SoundHound AI, Inc. (SOUN) is experiencing a decline in its stock price today, which may be attributed to a lack of new developments or announcements to sustain the momentum from its recent surge. The stock had previously seen a significant rise due to the announcement of a strategic partnership with Rekor Systems, aimed at enhancing emergency vehicle technology through the integration of SoundHound's voice AI with Rekor's vehicle recognition software. This partnership was well-received, contributing to a 21% increase in the stock price on January 21st. However, without fresh catalysts, the stock appears to be undergoing a natural correction.
On Reddit, discussions reflect a mix of optimism and caution among investors. Some users are speculating on the stock's future movements, with one user noting, "RSI for the week is 85 there’s gunna be selling overnight if not tomorrow morning," suggesting a potential pullback. Another user expressed a desire to see the stock drop to $13-14 to buy more shares, indicating that some investors are looking for opportunities to accumulate at lower prices.
SoundHound AI's stock is currently trading at $16.25, down 1.63% from the previous close of $16.52. Despite being early in the trading day, the volume is relatively low at 22,441,270 shares, representing 31.34% of the average daily volume of 71,594,516 shares.