C3.ai (NYSE:AI) Stock Passes Above Two Hundred Day Moving Average – Here’s Why

C3.ai, Inc. (NYSE:AI)’s stock price crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $25.91 and traded as high as $28.03. C3.ai shares last traded at $27.79, with a volume of 2,840,055 shares trading hands.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on AI. Canaccord Genuity Group reduced their target price on C3.ai from $30.00 to $23.00 and set a “hold” rating on the stock in a research report on Thursday, September 5th. Needham & Company LLC reissued a “hold” rating on shares of C3.ai in a report on Thursday, September 5th. Piper Sandler cut their price objective on C3.ai from $29.00 to $24.00 and set a “neutral” rating on the stock in a report on Thursday, September 5th. DA Davidson cut their price objective on C3.ai from $30.00 to $20.00 and set a “neutral” rating on the stock in a report on Thursday, September 5th. Finally, Bank of America cut their price objective on C3.ai from $24.00 to $20.00 and set an “underperform” rating on the stock in a report on Thursday, September 5th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, C3.ai has an average rating of “Hold” and a consensus target price of $27.70.

C3.ai Stock Down 1.4 %

The company has a market cap of $3.53 billion, a PE ratio of -12.19 and a beta of 1.80. The business has a 50-day simple moving average of $24.56 and a 200-day simple moving average of $25.91.

C3.ai (NYSE:AI) last issued its quarterly earnings results on Wednesday, September 4th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.08. The company had revenue of $87.21 million for the quarter, compared to the consensus estimate of $86.94 million. C3.ai had a negative return on equity of 31.28% and a negative net margin of 85.47%. C3.ai’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.56) earnings per share. On average, research analysts forecast that C3.ai, Inc. will post -2.31 EPS for the current fiscal year.

Hedge Funds Weigh In On C3.ai

A number of hedge funds have recently bought and sold shares of AI. Vanguard Group Inc. lifted its position in shares of C3.ai by 3.1% in the first quarter. Vanguard Group Inc. now owns 10,647,900 shares of the company’s stock valued at $288,239,000 after acquiring an additional 317,768 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of C3.ai by 12.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 844,389 shares of the company’s stock valued at $20,460,000 after acquiring an additional 92,280 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of C3.ai by 0.3% in the second quarter. Bank of New York Mellon Corp now owns 771,540 shares of the company’s stock valued at $22,344,000 after acquiring an additional 1,929 shares in the last quarter. Raymond James & Associates lifted its position in shares of C3.ai by 11.5% in the second quarter. Raymond James & Associates now owns 201,262 shares of the company’s stock valued at $5,829,000 after acquiring an additional 20,753 shares in the last quarter. Finally, Swiss National Bank lifted its position in shares of C3.ai by 1.6% in the first quarter. Swiss National Bank now owns 195,200 shares of the company’s stock valued at $5,284,000 after acquiring an additional 3,000 shares in the last quarter. Hedge funds and other institutional investors own 38.96% of the company’s stock.

C3.ai Company Profile

C3.ai, Inc operates as an enterprise artificial intelligence (AI) software company in North America, Europe, the Middle East, Africa, the Asia Pacific, and internationally. The company provides C3 AI platform, an application development and runtime environment that enables customers to design, develop, and deploy enterprise AI applications; C3 AI Ex Machina for analysis-ready data; C3 AI CRM, an industry specific customer relationship management solution; and C3 Generative AI Product Suite that enables to locate, retrieve, and present information.