What Happened With SoundHound Stock Today?
Portfolio Pulse from Ryan Gustafson
SoundHound AI, Inc. (NASDAQ:SOUN) shares surged after reporting Q3 earnings that met analyst estimates for EPS and exceeded revenue expectations. The company also provided a Q4 outlook with revenue projections between $16 million and $20 million, surpassing the $17.56 million estimate. Following the earnings report and a revised price target from Cantor Fitzgerald, SOUN's stock price has been climbing and closed 11.20% higher at $1.99 on Monday.
November 13, 2023 | 9:13 pm
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SoundHound AI's stock price increased following a Q3 earnings report that aligned with EPS estimates and surpassed revenue expectations. The company's Q4 revenue forecast is optimistic, and an analyst from Cantor Fitzgerald maintained an Overweight rating but lowered the price target.
The positive reaction in SoundHound AI's stock price is likely due to the company's earnings report, which showed financial performance in line with or exceeding expectations. The optimistic outlook for Q4 revenue suggests potential growth, which investors may find encouraging. The adjustment in the price target by Cantor Fitzgerald, despite being a decrease, is accompanied by an Overweight rating, indicating a belief in the stock's potential upside.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100