Connect with us

Business

SoundHound AI (SOUN) Stock Surges Ahead of Q3 Earnings: What Investors Need to Know

Published

on

Soundhound Ai Stock Chart

SoundHound AI, Inc. (NASDAQ: SOUN) is garnering significant attention from investors as the company prepares to release its Q3 earnings results on November 12, 2024. The stock has seen a notable surge in recent trading, with shares up 0.7% on Monday, trading as high as $7.56 and closing at $7.25.

Analysts are optimistic about the upcoming earnings, forecasting a significant revenue jump. According to TipRanks, analysts expect SoundHound AI to report earnings per share of -$0.07 on revenue of $23.02 million, representing year-over-year increases of 22.2% and 73.5%, respectively.

The company has a history of mixed performance in beating earnings estimates, having done so only three times in the past eight quarters. However, the overall sentiment from Wall Street remains positive, with a “Strong Buy” consensus rating based on multiple buy and hold ratings from various analysts. The average price target for SOUN stock is $7.70, indicating potential upside[4].

SoundHound AI has been expanding its portfolio through strategic acquisitions, including the recent purchase of enterprise AI software firm Amelia for $80 million. This move has sparked interest among investors and contributed to the stock’s recent gains[3].

Options traders are anticipating a large move in the stock price following the earnings announcement, with an expected 24.31% move in either direction. This anticipation is reflected in the at-the-money straddle of the options closest to expiration after the earnings report.

Times News Global

Times News Global is a dynamic online news portal dedicated to providing comprehensive and up-to-date news coverage across various domains including politics, business, entertainment, sports, security, features, opinions, environment, education, technology and global. affairs. Our commitment lies in sharing news that is based on factual accuracy, credibility, verifiability, authority and depth of research. We pride ourselves on being a distinctive media organization, guided by the principles enshrined in Article 19 of the Universal Declaration of Human Rights. Made up of a team of ordinary people driven by an unwavering dedication to uncovering the truth, we publish news without bias or intimidation.

Recent Posts