Marcus Lawrence, a director at SoundHound AI , Inc. (NASDAQ:SOUN), recently sold 25,000 shares of the company's Class A common stock. The transaction, which took place on December 12, was executed at a price of $14.00 per share, resulting in a total sale value of $350,000. The sale comes amid SOUN's remarkable 665% surge over the past year, with the stock currently trading near $19.69, surpassing its previous 52-week high of $17.29. According to InvestingPro analysis, the stock's RSI suggests it's in overbought territory.
Following this transaction, Lawrence holds 128,117 shares indirectly through the Marcus Family Trust. The sale was reported in a Form 4 filing with the Securities and Exchange Commission, underscoring the ongoing financial activities of executives at the company. InvestingPro subscribers have access to 18 additional exclusive insights about SOUN, including detailed analysis of its financial health, valuation metrics, and growth prospects through comprehensive Pro Research Reports.
In other recent news, SoundHound AI has been making significant strides in the AI market. The company's third-quarter revenue for 2024 reached $25.1 million, surpassing the predicted $22.6 million. This success is attributed to organic demand growth and the impact of recent mergers and acquisitions. As a result, 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 resulted in the deployment of Amelia AI Agents to manage over 100,000 customer service calls, reducing Apivia Courtage's direct customer queries by nearly 20%. Analysts from H.C. Wainwright and Wedbush have responded to these developments by raising their price targets for SoundHound AI shares to $8.00 and $22.00 respectively, while maintaining Buy and Outperform ratings.
Furthermore, SoundHound AI's innovative technology stack, which enables Chat AI integrations across multiple sectors, is gaining traction. The company's advancements in voice AI place it at the forefront of a transformative era in technology, with the potential to integrate its solutions across multiple industries. These are just some of the recent developments shaping the future of SoundHound AI.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.