SoundHound AI Inc (NASDAQ:SOUN) price on Thursday, February 27, fall -3.76% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $9.21.
A look at the stock’s price movement, the close in the last trading session was $9.57. Turning to its 52-week performance, $24.98 and $3.50 were the 52-week high and 52-week low respectively. Overall, SOUN moved -35.28% over the past month.
SoundHound AI Inc’s market cap currently stands at around $3.62 billion, with investors looking forward to this quarter’s earnings report slated for in March.
Analysts have a consensus estimate of 34.34M for the company’s revenue for the quarter, with a low and high estimate of 33.61M and 34.8M respectively. The average forecast suggests up to a 196.19% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 165.27M, representing a 95.13% jump on that reported in the last financial year.
Turning to the stock’s technical picture we see that short term indicators suggest on average that SOUN is a Hold. On the other hand, the stock is on average a 50% Buy as suggested by medium term indicators while long term indicators are putting the stock in Hold category.
5 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 1 analyst(s) rate the stock as a Hold, 4 recommend SOUN as a Buy and 0 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 0 say it is a Sell. As such, the average rating for the stock is Buy which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.
SOUN’s current price about -27.89% and -41.45% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 32.65, while 7-day volatility ratio is 10.28% and 9.37% in the 30-day chart. Further, SoundHound AI Inc (SOUN) has a beta value of 2.87, and an average true range (ATR) of 1.51. Analysts have given the company’s stock an average 52-week price target of $7, forecast between a low of $7 and high of $7. Looking at the price targets, the low is 24.0% off current price level while to achieve the yearly target high, price needs to move 24.0%. Nonetheless, investors will most likely welcome a 24.0% jump to $7 which is the analysts’ median price.
If we refocus on SoundHound AI Inc (NASDAQ:SOUN), historical trading data shows that trading volumes averaged 73.70 million over the past 3 months. The company’s latest data on shares outstanding shows there are 336.48 million shares.
The 11.45% of SoundHound AI Inc’s shares are in the hands of company insiders while institutional holders own 35.43% of the company’s shares. Current price change has pushed the stock -53.58% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the SOUN stock continues to rise going into the next quarter.
