SoundHound AI Plummeted Today -- Could This Actually Be a Chance to Buy the Artificial Intelligence (AI) Stock?
SoundHound (NASDAQ: SOUN) stock sank in Thursday's trading. The company's share price ended the daily session down 15.8%, according to data from S&P Global Market Intelligence.
SoundHound stock fell following a bearish turn on the company from analysts at Cantor Fitzgerald. The firm published a note on the company this morning and downgraded its rating on the stock from buy to sell.
Cantor Fiztgerald's downgrade on SoundHound stock was notable for multiple reasons. For starters, the firm's analysts downgraded the stock directly from buy to sell -- completely skipping over the intermediate neutral rating. The company also issued a one-year price target of $4.90 per share on the stock, suggesting additional downside of roughly 27% from its price at Thursday's market close.
Source Fool.com
