In today’s recent session, 13.6 million shares of the SoundHound AI Inc (NASDAQ:SOUN) have been traded, and its beta is 3.10. Most recently the company’s share price was $5.24, and it changed around -$0.32 or -5.76% from the last close, which brings the market valuation of the company to $1.62B. SOUN at last check was trading at a discount to its 52-week high of $10.25, offering almost -95.61% off that amount. The share price’s 52-week low was $1.49, which indicates that the recent value has risen by an impressive 71.56% since then. We note from SoundHound AI Inc’s average daily trading volume that its 10-day average is 68.09 million shares, with the 3-month average coming to 59.68 million.
SoundHound AI Inc (NASDAQ:SOUN) trade information
Instantly SOUN has been showing red trend so far today with a performance of -5.76% on intraday trading today. The performance over the last five days has remained in the red territory. The company’s shares are currently up 147.17% year-to-date, but still down -10.58% over the last five days. On the other hand, SoundHound AI Inc (NASDAQ:SOUN) is -13.17% down in the 30-day period. We can see from the shorts that 40.45 million shares have been sold at a short interest cover period of 0.32 day(s).
The consensus price target as assigned by Wall Street analysts is $7.65, which translates to bulls needing to increase their stock price by 31.5% from its current value. Analyst projections state that SOUN is forecast to be at a low of $5.8 and a high of $9.5.
SoundHound AI Inc (SOUN) estimates and forecasts
SoundHound AI Inc share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 160.70 percent over the past six months and at a 21.05% annual growth rate that is well above the industry average of 6.30%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 30.80% in revenue this quarter, and will report an increase of 20.00% in the next quarter. The year-over-year growth rate is expected to be 51.50%, up from the previous year.
Consensus estimates provided by 6 financial analysts predict the company will bring in an average of $10.1 million in revenue for the current quarter. 6 analysts expect SoundHound AI Inc to make $13.77 million in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $6.71 million and $8.06 million respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 50.60%. Forecasts for the next quarter put sales growth at 70.80%.
SOUN Dividends
SoundHound AI Inc’s next quarterly earnings report is expected to be released around May 09 and May 13.
SoundHound AI Inc (NASDAQ:SOUN)’s Major holders
Upon looking at major shareholders, it appears that insiders hold 1.76% of SoundHound AI Inc shares, and 21.68% of them are in the hands of institutional investors. The stock currently has a share float of 22.07%. SoundHound AI Inc stock is held by 174 institutions, with Vanguard Group Inc being the largest institutional investor. By Jun 29, 2023, it held 5.46% of the shares, which is about 11.1 million shares worth $50.52 million.
Blackrock Inc., with 4.68% or 9.52 million shares worth $43.3 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.
Vanguard Total Stock Market Index Fund and iShares Russell 2000 ETF were the top two Mutual Funds as of Jun 29, 2023. The former held 4.66 million shares worth $21.2 million, making up 2.29% of all outstanding shares. On the other hand, iShares Russell 2000 ETF held roughly 3.2 million shares worth around $8.07 million, which represents about 1.57% of the total shares outstanding.
