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SOUN Struggling to Rally

Written By: ChartChamp

November 1, 2024

SOUN has been trading sideways since April, and is struggling to rally to my $8.80 price target. I think small cap stocks in general are struggling in the higher interest rate environment. These small cap stocks could perform better over the next few quarters as the Fed continues to cut rates. SOUN has a tendency to selloff after Q4 earnings so I would be cautious for a selloff in the upcoming Nov. 12 earnings. The two previous Q4 earnings resulted in about 20% declines.

In 2023 and 2022 SOUN has dropped by 16.50% and 19.80% 3 days after reporting Q4 earnings. I would be cautious for a similar drop for this upcoming Q4 earnings on Nov. 12. The selloff seems like a seasonal trend where SOUN reports weak Q4 earnings and strong Q1 earnings.

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