In the last trading session, 85.06 million SoundHound AI Inc (NASDAQ:SOUN) shares changed hands as the company’s beta touched 3.12. With the company’s per share price at $6.14 changed hands at -$0.54 or -8.08% during last session, the market valuation stood at $1.52B. SOUN’s last price was a discount, traded about -66.94% off its 52-week high of $10.25. The share price had its 52-week low at $1.49, which suggests the last value was 75.73% up since then. When we look at SoundHound AI Inc’s average trading volume, we note the 10-day average is 115.2 million shares, with the 3-month average coming to 56.39 million.
SoundHound AI Inc (NASDAQ:SOUN) trade information
Instantly SOUN was in red as seen at the end of in last trading. With action -31.09%, the performance over the past five days has been red. The drop to weekly highs of 9.10 subtracted -8.08% to the stock’s daily price. The company’s shares are showing year-to-date upside of 189.62%, with the 5-day performance at -31.09% in the red. However, in the 30-day time frame, SoundHound AI Inc (NASDAQ:SOUN) is 54.66% up. Looking at the short shares, we see there were 35.95 million shares sold at short interest cover period of 0.49 days.
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 221.47% over the past 6 months, a 23.68% in annual growth rate that is considerably higher than the industry average of 5.80%. 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 30.80%, while the growth in revenue is estimated to hit 20.00% for the next quarter. Year-over-year growth is forecast to reach 51.50% 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 $10.1 million. 6 analysts are of the opinion that SoundHound AI Inc’s revenue for the quarter ending Jun 2024 will be $13.77 million. The company’s revenue for the corresponding quarters a year ago was $6.71 million and $8.06 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 50.60%. The estimates for the next quarter sales put growth at 70.80%.
The 2024 estimates are for SoundHound AI Inc earnings to increase by 28.00%.
SOUN Dividends
SoundHound AI Inc is expected to release its next quarterly earnings report between May 09 and May 13.
SoundHound AI Inc (NASDAQ:SOUN)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 1.77% of SoundHound AI Inc shares while 21.67% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 22.06%. There are 21.67% institutions holding the SoundHound AI Inc stock share, with Vanguard Group Inc the top institutional holder. As of Jun 29, 2023, the company held 5.46% of the shares, roughly 11.1 million SOUN shares worth $50.52 million.
Blackrock Inc. holds the second largest percentage of outstanding shares, with 4.68% or 9.52 million shares worth $43.3 million as of Jun 29, 2023.
Among Mutual Funds, the top two as of Jun 29, 2023 were Vanguard Total Stock Market Index Fund and iShares Russell 2000 ETF. With 4.66 million shares estimated at $21.2 million under it, the former controlled 2.29% of total outstanding shares. On the other hand, iShares Russell 2000 ETF held about 1.57% of the shares, roughly 3.2 million shares worth around $8.07 million.
