In the latest trading session, SoundHound AI, Inc. (SOUN) closed at $9.57, marking a +1.59% move from the previous day. This change outpaced the S&P 500's 0.22% loss on the day. Meanwhile, the Dow experienced a rise of 0.08%, and the technology-dominated Nasdaq saw a decrease of 0.51%.
The company's stock has dropped by 1.36% in the past month, falling short of the Computer and Technology sector's gain of 2.98% and the S&P 500's gain of 0.45%.
Market participants will be closely following the financial results of SoundHound AI, Inc. in its upcoming release. It is anticipated that the company will report an EPS of -$0.06, marking a 45.45% rise compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $33.03 million, reflecting a 145.36% rise from the equivalent quarter last year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of -$0.16 per share and a revenue of $161.82 million, indicating changes of +84.62% and +91.07%, respectively, from the former year.
Investors should also pay attention to any latest changes in analyst estimates for SoundHound AI, Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. At present, SoundHound AI, Inc. boasts a Zacks Rank of #3 (Hold).
The Computers - IT Services industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 87, positioning it in the top 36% 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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