C3.ai (NYSE:AI) Stock Price Up 0.3% – Here’s Why

Shares of C3.ai, Inc. (NYSE:AI) rose 0.3% during trading on Tuesday . The stock traded as high as $35.90 and last traded at $35.56. Approximately 1,373,577 shares traded hands during trading, a decline of 77% from the average daily volume of 6,051,206 shares. The stock had previously closed at $35.46.

Wall Street Analyst Weigh In

AI has been the subject of several analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a research report on Tuesday, December 10th. Piper Sandler Companies reiterated a “neutral” rating and set a $24.00 price target on shares of C3.ai in a report on Thursday, September 5th. Northland Securities upped their target price on shares of C3.ai from $35.00 to $45.00 and gave the company an “outperform” rating in a research report on Tuesday, December 10th. Wedbush lowered their target price on shares of C3.ai from $40.00 to $30.00 and set an “outperform” rating for the company in a research note on Thursday, September 5th. Finally, Canaccord Genuity Group boosted their price target on shares of C3.ai from $23.00 to $40.00 and gave the company a “hold” rating in a research note on Wednesday, December 11th. Five analysts have rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $35.00.

C3.ai Stock Performance

The firm’s 50-day moving average price is $32.12 and its two-hundred day moving average price is $28.13. The firm has a market cap of $4.61 billion, a PE ratio of -16.16 and a beta of 2.00.

Insider Activity at C3.ai

In other news, Director John E. Hyten sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $38.37, for a total transaction of $191,850.00. Following the transaction, the director now directly owns 263,843 shares in the company, valued at approximately $10,123,655.91. This trade represents a 1.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Hitesh Lath sold 11,339 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $42.00, for a total transaction of $476,238.00. Following the completion of the sale, the chief financial officer now owns 851 shares of the company’s stock, valued at approximately $35,742. This trade represents a 93.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 644,988 shares of company stock valued at $27,597,453 over the last ninety days. Insiders own 33.54% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC boosted its stake in shares of C3.ai by 8.8% during the third quarter. Geode Capital Management LLC now owns 2,216,925 shares of the company’s stock worth $53,728,000 after buying an additional 178,870 shares during the period. Hodges Capital Management Inc. acquired a new stake in C3.ai during the 3rd quarter worth approximately $1,955,000. State Street Corp grew its stake in shares of C3.ai by 1.8% in the 3rd quarter. State Street Corp now owns 2,121,391 shares of the company’s stock valued at $51,401,000 after purchasing an additional 38,185 shares during the last quarter. Janus Henderson Group PLC increased its holdings in shares of C3.ai by 21.3% in the third quarter. Janus Henderson Group PLC now owns 52,182 shares of the company’s stock valued at $1,265,000 after purchasing an additional 9,160 shares during the period. Finally, Holocene Advisors LP raised its stake in shares of C3.ai by 98.4% during the third quarter. Holocene Advisors LP now owns 75,780 shares of the company’s stock worth $1,836,000 after purchasing an additional 37,594 shares during the last quarter. 38.96% of the stock is owned by hedge funds and other institutional investors.

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.