SOUN - Can SoundHound AI Break the Hot Start Curse in 2024?
2024-07-03 10:30:00 ET
Investing can sometimes be about recognizing patterns, and there aren't too many situations as glaringly obvious as SoundHound AI (NASDAQ: SOUN) . Shares of the conversational intelligence specialist have gotten off to blazing-hot starts in its first three years of trading, quickly more than doubling. The gains have yet to stick.
Following the pattern makes this an easy playbook at first. Set a reminder to pick up a piece of SoundHound at the end of this year. Unload it after it quickly doubles to avoid the inevitable fall. Unfortunately there are no big-gain certainties when it come to investing. Let's take a quick look at this three-year streak. Then let's pivot to see what SoundHound can do to break these chains.
SoundHound AI went public in the springtime of 2022 as a special purpose acquisition company, or SPAC . It opened at $8.72. Three trading days later it more than doubled, hitting a fresh high of $18.14. It was all downhill from there. SoundHound stock closed out the year badly broken at $1.77, more than 90% below its earlier high.
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Can SoundHound AI Break the Hot Start Curse in 2024?