On December 23, 2024, Diana Sroka, a director at SoundHound AI , Inc. (NASDAQ:SOUN), sold 3,402 shares of the company's Class A common stock. The transaction comes as SoundHound AI trades near its 52-week high of $24.98, having delivered an impressive return of over 1,000% year-to-date. The shares were sold at a price of $22.70 each, totaling $77,225. Following this transaction, Sroka holds 142,252 shares directly. This transaction was executed under a Rule 10b5-1 trading plan, which Sroka adopted in August 2024. According to InvestingPro, the company currently has a market capitalization of $7.48 billion, with analysts anticipating sales growth in the current year. Get access to 16 additional ProTips and comprehensive analysis through InvestingPro's detailed research reports.
In other recent news, SoundHound AI Inc. has seen a series of positive developments. Analysts from Wedbush and H.C. Wainwright have raised their price targets for the company, reflecting SoundHound AI's strong performance in the AI market and the growing demand for its voice AI solutions. SoundHound AI reported significant revenue growth of 89% year-over-year in the third quarter of 2024, reaching $25.1 million.
In response to these positive results, the company 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. SoundHound AI also made significant strides with Apivia Courtage, a French wholesale broker, deploying Amelia AI Agents to manage over 100,000 customer service calls, reducing Apivia Courtage's direct customer queries by nearly 20%.
The company's recent acquisitions are expected to significantly expand its business scope, extending into retail, healthcare, and financial services sectors. These developments are part of SoundHound AI's strategy to prioritize revenue growth, gross margin expansion, and the pursuit of positive adjusted EBITDA.
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