Keyvan Mohajer, the CEO of SoundHound AI , Inc. (NASDAQ:SOUN), recently executed a series of stock sales totaling approximately $5.6 million. The transactions come as the company's stock trades near its 52-week high of $24.98, having delivered an impressive return of over 1,000% year-to-date. On December 20, Mohajer sold 121,194 shares at an average price of $20.30 per share, generating about $2.46 million. This transaction was made to satisfy tax withholding obligations related to the vesting of restricted stock units.According to InvestingPro analysis, SoundHound AI's market capitalization now stands at $7.48 billion, with the stock showing significant price volatility.
Additionally, on December 24, Mohajer sold a total of 156,288 shares in three separate transactions. The shares were sold at prices ranging from $19.46 to $21.07 per share, totaling approximately $3.16 million. These sales were conducted under a pre-arranged trading plan established in August 2024.
Following these transactions, Mohajer retains direct ownership of 2,021,666 shares of SoundHound AI.
In other recent news, SoundHound AI has seen positive adjustments from H.C. Wainwright and Wedbush, with the firms raising their price targets for the company to $26 and $22, respectively, while maintaining Buy and Outperform ratings. The upgrades follow SoundHound AI's impressive third-quarter 2024 results, which saw revenues of $25.1 million, surpassing the forecasted $22.6 million. The company attributes this success to organic demand growth and contributions from recent mergers and acquisitions.
Looking ahead, SoundHound AI has revised its revenue projections upward for the fourth quarter of 2024 and the full year of 2025, expecting revenues to range between $155.0 million and $175.0 million. In addition, SoundHound AI's partnership with Apivia Courtage has shown significant strides, with the deployment of SoundHound’s Amelia AI Agents managing over 100,000 customer service calls, reducing Apivia Courtage's direct customer queries by nearly 20%.
On the other hand, despite the company's robust financial health and promising outlook, SoundHound AI's stock experienced a recent decline. However, analysts from H.C. Wainwright and Wedbush believe that the company's strong performance, coupled with ongoing demand for AI companies, should attract investor interest and contribute to an upward trajectory in the company's share price.
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