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In a recent transaction, Diana Sroka, a director at SoundHound AI , Inc. (NASDAQ:SOUN), sold 3,402 shares of the company’s Class A common stock. The shares were sold at a price of $10.08 each, resulting in a total transaction value of $34,292. Following this sale, Sroka retains ownership of 138,850 shares in the company. The stock, currently trading at $10.30, has shown remarkable momentum with a 110% gain over the past six months, according to InvestingPro data.
This transaction was executed under a Rule 10b5-1 trading plan, which Sroka adopted in August 2024. Such plans allow insiders to set up a predetermined schedule for buying or selling a company’s stock, helping to avoid potential accusations of insider trading.
In other recent news, SoundHound AI announced a delay in filing its Form 10-K due to complexities in accounting for its acquisitions of Synq3, Inc. and Amelia Holdings, Inc. This has raised concerns among investors about the company’s financial reporting processes, as material weaknesses in internal control were acknowledged. Despite these challenges, SoundHound AI released its financial results for the fourth quarter and full year ending December 31, 2024, which exceeded expectations in terms of revenue and adjusted EBITDA.
H.C. Wainwright maintained a Buy rating on SoundHound AI, with a price target of $26, highlighting the company’s diverse sales momentum and upward revision of its 2025 revenue guidance. DA Davidson also expressed confidence by raising its price target to $13 from $9.50, citing SoundHound’s expansion into various industries and successful acquisition of Amelia. Additionally, SoundHound AI has deepened its partnership with NVIDIA (NASDAQ:NVDA) to enhance its voice AI solutions, integrating NVIDIA AI Enterprise software to improve performance across sectors like the automotive industry.
These developments reflect SoundHound AI’s strategic efforts to strengthen its market position and address investor concerns regarding financial reporting.
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