Stock

SoundHound AI Stock Dips Amid Market Volatility as Analysts Weigh In

Shares of SoundHound AI, Inc. (NASDAQ: SOUN) experienced a 2.8% decline in Thursday’s trading session, with the stock hitting an intraday low of $8.73 before closing at $8.87. Trading volume for the day stood at 10.86 million shares, marking a significant 74% drop from its average daily volume of 41.71 million shares. The stock had previously closed at $9.13, indicating investor hesitation amid broader market conditions.

Wall Street Analysts Remain Divided on SoundHound AI

Despite the recent pullback in stock price, Wall Street analysts have presented mixed opinions on the AI-powered voice recognition firm. Several notable firms have weighed in on SoundHound AI’s stock trajectory:

  • Wedbush raised its price target from $10.00 to $22.00, maintaining an outperform rating on December 16th, signaling confidence in the company’s long-term potential.
  • Cantor Fitzgerald upgraded the stock to a hold rating on February 24th, a move that suggests a neutral stance on its valuation.
  • Northland Securities increased its price target from $6.00 to $8.00, assigning a market perform rating on January 14th, reflecting caution regarding future growth.
  • HC Wainwright reiterated a buy rating with a robust $26.00 price target on March 3rd, underscoring optimism about the company’s performance.
  • DA Davidson boosted its target price from $9.50 to $13.00 on February 28th, maintaining a buy rating and highlighting potential upside.

Consensus Rating: Cautious Optimism

Overall, four analysts have rated SoundHound AI’s stock as a hold, while three analysts maintain a buy rating. According to MarketBeat, the consensus target price currently stands at $12.86, suggesting potential upside from current levels.

Looking Ahead

With increased attention on AI-driven solutions, SoundHound AI continues to be a highly watched stock in the technology sector. Investors will be closely monitoring market movements and further analyst updates as the stock navigates short-term volatility and broader AI industry trends.

If there is any problem with this article or you need to get something corrected then update us on email: sgenterprisesweb@gmail.com

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
close