Stock Track | SoundHound AI Plummets 5.01% Intraday Following Analyst Price Target Cuts

Stock Track02-28

SoundHound AI Inc (SOUN) shares plummeted 5.01% during intraday trading on Friday, as the stock faced downward pressure following analyst price target reductions.

The decline came after Piper Sandler cut its price target on SoundHound AI to $9.00 per share from $11.00. Separately, Wedbush also adjusted its price target downward to $12 from $16, though it maintained an Outperform rating on the stock. These analyst actions contributed to negative sentiment around the AI voice recognition company.

SoundHound had recently reported fourth-quarter results that included revenue of $55.05 million, beating consensus estimates, and an adjusted loss of 2 cents per share, which was in line with expectations. The company ended the quarter with $248 million in cash and no debt, and provided optimistic revenue guidance for the fiscal year. However, the analyst price target cuts appear to have overshadowed these positive fundamentals in today's trading session.

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