Why SoundHound AI Stock Is Booming Today

SoundHound AI, Inc. SOUN shares are trading higher Wednesday after DA Davidson initiated coverage on the stock with a Buy rating and $5 price target.

The Details:

SoundHound AI shares are up nearly 20% after DA Davidson analyst Gil Luria initiated coverage on SoundHound AI with a Buy rating and announced a price target of $5.

SOUN shares are up on heavy trading volume with more than 7.5 million shares already traded in the session, compared to the stock's 100-day average volume of 16.475 million shares.

According to data from Benzinga Pro, the stock has significant short interest with 16.16% of available shares being sold short. 

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SOUN Price Action: According to Benzinga Pro, shares are up 18.8% at $1.90 at the time of publication.

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