SoundHound AI, Inc (NASDAQ:) shares are trading higher Thursday as AI-related stocks climb following Nvidia Corporation's NVDA blowout fourth-quarter earnings report.
The Details:
Nvidia recently revealed a $3.7 million investment in SoundHound, strengthening the relationship between the two companies and sending SoundHound's stock soaring.
Shares of several AI-related stocks, including SoundHound, are moving higher after Nvidia reported non-GAAP earnings per share of $5.16 and revenue of $22.1 billion, up 22% from the third quarter and up 265% year-over-year.
"Accelerated computing and generative AI have hit the tipping point. Demand is surging worldwide across companies, industries and nations," said Nvidia CEO Jensen Huang.
Related News: Why The Trade Desk Stock Is Up Today
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 $2.42, according to Benzinga Pro, which is below the current price of $3.98. 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 shares are up 6.06% at $4.00 at the time of publication.
Image: Pete Linforth from Pixabay
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