SoundHound AI, Inc. is experiencing a decline in its stock price today, influenced by a combination of technical and market factors. A recent analysis on Reddit highlights a bearish technical outlook, with the stock closing under its 9-day and 20-day exponential moving averages and approaching its 50-day EMA. The analysis suggests that the stock might break the 50-day EMA and head towards the 200-day EMA, indicating potential further downside. Additionally, the MACD indicator has shown a bearish crossover, which is often seen as a signal for a downward trend.
On Reddit, discussions reflect a mix of skepticism and cautious optimism. One user noted, "Volume on this stock is off the charts... It's increased as the stock has increased. Now it's decreasing but all the volume tells me is the shares are trading so it's liquid." Another user expressed concern over the stock's potential, stating, "Company has great potential. But as it won't be taking the reigns in anything, and instead will just be partnering with big names... It probably won't have any forms of actual traction." Despite these concerns, some investors remain hopeful about the company's long-term prospects, citing its partnerships and potential growth in the AI market.
SoundHound AI's stock is currently trading at $13.68, down 8.92% from the previous close of $15.02. The stock opened at $14.44 and has seen a low of $13.68 and a high of $14.59 so far today. Despite being just 30 minutes into the trading day, the stock has already seen a volume of 14,729,389 shares, representing 22.32% of its average daily volume of 65,991,167 shares, indicating active trading this morning.