Keyvan Mohajer, CEO of SoundHound AI , Inc. (NASDAQ:SOUN), recently executed significant stock transactions, according to a filing with the Securities and Exchange Commission. The transactions come as the stock has shown remarkable performance, with a 571% year-to-date return according to InvestingPro data. On December 6 and December 9, Mohajer sold a total of 833,435 shares of Class A Common Stock, amounting to approximately $12.5 million. The shares were sold at prices ranging from $15.0009 to $15.0412 per share, notably near the stock's 52-week high of $16.07.
In conjunction with these sales, Mohajer also acquired shares through the exercise of stock options. On December 6, he acquired 368,041 shares at a price of $2.1777 each, and on December 9, he acquired an additional 465,394 shares at the same price. These transactions were conducted under a pre-arranged Rule 10b5-1 trading plan established in August 2024.
Following these transactions, Mohajer holds 2,299,148 shares of SoundHound AI.
In other recent news, SoundHound AI has experienced significant developments in its operations and financial performance. A notable advancement is the successful implementation of its Amelia AI agents in Apivia Courtage, a French wholesale broker. The AI agents have effectively handled over 100,000 customer service calls, reducing direct queries by 20%.
SoundHound AI also reported a robust financial performance with its third-quarter revenue for 2024 reaching $25.1 million, surpassing estimates of $22.6 million. This financial upswing is attributed to organic demand growth and the impact of recent mergers and acquisitions. As a result of these positive developments, the company has revised its 2025 revenue projections to range between $155.0 million and $175.0 million.
Furthermore, H.C. Wainwright has responded to these positive results by raising its price target for SoundHound AI shares to $8.00, maintaining a Buy rating. Despite these developments, the company continues to focus on its strategy for future quarters, prioritizing revenue growth, gross margin expansion, and the pursuit of positive adjusted EBITDA.
These recent developments highlight SoundHound AI's strategic growth and its successful integration of AI solutions in various sectors, positioning the company for further success.
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