SoundHound AI (SOUN) has been grabbing attention with its innovative voice AI technology, but is the stock worth buying right now? According to key technical indicators, the answer might be yes. Recent momentum and chart patterns are flashing a bullish signal, suggesting that SOUN stock could be poised for further upside.
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SoundHound’s stock soared over 150% in the past 12 months on the back of strong revenue momentum. However, it’s currently down 50% year-to-date, reflecting recent volatility.
SOUN’s Technical Analysis
TipRanks’ overall technical analysis shows that SoundHound AI stock is a Buy. Meanwhile, it is rated as a Strong Buy in terms of moving average consensus. Notably, the stock is trading at $9.82, which is well above its 10-day EMA (exponential moving average) of $8.93 and 20-day EMA of $7.41. These indicators suggest a bullish signal, reinforcing a Buy rating based on current momentum.
Another key technical indicator, the Williams %R, helps identify whether a stock is overbought or oversold. For SOUN, the Williams %R currently signals a Buy, indicating the stock isn’t overbought and may still have room to climb.
Furthermore, the Rate of Change (ROC) is a momentum indicator that tracks the percentage shift in a stock’s price over a set period. A value above zero typically confirms upward momentum. SoundHound stock’s ROC stands at 82.53, indicating strong momentum and reinforcing a Buy signal.
Is SOUN Stock a Good Buy?
According to TipRanks, SOUN stock has received a Moderate Buy consensus rating, with four Buys and three Holds assigned in the last three months. The average SoundHound AI price target is $11.50, suggesting a potential upside of 17.1% from the current level.
