Why Is SoundHound AI Stock Dropping? [Yahoo! Finance]
SoundHound AI, Inc. (SOUN)
Company Research
Source: Yahoo! Finance
While the investment was modest, at 1.73 million shares currently worth $6.6 million, the stock surged, pushing its year-to-date gains to 320% by March 15. Since then, however, SoundHound AI dropped nearly 57% from its high, as a trio of issues has weighed on the stock. 1. A frothy valuation At its peak, SoundHound AI stock was selling for roughly 45 times sales, a frothy valuation under most circumstances. While the company has generated impressive revenue growth -- sales jumped 47% in 2023 -- SoundHound AI has yet to generate a profit. The company is making progress in that regard, cutting its loss nearly in half. Still, many investors saw the opportunity to take profits after the stock quadrupled in less than three months. 2. Investors lost confidence Two catalysts occurred within 24 hours of each other that sent a shiver through SoundHound investors. First was a short report by Capybara Research titled, "Lies, Damned Lies, and Cheeseburger 'AI'." The report alleges,
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SOUN
Earnings
- 2/29/24 - Miss
SOUN
Sec Filings
- 4/30/24 - Form ARS
- 4/30/24 - Form DEFR14A
- 4/29/24 - Form DEF
- SOUN's page on the SEC website