What's Going On With SoundHound AI Stock?

SoundHound AI, Inc. SOUN shares are trading higher Tuesday after the company announced its SoundHound Chat AI voice assistant will be live in Alfa Romeo and Citroën vehicles across multiple European markets.

The Details:

SoundHound Chat AI with integrated ChatGPT is expanding its presence in Stellantis N.V. STLA brands and will be available in Alfa Romeo Junior Ibrida and in Citroën C4, C4X, C5X, Berlingo, and Spacetourer vehicles. SoundHound Chat AI debuted in Peugeot, Opel, and Vauxhall vehicles in March 2024. 

Read Next: Sprouts Farmers Market Stock Is Up On Q2 Results, Strong Q3 Guidance

SoundHound is set to report its second-quarter results on Aug. 8 after the closing bell. According to data from Benzinga Pro, the Street expects the company to report losses of 9 cents per share and revenue of $13.083 million. SoundHound beat analysts' expectations on the top and bottom lines last quarter. 

SOUN Stock Prediction 2024:

Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.

Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at SoundHound AI, an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For SoundHound AI, the 200-day moving average sits at $3.72, according to Benzinga Pro, which is below the current price of $5.04. For more on charts and trend lines, see a description here.

Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.

SOUN Price Action: According to Benzinga Pro, SoundHound AI shares are up 5.44% at $5.04 at the time of publication Tuesday.

Read Also:

• Lattice Semiconductor Stock Falls On Worse-Than-Expected Q2 Results

Image: Shutterstock