Keyvan Mohajer, the CEO of SoundHound AI Inc. (NASDAQ:) recently completed a series of stock sales totaling approximately $5.6 million. The transactions come as the company’s shares are trading near their 52-week high of $24.98, following an impressive year-to-date return of over 1,000%. On December 20, Mohajer sold 121,194 shares at an average price of $20.30 per share, raising approximately $2.46 million. This transaction was conducted to satisfy tax withholding obligations in connection with the transfer of restricted stock units.Pursuant to InvestingPro According to analysis, SoundHound AI’s market cap is now $7.48 billion, with the stock experiencing significant price volatility.
Additionally, on December 24, Mohajer sold a total of 156,288 shares in three separate transactions. The shares were sold at prices between $19.46 and $21.07 per share, for a total value of approximately $3.16 million. These sales were carried out as part of a trading plan established in August 2024.
Following these transactions, Mohajer will retain direct ownership of 2,021,666 shares of SoundHound AI.
In other recent news, SoundHound AI saw positive adjustments from HC Wainwright and Wedbush, with the firms raising their price targets on the company to $26 and $22, respectively, while maintaining “Buy” and “Outperform” ratings. The upgrades follow SoundHound AI’s impressive third quarter 2024 results, which posted revenue of $25.1 million, exceeding forecast $22.6 million. The company attributes this success to organic demand growth and the contribution of recent mergers and acquisitions.
Looking forward, SoundHound AI has revised up its revenue guidance for the fourth quarter of 2024 and full year 2025, expecting revenue between $155.0 million and $175.0 million. Additionally, SoundHound AI’s partnership with Apivia Courtage has made significant progress: using SoundHound’s Amelia AI agents, over 100,000 customer service calls were managed, reducing Apivia Courtage’s direct customer inquiries by almost 20%.
On the other hand, SoundHound AI’s stock recently saw a decline despite the company’s robust financial position and promising prospects. However, analysts at HC Wainwright and Wedbush believe that the company’s strong performance, coupled with continued demand for AI companies, should pique investor interest and contribute to an upward trend in the company’s share price.
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