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Kyivan Mohajer, CEO SoundHound AI Inc. (NASDAQ: ), recently completed a series of stock sales worth approximately $5.6 million. The transactions brought the company’s stock trading near a 52-week high of $24.98, marking an impressive year-to-date gain of more than 1,000%. On December 20, Mohajer sold 121,194 shares at an average price of $20.30 a share, raising approximately $2.46 million. This transaction was made to satisfy tax withholding obligations related to the issuance of restricted stock units. Invest Pro Analysis, the market capitalization of SoundHound AI now stands at $7.48 billion, the stock has shown high price volatility.
Additionally, on December 24, Mohajer sold a total of 156,288 shares in three separate transactions. The shares were sold at prices ranging from $19.46 to $21.07 per share, for a total of about $3.16 million. These sales were conducted in accordance with a pre-arranged marketing plan established in August 2024.
Following these transactions, Mohajer will directly own 2,021,666 shares of SoundHound AI.
In other recent news, SoundHound AI has seen positive revisions from HC Wainwright and Wedbush, which raised the company’s price to $26 and $22, respectively, while maintaining Buy and Outperform ratings. The updates follow SoundHound AI’s impressive third-quarter 2024 results, which beat the forecast of $22.6 million and posted revenue of $25.1 million. The company attributed this success to organic demand growth and contributions from recent mergers and acquisitions.
Looking ahead, SoundHound AI has revised its revenue forecasts for the fourth quarter of 2024 and the full year of 2025, with revenue expected to be between $155.0 million and $175.0 million. Additionally, SoundHound AI’s partnership with Apivia Courtage saw significant progress, with the deployment of SoundHound’s Amelia AI Agents managing over 100,000 customer service calls, reducing Apivia Courtage’s direct customer inquiries by 20%.
On the other hand, Soundhound AI stock has experienced a recent decline despite the company’s strong financial health and promising outlook. However, H.C. Analysts at Wainwright and Wedbush believe that the company’s strong performance, coupled with continued demand for AI companies, should attract investors’ interest and lead to higher volatility in the company’s stock price.
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