Why SoundHound AI Stock Fell 21% In October
Shares of SoundHound AI (NASDAQ: SOUN) fell 20.9% in October 2023, according to data from S&P Global Market Intelligence. The speech recognition and song identification expert had no gloomy news to share last month. Instead, the stock continued a lengthy slide that started in late June due to a marketwide retreat from unprofitable and potentially risky growth stocks.
The story was pretty much the same in September, as SoundHound's stock posted a 20.2% price drop on no particular news. The October continuation was a wobbly affair, with 10 market days showing a price drop of at least 2%, while the stock gained 2% or more on five occasions.
On that note, SoundHound's stock essentially amplified the moves of the broader market last month. The three sharpest drops came at the start of the Israel-Hamas conflict, at the shaky start to the current earnings season, and on the heels of a weak report from tech giant . None of these events were closely connected to SoundHound or its core target markets.
Source Fool.com
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