SoundHound AI Inc. (SOUN) experienced an unusually high level of options trading activity on Tuesday, with investors purchasing 20,041 call options on the company. This significant increase of 99% compared to the average volume of 10,050 call options has caught the attention of market observers.
Analysts Raise Price Targets for SOUN
In a separate development, Cantor Fitzgerald, a prominent financial services firm, revised their price objective for SoundHound AI shares in a report issued on Wednesday. They increased the target from $3.77 to $4.18, suggesting optimism about the company’s future performance.
SoundHound AI’s Stock Performance
As of Thursday, SoundHound AI’s stock (SOUN) opened at $3.77. The company’s 50-day moving average stands at $2.81, while its two-hundred-day moving average is $2.38. With a market capitalization of $817.91 million, a price-to-earnings (PE) ratio of -6.08, and a beta of 0.49, SoundHound AI remains an intriguing prospect for investors. Over the past year, the stock has ranged from a low of $0.93 to a high of $4.97.
SOUN Stock Forecast & Stock Analysis
According to two analysts, the average target price for SoundHound AI (SOUN) over the next 12 months is $4.18. These analysts have rated the stock as “Strong Buy,” indicating their positive outlook for the company’s future performance. However, Stock Target Advisor, an independent stock analysis platform, has a bearish stance on SoundHound AI Inc, based on 2 positive signals and 7 negative signals.
As of the last closing, SoundHound AI stock was priced at $3.77. Over the past week, the stock has experienced a positive change of 24.83%, showing significant upward momentum. Looking at the past month, the stock has surged by 38.10%, further reinforcing its positive trajectory. Over the last year, SoundHound AI stock price has increased by 0.53%, highlighting a modest but steady growth trend.
SOUN Recent Earnings Report
On May 11th, SoundHound AI (SOUN) stock released its quarterly earnings results. In terms of revenue, SoundHound AI generated $6.71 million, surpassing analysts’ expectations of $6.54 million. Comparing to the same period the previous year, when the company reported earnings per share of ($2.00), SoundHound AI has shown significant improvement. Analysts on the sell-side anticipate that the company will achieve a yearly earnings per share of -0.39.
Conclusion
SoundHound AI has attracted notable options trading activity, indicating increased interest from investors. Analysts have responded by raising their price targets for the company, reflecting a positive outlook. With a diverse range of products and services in the AI space, SoundHound AI continues to capture attention in the market.
STA Research (StockTargetAdvisor.com) is a independent Investment Research company that specializes in stock forecasting and analysis with integrated AI, based on our platform stocktargetadvisor.com, EST 2007.
