In the latest trading session, SoundHound AI, Inc. (SOUN) closed at $6.64, marking a -4.6% move from the previous day. The stock's change was less than the S&P 500's daily loss of 0.45%. Meanwhile, the Dow experienced a drop of 0.25%, and the technology-dominated Nasdaq saw a decrease of 1.16%.
The company's shares have seen a decrease of 7.08% over the last month, not keeping up with the Computer and Technology sector's gain of 0.38% and the S&P 500's gain of 2.14%.
The investment community will be closely monitoring the performance of SoundHound AI, Inc. in its forthcoming earnings report. On that day, SoundHound AI, Inc. is projected to report earnings of -$0.05 per share, which would represent a year-over-year decline of 66.67%. Meanwhile, the latest consensus estimate predicts the revenue to be $52.49 million, indicating a 22.99% increase compared to the same quarter of the previous year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.18 per share and a revenue of $233.16 million, representing changes of -38.46% and +38.03%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for SoundHound AI, Inc. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable 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 last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Right now, SoundHound AI, Inc. possesses a Zacks Rank of #4 (Sell).
The Computers - IT Services industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 105, putting it in the top 43% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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SoundHound AI, Inc. (SOUN): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).