SoundHound AI’s CFO Nitesh Sharan sells $481,613 in stock

Published 24/03/2025, 23:48
SoundHound AI’s CFO Nitesh Sharan sells $481,613 in stock

Nitesh Sharan, Chief Financial Officer of SoundHound AI , Inc. (NASDAQ:SOUN), a company that has seen its stock surge over 110% in the past six months and currently commands a market capitalization of $3.93 billion, recently sold 48,639 shares of the company’s Class A common stock. The shares were sold at an average price of $9.9018, amounting to a total transaction value of $481,613. Following this sale, Sharan retains ownership of 1,454,011 shares in the company. This transaction was conducted to satisfy tax withholding obligations related to the vesting of restricted stock units. According to InvestingPro data, SOUN trades at a significant premium with a Price/Book ratio of 22.5x, while demonstrating strong revenue growth of 84.6% over the last twelve months. For deeper insights into insider trading patterns and 12+ additional exclusive tips, explore the comprehensive SoundHound AI analysis on InvestingPro.

In other recent news, SoundHound AI has announced a significant partnership with NVIDIA (NASDAQ:NVDA), aiming to enhance its voice AI technology. The integration of NVIDIA AI Enterprise software is expected to optimize SoundHound’s AI solutions, particularly in the automotive sector, where companies like Lucid Motors (NASDAQ:LCID) are already benefiting. Meanwhile, SoundHound AI is facing challenges with the delayed filing of its Form 10-K, primarily due to complexities from recent acquisitions of Synq3, Inc. and Amelia Holdings, Inc. The company plans to file the report by March 18, 2025, within the allowed extension period, despite ongoing internal control weaknesses.

SoundHound AI has reported strong financial results for the fourth quarter of 2024, surpassing revenue and adjusted EBITDA expectations. This performance led H.C. Wainwright to maintain a Buy rating with a price target of $26.00, reflecting confidence in SoundHound’s growth trajectory. DA Davidson also raised its price target for SoundHound AI to $13.00, citing the company’s successful expansion into diverse industries such as financial services, healthcare, and energy. The strategic acquisition of Amelia is noted as a key factor in broadening SoundHound’s market reach and diversifying its business. Both firms express optimism about SoundHound’s ability to capitalize on the growing demand for AI solutions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.