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SoundHound AI (SOUN) Moves 20.1% Higher: Will This Strength Last?
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SoundHound AI, Inc. (SOUN - Free Report) shares rallied 20.1% in the last trading session to close at $9.56. 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 17.4% gain over the past four weeks.
SOUN stock is expected to have surged on the back of investors’ optimism regarding its upcoming earnings performance, with the bottom line expected to grow in double digits. Besides this, the company’s recent partnership with Casey's to enhance its voice AI technology has supported market optimism for the stock. SoundHound’s strategic acquisitions efforts aimed at boosting its capabilities and reaching new customers are expected to have boosted investors’ sentiments in its favor.
This company is expected to post quarterly loss of $0.05 per share in its upcoming report, which represents a year-over-year change of +16.7%. Revenues are expected to be $42.71 million, up 46.6% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and 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, Taboola.com Ltd. (TBLA - Free Report) , closed the last trading session 0.8% higher at $3.79. Over the past month, TBLA has returned 16.8%.
For Taboola.com, the consensus EPS estimate for the upcoming report has changed -40% over the past month to -$0.01. This represents a change of -114.3% from what the company reported a year ago. Taboola.com currently has a Zacks Rank of #3 (Hold).
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SoundHound AI (SOUN) Moves 20.1% Higher: Will This Strength Last?
SoundHound AI, Inc. (SOUN - Free Report) shares rallied 20.1% in the last trading session to close at $9.56. 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 17.4% gain over the past four weeks.
SOUN stock is expected to have surged on the back of investors’ optimism regarding its upcoming earnings performance, with the bottom line expected to grow in double digits. Besides this, the company’s recent partnership with Casey's to enhance its voice AI technology has supported market optimism for the stock. SoundHound’s strategic acquisitions efforts aimed at boosting its capabilities and reaching new customers are expected to have boosted investors’ sentiments in its favor.
This company is expected to post quarterly loss of $0.05 per share in its upcoming report, which represents a year-over-year change of +16.7%. Revenues are expected to be $42.71 million, up 46.6% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and 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, Taboola.com Ltd. (TBLA - Free Report) , closed the last trading session 0.8% higher at $3.79. Over the past month, TBLA has returned 16.8%.
For Taboola.com, the consensus EPS estimate for the upcoming report has changed -40% over the past month to -$0.01. This represents a change of -114.3% from what the company reported a year ago. Taboola.com currently has a Zacks Rank of #3 (Hold).