After a Massive Runup, SoundHound AI Stock Is Headed for a Fall, According to 1 Wall Street Analyst. Is it Time to Sell the Stock?
Investors in SoundHound AI (NASDAQ: SOUN) might be developing a case of whiplash. The stock quickly shed 23% by early February, but the artificial intelligence (AI) and voice recognition specialist suddenly turned and bolted higher. It is currently up 250% year-to-date (as of market close on Wednesday).
However, the tide on Wall Street is beginning to turn, and one Wall Street analyst believes the stock will be battered against the rocks.
Analysts at Cantor Fitzgerald have soured on SoundHound AI, issuing a rare double downgrade to "underweight" (sell) from "overweight" (buy) while simultaneously slashing their price target to $4.90. That represents a potential downside for investors of 38% compared to Wednesday's closing price.
Source Fool.com