In the latest close session, SoundHound AI, Inc. (SOUN) was up +1.57% at $6.81. The stock's performance was behind the S&P 500's daily gain of 2.51%. Elsewhere, the Dow gained 2.85%, while the tech-heavy Nasdaq added 2.8%.
Shares of the company have depreciated by 15.19% over the course of the past month, underperforming the Computer and Technology sector's loss of 0.84%, and the S&P 500's loss of 1.66%.
Market participants will be closely following the financial results of SoundHound AI, Inc. in its upcoming release. The company is forecasted to report an EPS of -$0.05, showcasing a 16.67% upward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $42.71 million, up 46.61% from the year-ago period.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.09 per share and a revenue of $232.73 million, representing changes of +30.77% and +37.77%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for SoundHound AI, Inc. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Right now, SoundHound AI, Inc. possesses a Zacks Rank of #3 (Hold).
The Computers - IT Services industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 74, positioning it in the top 31% 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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SoundHound AI, Inc. (SOUN): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).