** Shares of voice AI platform SoundHound AI SOUN.O slump 16.8% to $6.29; set for its worst day since March
** Co reports Q3 adj. gross margin of 59.7%, down from 73.7% last year
** Brokerage Wedbush says co saw a negative impact from the business mix change following its Amelia acquisition, that weighed on near-term margins
** Ladenburg downgrades SoundHound to "neutral" from "buy", as per thefly.com
** Says near-term absorption of losses around the Amelia acquisition as well as "rapid share price appreciation" prompted downgrade
** SOUN, in which AI bellwether Nvidia NVDA.O is an investor, however, beat Q3 revenue and profit
** Wedbush, still, raises PT to $10 from $9, citing a growing demand for SOUN's voice-enabled ecosystem and business expansion
** Average rating of seven brokerages is a "buy"; median PT $7
** Stock has more than doubled in value YTD
(Reporting by Ragini Mathur in Bengaluru)
((Ragini.Mathur@thomsonreuters.com))
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