SoundHound AI (SOUN): Could a 47.47% Surge Be Expected?

August 21, 2024 05:00 PM AEST | By Team Kalkine Media

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SoundHound AI (SOUN): Could a 47.47% Surge Be Expected? — Image source: Shutterstock

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SoundHound AI, Inc. (NASDAQ:SOUN) wrapped up the latest trading session at $5.14, reflecting a 4.1% gain over the past month. However, there appears to be substantial potential for further growth according to the short-term price targets set by Wall Street. The average price target stands at $7.58, suggesting an increase of 47.5%.

This average target is based on six short-term price estimates with a standard deviation of $1.36. The lowest estimate at $6 implies a 16.7% increase from the current price, while the highest forecast anticipates an 84.8% rise to $9.50. The standard deviation reveals the range of these estimates; a smaller deviation indicates closer agreement among forecasts.

While the consensus target provides a general outlook, the reliability of these targets often faces scrutiny. Solely relying on such metrics may not always lead to well-informed decisions.

For SoundHound AI, an optimistic average target is complemented by a strong consensus on the company's ability to exceed earlier earnings forecasts. Although earnings estimate revisions do not directly predict stock gains, they are a valuable indicator of potential positive movement.

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