SoundHound Stock Surges on New Bullish Rating

Core Viewpoint - SoundHound AI Inc (NASDAQ:SOUN) has been initiated coverage by Piper Sandler with an "overweight" rating and a price target of $12, indicating substantial growth potential for the stock in the coming years [1] Stock Performance - Since the beginning of the year, SoundHound stock has experienced a decline of 46.7%, but it has shown signs of recovery since early April, recently bouncing off support at the 40-day moving average [2] - If the current gains are maintained, the stock is on track to achieve its third consecutive win [2] Options Activity - There has been a significant increase in options trading for SoundHound, with call volume reaching four times the average for this time of day, totaling 63,000 calls compared to 10,000 puts [3] - The most active option is the weekly 5/30 10.50-strike call, where new positions are being opened [3] Short Interest - The recent price increase may be partially due to short covering, although short interest still represents 30.7% of the stock's available float [4] - It would take over three days for short positions to be covered at the average trading pace of SoundHound [4]