Michael Zagorsek, the Chief Operating Officer of SoundHound AI , Inc. (NASDAQ:SOUN), recently sold shares worth approximately $8.35 million. The transactions were executed on December 16 and December 18, 2024, with prices ranging from $17.629 to $22.50 per share. The sales come amid an extraordinary year for SOUN stock, which has surged over 800% year-to-date, according to InvestingPro data.
On December 16, Zagorsek sold 138,906 shares at a weighted-average price of $17.629, while on December 18, he sold the same number of shares at a weighted-average price of $20.0037. A subsequent sale on the same day involved another 138,906 shares at $22.50 per share. The stock, currently trading near its 52-week high of $19.97, has shown significant volatility with a beta of 3.41. InvestingPro analysis indicates the stock is currently trading above its Fair Value.
These sales were part of a pre-arranged trading plan under Rule 10b5-1, which Zagorsek adopted in March 2024. Following these transactions, Zagorsek continues to hold a significant number of shares in the company. For deeper insights into SOUN's valuation and 17 additional ProTips, visit InvestingPro.
In other recent news, SoundHound AI has seen significant developments with a raised stock price target, robust revenue growth, and successful partnerships. The AI company's stock target was upgraded by Wedbush and H.C. Wainwright, reflecting a positive outlook on the firm's growth trajectory. SoundHound AI's revenue figures have also been impressive, with the third quarter of 2024 revenue reaching $25.1 million, exceeding the projected $22.6 million. This success has led to revised revenue projections for the fourth quarter of 2024 and the full year of 2025, expected to range between $155.0 million and $175.0 million.
The company has also made strides in its partnership with Apivia Courtage, deploying Amelia AI Agents to manage over 100,000 customer service calls. This has resulted in a reduction of nearly 20% in direct customer queries for Apivia Courtage. These recent developments highlight SoundHound AI's strong position in the AI market, with its innovative solutions gaining traction across multiple sectors.
Analysts from Wedbush and H.C. Wainwright have expressed confidence in SoundHound's long-term prospects, citing the company's advancements in voice AI and its potential for growth in the rapidly evolving AI market. However, despite these positive developments, investors are advised to carefully consider entry points due to the company's recent stock performance.
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