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SoundHound AI (SOUN) Soars 5.7%: Is Further Upside Left in the Stock?
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SoundHound AI, Inc. (SOUN - Free Report) shares rallied 5.7% in the last trading session to close at $5.19. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 1.2% gain over the past four weeks.
SoundHound AI is benefiting from a strong portfolio and an expanding clientele by offering conversational intelligence through independent Voice AI solutions in 25 languages for both cloud-enabled and hardware-embedded devices.
This company is expected to post quarterly loss of $0.08 per share in its upcoming report, which represents a year-over-year change of +11.1%. Revenues are expected to be $23.68 million, up 78.5% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For SoundHound AI, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on SOUN going forward to see if this recent jump can turn into more strength down the road.
SoundHound AI belongs to the Zacks Computers - IT Services industry. Another stock from the same industry, Cerence (CRNC - Free Report) , closed the last trading session 3% lower at $3.27. Over the past month, CRNC has returned 16.2%.
For Cerence, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.32. This represents a change of -455.6% from what the company reported a year ago. Cerence currently has a Zacks Rank of #3 (Hold).
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SoundHound AI (SOUN) Soars 5.7%: Is Further Upside Left in the Stock?
SoundHound AI, Inc. (SOUN - Free Report) shares rallied 5.7% in the last trading session to close at $5.19. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 1.2% gain over the past four weeks.
SoundHound AI is benefiting from a strong portfolio and an expanding clientele by offering conversational intelligence through independent Voice AI solutions in 25 languages for both cloud-enabled and hardware-embedded devices.
This company is expected to post quarterly loss of $0.08 per share in its upcoming report, which represents a year-over-year change of +11.1%. Revenues are expected to be $23.68 million, up 78.5% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For SoundHound AI, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on SOUN going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
SoundHound AI belongs to the Zacks Computers - IT Services industry. Another stock from the same industry, Cerence (CRNC - Free Report) , closed the last trading session 3% lower at $3.27. Over the past month, CRNC has returned 16.2%.
For Cerence, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.32. This represents a change of -455.6% from what the company reported a year ago. Cerence currently has a Zacks Rank of #3 (Hold).