Nitish Sharan, CFO SoundHound AI (NASDAQ:), recently sold 57,761 shares of the company's Class A common stock. The shares were sold at an average price of $20.3042 per share, representing a total transaction value of approximately $1.17 million. The stock has witnessed remarkable performance, with InvestingPro Data shows a staggering 1,043% year-to-date return, currently trading at $24.23. After this sale, Sharan retains ownership of 1,502,650 shares. This transaction was undertaken 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 attracted significant investors. attention. InvestingPro Subscribers have access to 16 additional investment tips and a comprehensive professional research report for deeper analysis of this high-momentum stock.
In other recent news, SoundHound AI has seen significant developments. The company's third-quarter 2024 revenue reached $25.1 million, beating estimates due to organic demand growth and the impact of recent acquisitions. As a result, SoundHound AI has revised its revenue forecasts for the fourth quarter of 2024 and all of 2025, anticipating revenues to be between $155.0 million and $175.0 million.
In terms of stock valuation, HC Wainwright and Wedbush increased their price targets on SoundHound AI to $8 and $22, respectively, while maintaining Buy and Outperform ratings. These upgrades reflect the company's strong performance in the AI market and growing demand for voice AI solutions.
SoundHound AI has also made big strides with Apivia Courtage, a French wholesale broker. SoundHound's Amelia AI Agents were deployed to manage more than 100,000 customer service calls, reducing direct customer inquiries for Apivia Courtage by approximately 20%.
Furthermore, SoundHound AI's recent acquisitions are expected to significantly expand its business, extending into the retail, healthcare and financial services sectors. Despite these developments, it is important to note that the company's shares have seen a decline recently.
These are some of the latest 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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