On May 26, 2023, SoundHound, Inc. announced that they have been granted a US patent application for their innovative creation titled ‘Building A Natural Language Understanding Application Using A Received Electronic Record Containing Programming Code’. This news is a testament to SoundHound’s deep patent portfolio and their position as the leading independent voice AI company.
As of June 2022, the company has a total of 274 patents globally, with 111 of them already granted. This impressive portfolio is a testament to SoundHound’s dedication to innovation and their commitment to advancing the field of voice AI.
In addition to their patent success, SoundHound has also secured $100 million in strategic funding from Atlas for their AI voice assistant platform and mobile app called SoundHound Chat AI. This funding will undoubtedly help the company continue to innovate and push the boundaries of what is possible in the field of voice AI.
SOUN Stock Analysis: Positive Growth Rate in 2023 Despite Negative Growth Last Year
On May 26, 2023, SOUN stock opened at 2.90, a decrease of 2.36% from the previous close of 2.97. The stock’s day range was between 2.90 and 3.27, with a volume of 494,137. The market cap for SOUN was $587.9M.
SOUN had a negative growth rate of -926.33% last year. However, this year, the company has seen a positive growth rate of +47.03%. There is no data available for the next five years. The company did not report any revenue growth last year. The P/E ratio was not available, but the price/sales ratio was 11.37, and there was no data available for the price/book ratio.
SOUN operates in the technology services sector and specifically in the packaged software industry. The company’s next reporting date is August 10, 2023. The EPS forecast for this quarter is -$0.12.
SOUN’s annual revenue for last year was $31.1M, and the annual profit was -$115.4M. The net profit margin was -370.63%.
In conclusion, SOUN’s stock performance on May 26, 2023, showed a decline in the opening price compared to the previous close. However, the company has seen positive earnings growth this year, and there is no competitor data available. The next reporting date is in August, and the EPS forecast for this quarter is -$0.12.
SoundHound AI Inc: Analysts Recommend Buying Stock Despite Lower Than Expected Closing Price
SoundHound AI Inc, a technology company specializing in voice-enabled AI and conversational intelligence, closed at 3.01 on May 26. This is lower than the median target price of 4.50 as predicted by three analysts offering 12-month price forecasts. However, the analysts still have a positive outlook on the company’s future, with a high estimate of 7.00 and a low estimate of 2.80. The consensus among three polled investment analysts is to buy stock in SoundHound AI Inc, which has held steady since November. The company’s reporting date for the current quarter is August 10, 2023, so investors should keep an eye out for any updates on its financial performance.
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