SoundHound AI, Inc. (SOUN) is experiencing a decline in its stock price today, with several factors contributing to the downward movement. Despite a "buy" rating reissued by HC Wainwright, which set a $26.00 price objective, the stock is facing pressure from broader market skepticism about its valuation and growth prospects. Reddit discussions highlight concerns over the stock's recent surge, driven by acquisitions and AI hype, with users pointing out weak fundamentals and substantial financial losses. One user noted, "SoundHound's stock price has surged due to the Amelia acquisition, but organic growth remains weak, and losses are substantial." Another user expressed skepticism about the company's ability to sustain its current valuation, stating, "The current extreme valuation seems unsustainable given poor fundamentals."
The stock opened at $13.49 and has seen a low of $13.01 and a high of $13.60 so far today. SoundHound AI's stock is currently trading at $13.18, down 6.46% from the previous close of $14.09. Despite being just 30 minutes into the trading day, the stock has already seen a volume of 10,797,405 shares, representing 16.18% of its average daily volume of 66,715,559 shares, indicating active trading this morning.