In recent transactions, Majid Emami (NS:EMAM), Vice President of Engineering at SoundHound AI , Inc. (NASDAQ:SOUN), sold shares worth approximately $10 million. The sales occurred on December 6 and December 9, with share prices ranging from $15.0006 to $15.0381. The transactions come as the stock has seen remarkable gains, with InvestingPro data showing a nearly 600% return over the past year. The company's market capitalization now stands at $5.55 billion, with technical indicators suggesting overbought conditions. These transactions were part of a pre-established trading plan under Rule 10b5-1.
Additionally, Emami exercised stock options on the same dates, acquiring shares at a price of $2.1777 per share. The total value of shares acquired through this exercise was approximately $1.45 million. Following these transactions, Emami retains direct ownership of 735,685 shares of SoundHound AI.
In other recent news, SoundHound AI has made significant strides with its partnership with Apivia Courtage, a French wholesale broker. The collaboration has led to the deployment of SoundHound's Amelia AI Agents to manage over 100,000 customer service calls. This has reduced direct customer queries to Apivia Courtage by nearly 20%, allowing the broker to reallocate its human workforce to more complex tasks.
SoundHound AI has also reported strong financial results, with its third-quarter revenue for 2024 reaching $25.1 million, surpassing the projected $22.6 million. This success is attributed to the demand growth and the impact of recent mergers and acquisitions. Following this development, H.C. Wainwright has upgraded its price target for SoundHound AI shares to $8.00, while maintaining a Buy rating.
The company has revised its revenue projections upward for the fourth quarter of 2024 and the full year of 2025, expecting 2025 revenues to range between $155.0 million and $175.0 million. SoundHound AI has a robust cash position of $135.6 million and minimal debt, providing flexibility for future growth initiatives or potential mergers and acquisitions. These are recent developments in SoundHound AI's business operations.
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