SoundHound AI, Inc. (SOUN) closed the most recent trading day at $11.23, moving +2.09% from the previous trading session. The stock outperformed the S&P 500, which registered a daily gain of 0.62%. On the other hand, the Dow registered a gain of 0.99%, and the technology-centric Nasdaq increased by 0.65%.
Shares of the company have depreciated by 13.25% over the course of the past month, underperforming the Computer and Technology sector's loss of 1.47%, and the S&P 500's gain of 0.59%.
Analysts and investors alike will be keeping a close eye on the performance of SoundHound AI, Inc. in its upcoming earnings disclosure. The company's upcoming EPS is projected at -$0.02, signifying a 97.10% increase compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $55.3 million, indicating a 60.1% upward movement from the same quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.14 per share and a revenue of $169.15 million, representing changes of +86.54% and 0%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for SoundHound AI, Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 5.41% downward. 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 97, which puts it in the top 40% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming 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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