C3.ai (NYSE:AI) Stock Price Down 1.3%

C3.ai, Inc. (NYSE:AI) traded down 1.3% during trading on Wednesday . The stock traded as low as $28.93 and last traded at $29.06. 826,551 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 6,552,669 shares. The stock had previously closed at $29.44.

Analysts Set New Price Targets

AI has been the topic of several research analyst reports. Wedbush reiterated an “outperform” rating and issued a $40.00 target price on shares of C3.ai in a research report on Wednesday, May 29th. Canaccord Genuity Group lowered their price objective on C3.ai from $31.00 to $30.00 and set a “hold” rating on the stock in a report on Thursday, May 30th. Piper Sandler reduced their target price on C3.ai from $33.00 to $29.00 and set a “neutral” rating for the company in a report on Thursday, May 30th. Northland Capmk raised C3.ai from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 30th. Finally, Northland Securities raised C3.ai from a “market perform” rating to an “outperform” rating and set a $35.00 price objective for the company in a research note on Thursday, May 30th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $31.30.

C3.ai Price Performance

The company has a market capitalization of $3.73 billion, a PE ratio of -12.74 and a beta of 1.83. The business’s 50 day simple moving average is $27.61 and its 200 day simple moving average is $27.12.

C3.ai (NYSE:AI) last issued its quarterly earnings data on Wednesday, May 29th. The company reported ($0.59) earnings per share for the quarter, topping the consensus estimate of ($0.77) by $0.18. C3.ai had a negative return on equity of 30.95% and a negative net margin of 93.36%. The company had revenue of $86.59 million during the quarter, compared to analyst estimates of $84.45 million. As a group, analysts anticipate that C3.ai, Inc. will post -2.35 EPS for the current year.

Insider Transactions at C3.ai

In related news, CFO Hitesh Lath sold 3,005 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $27.56, for a total transaction of $82,817.80. Following the sale, the chief financial officer now directly owns 7,390 shares of the company’s stock, valued at approximately $203,668.40. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 34.00% of the company’s stock.

Institutional Trading of C3.ai

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of C3.ai by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 10,647,900 shares of the company’s stock valued at $288,239,000 after buying an additional 317,768 shares in the last quarter. Coatue Management LLC lifted its stake in C3.ai by 25.1% in the fourth quarter. Coatue Management LLC now owns 2,832,229 shares of the company’s stock valued at $81,313,000 after buying an additional 568,369 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of C3.ai by 1.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,199,018 shares of the company’s stock worth $34,424,000 after acquiring an additional 17,915 shares during the last quarter. Global Assets Advisory LLC raised its position in C3.ai by 2,547.8% in the 1st quarter. Global Assets Advisory LLC now owns 896,676 shares of the company’s stock valued at $24,273,000 after purchasing an additional 862,811 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in C3.ai by 10.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 706,677 shares of the company’s stock worth $20,289,000 after purchasing an additional 66,701 shares during the last quarter. Institutional investors and hedge funds 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.