Soundhound's stock is experiencing a decline as broader market conditions exert pressure on technology shares. The market sentiment has been influenced by macroeconomic factors, including concerns over interest rate hikes and inflationary pressures, which have led to a cautious approach among investors. These factors have contributed to a sell-off in tech stocks, with Soundhound being no exception. The company's valuation, which has been a topic of discussion among analysts, may also be playing a role in the current market dynamics, as investors reassess their positions in the tech sector.
Soundhound's shares are currently trading at $17.16, down 4.53% from the previous close of $17.975 on January 7th. The stock experienced significant volatility, reaching a high of $20.46 and a low of $17.5.