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We recently published a list of These 10 Stocks Exploded by Double Digits Today. In this article, we are going to take a look at where SoundHound AI, Inc. (NASDAQ:SOUN) stands against other best-performing stocks.
SoundHound AI grew its share prices by 16.08 percent on Tuesday—a third consecutive day—to finish at $11.12 apiece as investors cheered the company’s optimistic rating from an investment firm.
On Tuesday, Piper Sandler initiated coverage on SoundHound AI, Inc. (NASDAQ:SOUN), giving it an “overweight” rating and a price target of $12.
According to the investment firm, SoundHound AI, Inc.’s (NASDAQ:SOUN) ASR and NLP architecture offer a competitive advantage in delivering dynamic and real-time conversational AI experiences.
Additionally, Piper Sandler gave an optimistic view on SoundHound AI, Inc.’s (NASDAQ:SOUN) Amelia, saying that it sees a $30-billion addressable market by 2027.
A software engineer focused on a computer screen, writing code to create a conversational assistant.
Lastly, Piper Sandler is optimistic about SoundHound AI, Inc.’s (NASDAQ:SOUN) transition to a subscription-based model, saying that subscription and over-time revenues are expected to contribute 90 percent of total revenues by 2027, or up by 4 percent from two years ago.
Overall, SOUN ranks 5th on our list of best-performing stocks. While we acknowledge the potential of SOUN, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than SOUN and that has 10,000x upside potential, check out our report about this cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.