Nitesh Sharan, the Chief Financial Officer of SoundHound AI , Inc. (NASDAQ:SOUN), recently sold 57,761 shares of the company’s Class A common stock. The shares were sold at an average price of $20.3042 each, amounting to a total transaction value of approximately $1.17 million. The stock has seen remarkable performance, with InvestingPro data showing a staggering 1,043% return year-to-date, currently trading at $24.23. Following this sale, Sharan retains ownership of 1,502,650 shares. The transaction was conducted to satisfy tax withholding obligations related to the vesting of restricted stock units granted on several occasions between 2022 and 2024. With a market capitalization of $7.48 billion and trading near its 52-week high of $24.98, SoundHound AI has captured significant investor attention. InvestingPro subscribers can access 16 additional investment tips and a comprehensive Pro Research Report for deeper analysis of this high-momentum stock.
In other recent news, SoundHound AI has experienced significant developments. The company’s third-quarter revenue for 2024 reached $25.1 million, surpassing estimates due to organic demand growth and the impact of recent 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 terms of stock valuation, H.C. Wainwright and Wedbush have increased their price targets for SoundHound AI to $8 and $22 respectively, maintaining Buy and Outperform ratings. These upgrades reflect the company’s strong performance in the AI market and the growing demand for its voice AI solutions.
SoundHound AI has also made significant strides with Apivia Courtage, a French wholesale broker. SoundHound’s Amelia AI Agents have been deployed to manage over 100,000 customer service calls, reducing Apivia Courtage’s direct customer queries by nearly 20%.
Furthermore, SoundHound AI’s recent acquisitions are expected to significantly expand its business scope, extending into retail, healthcare, and financial services sectors. Despite these developments, it’s important to note that the company’s stock experienced a recent decline.
These are some of the recent developments for SoundHound AI, which continues to focus on revenue growth, gross margin expansion, and the pursuit of positive adjusted EBITDA.
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