SoundHound AI, Inc. (SOUN) closed at $8.28 in the latest trading session, marking a +0.98% move from the prior day. The stock's performance was behind the S&P 500's daily gain of 1.81%. Meanwhile, the Dow gained 1.56%, and the Nasdaq, a tech-heavy index, added 2.06%.
The company's stock has dropped by 7.97% in the past month, falling short of the Computer and Technology sector's loss of 7.27% and the S&P 500's loss of 6.14%.
The investment community will be closely monitoring the performance of SoundHound AI, Inc. in its forthcoming earnings report. The company is forecasted to report an EPS of -$0.07, showcasing no movement from the corresponding quarter of the prior year. In the meantime, our current consensus estimate forecasts the revenue to be $30.21 million, indicating a 160.62% growth compared to the corresponding quarter of the prior year.
For the full year, the Zacks Consensus Estimates are projecting earnings of -$0.16 per share and revenue of $165.76 million, which would represent changes of +84.62% and +95.72%, respectively, from the prior year.
Any recent changes to analyst estimates for SoundHound AI, Inc. should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. SoundHound AI, Inc. is currently a Zacks Rank #3 (Hold).
The Computers - IT Services industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 87, which puts it in the top 36% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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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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