Posted 4/12/2024, 7:01:34 AM
SoundHound AI Stock Pulls Back from Early Year Highs, But Long-Term Prospects Still Promising
- SoundHound AI stock surged over 500% earlier this year due to "AI mania", but has since pulled back as that hype faded
- The company continues to see strong revenue growth (80% YoY last quarter), with many use cases for its AI voice technology
- Recent plans to raise $150M via a share offering caused some dilution concerns and a stock drop
- Insider selling has also contributed to negative sentiment, but long-term growth prospects remain strong
- With fundamentals still positive, the current weakness presents a buying opportunity, though some caution is warranted