Shares of SoundHound AI (NASDAQ: SOUN) turned sharply lower Thursday, plunging as much as 13.6%. As of 3:13 p.m. ET, the stock was still down 11.4%.

The catalyst that drove the artificial intelligence (AI) specialist lower was a short report and a rare double downgrade by a Wall Street analyst.

A short report issued by Capybara Research titled "Lies, Damned Lies, and Cheeseburger 'AI'" suggests that SoundHound AI is a "failing company peddling lies and deception." It also set a price target of $1.

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Source Fool.com