Is SoundHound AI Inc (NASDAQ: SOUN) Stock Worth Investing In for High Returns?

In the latest trading session, 10.29 million SoundHound AI Inc (NASDAQ:SOUN) shares changed hands as the company’s beta touched 1.13. With the company’s most recent per share price at $2.28 changing hands around $0.02 or 0.66% at last look, the market valuation stands at $561.74M. SOUN’s current price is a discount, trading about -124.12% off its 52-week high of $5.11. The share price had its 52-week low at $1.49, which suggests the last value was 34.65% up since then. When we look at SoundHound AI Inc’s average trading volume, we note the 10-day average is 10.35 million shares, with the 3-month average coming to 6.09.

SoundHound AI Inc (NASDAQ:SOUN) trade information

Instantly SOUN is in green as seen in intraday trades today. With action 39.57%, the performance over the past five days has been green. The jump to weekly highs of 2.36 added 0.66% to the stock’s daily price. The company’s shares are showing year-to-date upside of 7.31%, with the 5-day performance at 39.57% in the green. However, in the 30-day time frame, SoundHound AI Inc (NASDAQ:SOUN) is 28.53% up. Looking at the short shares, we see there were 25.15 million shares sold at short interest cover period of 3.25 days.

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SoundHound AI Inc (SOUN) estimates and forecasts

Data shows that the SoundHound AI Inc share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 17.27% over the past 6 months, a 49.32% in annual growth rate that is considerably higher than the industry average of 5.60%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2024 revenue estimates. The rating firms predict current quarter revenue for SoundHound AI Inc will rise 60.00%, while the growth in revenue is estimated to hit 38.50% for the next quarter. Year-over-year growth is forecast to reach 49.30% up from the last financial year.

Consensus estimates given by 6 financial analysts project the company’s revenue in the current quarter to hit an average of $17.75 million. 6 analysts are of the opinion that SoundHound AI Inc’s revenue for the quarter ending Mar 2024 will be $11.86 million. The company’s revenue for the corresponding quarters a year ago was $9.5 million and $6.71 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 86.80%. The estimates for the next quarter sales put growth at 76.80%.

The 2024 estimates are for SoundHound AI Inc earnings to increase by 49.32%.

SOUN Dividends

SoundHound AI Inc is expected to release its next quarterly earnings report between February 12 and February 14.

SoundHound AI Inc (NASDAQ:SOUN)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 2.03% of SoundHound AI Inc shares while 25.40% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 25.93%. There are 25.40% institutions holding the SoundHound AI Inc stock share, with Vanguard Group Inc the top institutional holder. As of Sep 29, 2023, the company held 6.29% of the shares, roughly 13.17 million SOUN shares worth $30.26 million.

Blackrock Inc. holds the second largest percentage of outstanding shares, with 5.37% or 11.24 million shares worth $25.83 million as of Sep 29, 2023.

Among Mutual Funds, the top two as of Sep 29, 2023 were Vanguard Total Stock Market Index Fund and iShares Russell 2000 ETF. With 5.74 million shares estimated at $13.19 million under it, the former controlled 2.74% of total outstanding shares. On the other hand, iShares Russell 2000 ETF held about 1.79% of the shares, roughly 3.74 million shares worth around $8.61 million.

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