% from the December 31st total of 79,990,000 shares. Based on an average daily volume of 69,810,000 shares, the short-interest ratio is presently 1.4 days. Currently, 31.0% of the company's shares are sold short.

Analyst Upgrades and Downgrades

Several research firms have commented on SOUN. Barclays reiterated a "neutral" rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. LADENBURG THALM/SH SH reaffirmed a "neutral" rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Northland Securities boosted their target price on SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a report on Tuesday, January 14th. HC Wainwright reaffirmed a "buy" rating and set a $26.00 price target on shares of SoundHound AI in a report on Monday, January 13th. Finally, Wedbush boosted their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a research note on Monday, December 16th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $12.36.

SoundHound AI Price Performance

Shares of SoundHound AI stock traded up $0.10 on Wednesday, hitting $15.81. The company's stock had a trading volume of 40,808,217 shares, compared to its average volume of 58,899,172. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm has a fifty day moving average price of $16.08 and a 200-day moving average price of $9.06. SoundHound AI has a 52-week low of $1.62 and a 52-week high of $24.98. The company has a market capitalization of $5.85 billion, a P/E ratio of -43.92 and a beta of 2.56.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.01. The business had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company's quarterly revenue was up 88.7% on a year-over-year basis. During the same period in the prior year, the business earned ($0.09) earnings per share. On average, equities research analysts expect that SoundHound AI will post -0.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Michael Zagorsek sold 277,813 shares of the firm's stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $21.25, for a total value of $5,903,526.25. Following the completion of the transaction, the chief operating officer now owns 1,473,322 shares of the company's stock, valued at approximately $31,308,092.50. This trade represents a 15.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Lawrence Marcus sold 30,000 shares of the company's stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $7.15, for a total value of $214,500.00. Following the sale, the director now directly owns 178,117 shares in the company, valued at $1,273,536.55. This represents a 14.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,782,918 shares of company stock valued at $45,391,343 over the last ninety days. Company insiders own 12.28% of the company's stock.

Hedge Funds Weigh In On SoundHound AI

A number of large investors have recently bought and sold shares of the stock. Sei Investments Co. purchased a new position in shares of SoundHound AI in the 2nd quarter worth about $43,000. Xponance Inc. purchased a new position in SoundHound AI in the second quarter valued at approximately $71,000. Squarepoint Ops LLC lifted its position in SoundHound AI by 818.0% during the second quarter. Squarepoint Ops LLC now owns 231,168 shares of the company's stock valued at $913,000 after buying an additional 205,985 shares in the last quarter. AQR Capital Management LLC grew its stake in SoundHound AI by 40.2% during the second quarter. AQR Capital Management LLC now owns 29,417 shares of the company's stock worth $116,000 after buying an additional 8,440 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in shares of SoundHound AI by 101.7% in the second quarter. The Manufacturers Life Insurance Company now owns 106,076 shares of the company's stock worth $419,000 after acquiring an additional 53,490 shares in the last quarter. Hedge funds and other institutional investors own 19.28% of the company's stock.

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.