SoundHound AI, Inc. (NASDAQ:SOUN) Short Interest Up 22.3% in August

SoundHound AI, Inc. (NASDAQ:SOUN) was the recipient of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 26,730,000 shares, an increase of 22.3% from the August 15th total of 21,850,000 shares. Currently, 15.4% of the company’s stock are sold short. Based on an average daily volume of 18,430,000 shares, the short-interest ratio is presently 1.5 days.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on SOUN shares. HC Wainwright started coverage on SoundHound AI in a report on Tuesday, September 5th. They issued a “buy” rating and a $5.00 price target for the company. Cantor Fitzgerald cut their price target on shares of SoundHound AI from $6.20 to $4.20 and set an “overweight” rating for the company in a report on Wednesday, August 9th.

Insider Activity

In related news, CTO Timothy Stonehocker sold 10,000 shares of the company’s stock in a transaction dated Monday, June 26th. The stock was sold at an average price of $4.50, for a total transaction of $45,000.00. Following the transaction, the chief technology officer now directly owns 820,125 shares of the company’s stock, valued at approximately $3,690,562.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CTO Timothy Stonehocker sold 10,000 shares of the stock in a transaction that occurred on Monday, June 26th. The shares were sold at an average price of $4.50, for a total value of $45,000.00. Following the transaction, the chief technology officer now owns 820,125 shares in the company, valued at approximately $3,690,562.50. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Keyvan Mohajer sold 192,099 shares of SoundHound AI stock in a transaction dated Tuesday, June 20th. The shares were sold at an average price of $3.57, for a total value of $685,793.43. Following the transaction, the chief executive officer now owns 882,901 shares of the company’s stock, valued at approximately $3,151,956.57. The disclosure for this sale can be found here. In the last quarter, insiders sold 379,909 shares of company stock worth $1,458,334. Insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

A number of institutional investors have recently bought and sold shares of SOUN. Bank of America Corp DE raised its position in shares of SoundHound AI by 1,238.7% during the 4th quarter. Bank of America Corp DE now owns 14,726 shares of the company’s stock valued at $26,000 after buying an additional 13,626 shares during the period. Two Sigma Securities LLC acquired a new position in shares of SoundHound AI in the 1st quarter valued at $28,000. CTC Capital Management LLC acquired a new stake in shares of SoundHound AI during the 1st quarter worth about $36,000. Victory Capital Management Inc. purchased a new stake in SoundHound AI in the 1st quarter valued at about $36,000. Finally, Metropolitan Life Insurance Co NY acquired a new position in SoundHound AI in the second quarter valued at about $36,000. 26.96% of the stock is owned by hedge funds and other institutional investors.

SoundHound AI Price Performance

SOUN traded down $0.02 on Friday, hitting $2.13. 18,042,841 shares of the company’s stock were exchanged, compared to its average volume of 14,768,372. The stock has a market cap of $512.70 million, a price-to-earnings ratio of -4.02 and a beta of 0.67. SoundHound AI has a fifty-two week low of $0.93 and a fifty-two week high of $5.11. The firm has a 50-day moving average price of $2.55 and a 200-day moving average price of $2.75. The company has a current ratio of 4.70, a quick ratio of 4.70 and a debt-to-equity ratio of 4.80.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Tuesday, August 8th. The company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.02. The company had revenue of $8.75 million for the quarter, compared to analysts’ expectations of $8.07 million. During the same quarter in the previous year, the business posted ($0.19) EPS. The business’s quarterly revenue was up 42.2% compared to the same quarter last year. As a group, equities analysts anticipate that SoundHound AI will post -0.38 earnings per share for the current year.

SoundHound AI Company Profile

SoundHound AI, Inc develops independent voice artificial intelligence (AI) platform that enables businesses across 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 automatic speech recognition, natural language understanding, wake words, custom domains, text-to-speech, and embedded voice solutions SoundHound AI, Inc was founded in 2005 and is headquartered in Santa Clara, California.