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Why SoundHound AI, Inc. (SOUN) Outpaced the Stock Market Today
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In the latest market close, SoundHound AI, Inc. (SOUN - Free Report) reached $4.49, with a +1.81% movement compared to the previous day. The stock's performance was ahead of the S&P 500's daily gain of 0.91%. Elsewhere, the Dow saw an upswing of 0.85%, while the tech-heavy Nasdaq appreciated by 1.51%.
Shares of the company have depreciated by 12.67% over the course of the past month, underperforming the Computer and Technology sector's loss of 4.63% and the S&P 500's loss of 4.2%.
Market participants will be closely following the financial results of SoundHound AI, Inc. in its upcoming release. The company plans to announce its earnings on May 9, 2024. In that report, analysts expect SoundHound AI, Inc. to post earnings of -$0.09 per share. This would mark year-over-year growth of 25%. Simultaneously, our latest consensus estimate expects the revenue to be $10.12 million, showing a 50.86% escalation compared to the year-ago quarter.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.30 per share and revenue of $69.75 million, indicating changes of +21.05% and +52.04%, respectively, compared to the previous year.
It's also important for investors to be aware of any recent modifications to analyst estimates for SoundHound AI, Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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, 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 remained stagnant. SoundHound AI, Inc. is currently sporting a Zacks Rank of #4 (Sell).
The Computers - IT Services industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 55, positioning it in the top 22% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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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Why SoundHound AI, Inc. (SOUN) Outpaced the Stock Market Today
In the latest market close, SoundHound AI, Inc. (SOUN - Free Report) reached $4.49, with a +1.81% movement compared to the previous day. The stock's performance was ahead of the S&P 500's daily gain of 0.91%. Elsewhere, the Dow saw an upswing of 0.85%, while the tech-heavy Nasdaq appreciated by 1.51%.
Shares of the company have depreciated by 12.67% over the course of the past month, underperforming the Computer and Technology sector's loss of 4.63% and the S&P 500's loss of 4.2%.
Market participants will be closely following the financial results of SoundHound AI, Inc. in its upcoming release. The company plans to announce its earnings on May 9, 2024. In that report, analysts expect SoundHound AI, Inc. to post earnings of -$0.09 per share. This would mark year-over-year growth of 25%. Simultaneously, our latest consensus estimate expects the revenue to be $10.12 million, showing a 50.86% escalation compared to the year-ago quarter.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.30 per share and revenue of $69.75 million, indicating changes of +21.05% and +52.04%, respectively, compared to the previous year.
It's also important for investors to be aware of any recent modifications to analyst estimates for SoundHound AI, Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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, 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 remained stagnant. SoundHound AI, Inc. is currently sporting a Zacks Rank of #4 (Sell).
The Computers - IT Services industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 55, positioning it in the top 22% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.