C3.ai (NYSE:AI) Sets New 1-Year Low on Analyst Downgrade

Shares of C3.ai, Inc. (NYSE:AI) hit a new 52-week low during mid-day trading on Thursday after Canaccord Genuity Group lowered their price target on the stock from $30.00 to $23.00. Canaccord Genuity Group currently has a hold rating on the stock. C3.ai traded as low as $18.85 and last traded at $19.59, with a volume of 2720442 shares changing hands. The stock had previously closed at $23.01.

A number of other equities analysts also recently commented on the stock. Morgan Stanley cut their price objective on shares of C3.ai from $23.00 to $21.00 and set an “underweight” rating for the company in a research report on Thursday. Bank of America lowered their price target on shares of C3.ai from $24.00 to $20.00 and set an “underperform” rating on the stock in a research report on Thursday. Wedbush lowered their target price on C3.ai from $40.00 to $30.00 and set an “outperform” rating on the stock in a report on Thursday. DA Davidson dropped their price target on C3.ai from $30.00 to $20.00 and set a “neutral” rating for the company in a research report on Thursday. Finally, Northland Securities raised C3.ai from a “market perform” rating to an “outperform” rating and set a $35.00 price objective on the stock in a research note on Thursday, May 30th. Three research analysts have rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, C3.ai currently has an average rating of “Hold” and an average target price of $27.70.

Insiders Place Their Bets

In other C3.ai news, CFO Hitesh Lath sold 3,005 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $27.56, for a total transaction of $82,817.80. Following the completion of the sale, the chief financial officer now owns 7,390 shares of the company’s stock, valued at $203,668.40. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 34.00% of the stock is currently owned by insiders.

Institutional Trading of C3.ai

A number of institutional investors have recently added to or reduced their stakes in the business. New York State Common Retirement Fund increased its stake in C3.ai by 32.6% during the 4th quarter. New York State Common Retirement Fund now owns 33,135 shares of the company’s stock worth $951,000 after buying an additional 8,141 shares during the period. Atria Wealth Solutions Inc. acquired a new position in shares of C3.ai in the fourth quarter worth about $202,000. Victory Capital Management Inc. boosted its holdings in C3.ai by 26.1% in the fourth quarter. Victory Capital Management Inc. now owns 13,637 shares of the company’s stock valued at $392,000 after purchasing an additional 2,820 shares during the last quarter. Los Angeles Capital Management LLC acquired a new stake in C3.ai during the 4th quarter valued at approximately $350,000. Finally, Amalgamated Bank increased its holdings in C3.ai by 25.8% during the 4th quarter. Amalgamated Bank now owns 10,336 shares of the company’s stock worth $297,000 after purchasing an additional 2,121 shares during the last quarter. 38.96% of the stock is owned by hedge funds and other institutional investors.

C3.ai Trading Down 8.2 %

The company has a market capitalization of $2.64 billion, a price-to-earnings ratio of -9.03 and a beta of 1.83. The stock has a 50-day simple moving average of $26.46 and a 200-day simple moving average of $26.73.

C3.ai (NYSE:AI) last posted its quarterly earnings results on Wednesday, September 4th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.08. The firm had revenue of $87.21 million for the quarter, compared to analysts’ expectations of $86.94 million. C3.ai had a negative net margin of 93.36% and a negative return on equity of 30.95%. The firm’s quarterly revenue was up 20.5% on a year-over-year basis. During the same period in the prior year, the company posted ($0.56) earnings per share. On average, research analysts forecast that C3.ai, Inc. will post -2.35 EPS for the current year.

About C3.ai

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.