In the latest trading session, SoundHound AI, Inc. (SOUN) closed at $21.38, marking a +2.5% move from the previous day. The stock's performance was ahead of the S&P 500's daily gain of 0.4%. On the other hand, the Dow registered a loss of 0.04%, and the technology-centric Nasdaq increased by 0.66%.
The company's shares have seen an increase of 42% over the last month, surpassing the Computer and Technology sector's gain of 2.27% and the S&P 500's gain of 1.02%.
The investment community will be closely monitoring the performance of SoundHound AI, Inc. in its forthcoming earnings report. The company's earnings per share (EPS) are projected to be -$0.04, reflecting a 33.33% increase from the same quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $40.1 million, indicating a 59.83% growth compared to the corresponding quarter of the prior year.
For the full year, the Zacks Consensus Estimates project earnings of -$0.13 per share and a revenue of $165.37 million, demonstrating changes of +87.5% and +95.26%, respectively, from the preceding year.
It is also important to note the recent changes to analyst estimates for SoundHound AI, Inc. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Right now, SoundHound AI, Inc. possesses a Zacks Rank of #3 (Hold).
The Computers - IT Services industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 50, which puts it in the top 21% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming 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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