SoundHound AI Inc (NASDAQ:SOUN) shares, rose in value, with the stock price down by -6.13% to the previous day’s close as strong demand from buyers drove the stock to $5.05.
Actively observing the price movement in the last trading, the stock closed the session at $5.38. Referring to stock’s 52-week performance, its high was $10.25, and the low was $1.49. On the whole, SOUN has fluctuated by -10.22% over the past month.
With the market capitalization of SoundHound AI Inc currently standing at about $1.56 billion, investors are eagerly awaiting this quarter’s results, scheduled for May 09, 2024 – May 13, 2024. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.09, which is expected to increase to -$0.07 for fiscal year -$0.3 and then to about -$0.21 by fiscal year 2025. Data indicates that the EPS growth is expected to be 25.00% in 2025, while the next year’s EPS growth is forecast to be 30.00%.
Analysts have estimated the company’s revenue for the quarter at $10.1 million, with a low estimate of $10.06 million and a high estimate of $10.17 million. According to the average forecast, sales growth in current quarter could jump up 50.60%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2025, the company’s y-o-y revenues would reach $69.49 million, representing an increase of 51.50% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that SOUN’s technical picture suggests that short-term indicators denote the stock is a 50% Buy on average. However, medium term indicators have put the stock in the category of 100% Buy while long term indicators on average have been pointing out that it is a 100% Buy.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of SOUN currently trading nearly -23.53% and 10.88% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 42.44, while the 7-day volatility ratio is showing 7.85% which for the 30-day chart, stands at 14.69%. Furthermore, SoundHound AI Inc (SOUN)’s beta value is 3.12, and its average true range (ATR) is 0.84.
A comparison of SoundHound AI Inc (SOUN) with its peers suggests the former has fared considerably weaker in the market. SOUN showed an intraday change of -6.13% in last session, and over the past year, it grew by 82.97%%.
Data on historical trading for SoundHound AI Inc (NASDAQ:SOUN) indicates that the trading volumes over the past 10 days have averaged 52.73 million and over the past 3 months, they’ve averaged 60.02 million. According to company’s latest data on outstanding shares, there are 309.12 million shares outstanding.
Nearly 17.34% of SoundHound AI Inc’s shares belong to company insiders and institutional investors own 18.56% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 40.45 million shares as on Mar 15, 2024, resulting in a short ratio of 0.32. According to the data, the short interest in SoundHound AI Inc (SOUN) stood at 13.08% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 25.23 million. The stock has risen by 138.21% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the SOUN stock heading into the next quarter.
