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Why Buying The SoundHound AI Inc. (NASDAQ: SOUN) Stock Today Might Make Sense

SoundHound AI Inc. (NASDAQ:SOUN) traded at $1.29 at last check on Wednesday, November 23, made a downward move of -11.03% on its previous day’s price.

Looking at the stock we see that its previous close was $1.45 with the day’s price range being $1.43 – $1.65. In terms of its 52-week price range, SOUN has a high of $18.14 and a low of $1.43. The company’s stock has lost about -46.00% over that past 30 days.

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SoundHound AI Inc. has a market cap of $303.44 million and is expected to release its quarterly earnings report on Nov 10, 2022. Estimates by analysts give the company expected earnings per share (EPS) of -$0.17, with the EPS growth for the year raised at -$1.39 for 2022 and -$0.53 for next year.

Analysts tracking the company’s growth have also given it a consensus growth in revenue estimated at $8.74 million, with a low of $8.6 million and a high of $8.91 million.

There have been 1 upward and no downward revisions for the stock’s EPS in last 7 days, something that reflects the nature of company’s price movement in short term.

Looking further, we note the current price level is -39.22% off its SMA20 and -54.41% from its 50-day simple moving average. The RSI (14) is pointing at 24.78 while the volatility over the past week is 13.69% and jumps to 13.80% over the past one month. The average price target for the stock over the next 12 months is $4.43, with the estimates having a low of $2.30 and a high of $6.00. These price ends are -78.29% and -365.12% off the today’s price level respectively, although investors could be excited at the prospect of a -287.6% if the SOUN share price touches on the median price of $5.00.

Coming back to SoundHound AI Inc. (NASDAQ:SOUN), we note that the average 3-month trading volume was 330.08K, while that of the preceding 10-day period stands at 0.9 million. Current shares outstanding are 197.91 million.

The insiders hold 3.10% of the company’s shares while institutions hold 11.00%. The data shows that short shares as of Oct 30, 2022, stood at 2.13 million at a short ratio of 7.43. This represents a 1.08% short interest in shares outstanding on Oct 30, 2022. Shares short rose in October from the previous month at 1.04 million. Investors should be excited about this stock as its upside potential is great, with today’s price pushing the stock -80.67% down in year-to-date price movement.

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