SoundHound AI Fell Today -- Is This Your Chance to Buy the Explosive Artificial Intelligence Stock?
SoundHound AI (NASDAQ: SOUN) stock saw a big pullback in Thursday's trading. The audio technology company's share price closed out the daily session down 3.2%, according to data from S&P Global Market Intelligence.
SoundHound stock actually opened today's trading session with strong bullish momentum, and it had been up as much as 18.5% earlier in the day's trading. But the stock pulled back following comments made by analysts from Navellier, and it moved lower following news that inflation in the U.S. had come in higher than anticipated.
Speaking on a podcast today, Navellier's analysts raised concerns that SoundHound was a "pump and dump" stock. The firm's team suggested that the SoundHound's valuation had become unreasonably stretched and highlighted the fact that the average Wall Street analyst target now called for the business to post a per-share loss of $0.09 per share in this year's first quarter -- up from an estimated per-share loss of $0.07 roughly two months ago.
Source Fool.com
