SoundHound AI, Inc. (SOUN) closed the most recent trading day at $11.30, moving -1.31% from the previous trading session. The stock trailed the S&P 500, which registered a daily loss of 0.4%. On the other hand, the Dow registered a loss of 0.98%, and the technology-centric Nasdaq increased by 0.18%.
Coming into today, shares of the company had gained 17.8% in the past month. In that same time, the Computer and Technology sector gained 6.34%, while the S&P 500 gained 4.97%.
Market participants will be closely following the financial results of SoundHound AI, Inc. in its upcoming release. In that report, analysts expect SoundHound AI, Inc. to post earnings of -$0.06 per share. This would mark year-over-year growth of 45.45%. Simultaneously, our latest consensus estimate expects the revenue to be $33.03 million, showing a 145.36% escalation compared to the year-ago quarter.
For the annual period, the Zacks Consensus Estimates anticipate earnings of -$0.16 per share and a revenue of $161.82 million, signifying shifts of +84.62% and +91.07%, respectively, from the last year.
Investors might also notice recent changes to analyst estimates for SoundHound AI, Inc. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. SoundHound AI, Inc. presently features a Zacks Rank of #3 (Hold).
The Computers - IT Services industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 72, finds itself in the top 30% echelons of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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SoundHound AI, Inc. (SOUN): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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