SOUN - Down 60% From Its 52-Week High Is SoundHound AI a Buy Right Now?
2024-06-28 07:00:00 ET
Earlier this year, eager investors loaded up on shares of SoundHound AI (NASDAQ: SOUN) after learning that chipmaker Nvidia had also invested in it. The revelation of that investment instantly raised SoundHound's profile, with many investors seeing it as the next big growth opportunity in the artificial intelligence (AI) space.
But after that initial surge in value, SoundHound has been struggling to generate excitement. In the past three months, the stock has fallen by more than 35%. While it's far from its low, the stock is down more than 60% from its 52-week high of $10.25. Is the stock likely to head even lower, or could now be the opportune time to invest in SoundHound?
A good way to gauge the level of interest in a stock is to look at its trading volumes to see how many shares are changing hands each day. At its peak, over 300 hundred million shares of SoundHound traded in a single day. Nowadays, however, that has drastically declined, closer to where the stock was before all the Nvidia-fueled hype.
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Down 60% From Its 52-Week High, Is SoundHound AI a Buy Right Now?