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SoundHound AI, Inc. (SOUN) Stock Drops Despite Market Gains: Important Facts to Note
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SoundHound AI, Inc. (SOUN - Free Report) ended the recent trading session at $16.38, demonstrating a -0.85% swing from the preceding day's closing price. The stock's performance was behind the S&P 500's daily gain of 0.61%. Elsewhere, the Dow saw an upswing of 0.3%, while the tech-heavy Nasdaq appreciated by 1.28%.
Prior to today's trading, shares of the company had lost 18.38% over the past month. This has lagged the Computer and Technology sector's gain of 1.24% and the S&P 500's gain of 2.08% in that time.
The investment community will be closely monitoring the performance of SoundHound AI, Inc. in its forthcoming earnings report. It is anticipated that the company will report an EPS of -$0.11, marking an 83.33% fall compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $33.49 million, up 95.29% from the prior-year quarter.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for SoundHound AI, Inc. Recent revisions tend to reflect the latest near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical 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 past month, the Zacks Consensus EPS estimate remained stagnant. As of now, SoundHound AI, Inc. holds a Zacks Rank of #3 (Hold).
The Computers - IT Services industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 60, this industry ranks in the top 24% of all industries, numbering over 250.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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SoundHound AI, Inc. (SOUN) Stock Drops Despite Market Gains: Important Facts to Note
SoundHound AI, Inc. (SOUN - Free Report) ended the recent trading session at $16.38, demonstrating a -0.85% swing from the preceding day's closing price. The stock's performance was behind the S&P 500's daily gain of 0.61%. Elsewhere, the Dow saw an upswing of 0.3%, while the tech-heavy Nasdaq appreciated by 1.28%.
Prior to today's trading, shares of the company had lost 18.38% over the past month. This has lagged the Computer and Technology sector's gain of 1.24% and the S&P 500's gain of 2.08% in that time.
The investment community will be closely monitoring the performance of SoundHound AI, Inc. in its forthcoming earnings report. It is anticipated that the company will report an EPS of -$0.11, marking an 83.33% fall compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $33.49 million, up 95.29% from the prior-year quarter.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for SoundHound AI, Inc. Recent revisions tend to reflect the latest near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical 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 past month, the Zacks Consensus EPS estimate remained stagnant. As of now, SoundHound AI, Inc. holds a Zacks Rank of #3 (Hold).
The Computers - IT Services industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 60, this industry ranks in the top 24% of all industries, numbering over 250.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.