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SoundHound AI, Inc. (NASDAQ:SOUN) shares are trading higher Thursday. The company is set to release its second-quarter earnings after the closing bell. SoundHound also announced the acquisition of Amelia, an enterprise AI software company. \
The Details:
SoundHound said the acquisition of Amelia will accelerate and scale SoundHound AI’s customer service offering and brings potential to add consumer transactions across healthcare, financial services and retail to the company's vision.
“This acquisition positions SoundHound as a strong force with range, scale, and world class technology,” said Keyvan Mohajer, CEO of SoundHound AI. “Amelia is an innovative company that shares our passion for AI-fueled conversations. We are looking forward to leveraging our shared capabilities to offer the best AI customer support solutions available anywhere.”
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SoundHound will report its second-quarter financial results after the closing bell Thursday. According to estimates from Benzinga Pro, analysts expect the company to report losses of 9 cents per share and quarterly revenue of $13.083 million. The company beat analysts' estimates on the top and bottom lines in its previous quarterly report.
Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.
Shares of SoundHound AI have an average 1-year price target of $7.67, representing an expected upside of 59.19%.
Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on SoundHound AI, while 3 analysts have bullish ratings. The street high price target from Wedbush is $9, while the street low from HC Wainwright & Co. is $7.
SOUN Price Action: According to Benzinga Pro, SoundHound AI shares are up 17.8% at $5.06 at the time of publication Thursday.
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