C3.ai (NYSE:AI) Shares Up 0.7% – What’s Next?

Shares of C3.ai, Inc. (NYSE:AI) were up 0.7% during trading on Wednesday . The stock traded as high as $36.06 and last traded at $35.71. Approximately 2,677,638 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 6,057,368 shares. The stock had previously closed at $35.46.

Analysts Set New Price Targets

Several brokerages have recently commented on AI. Piper Sandler boosted their target price on shares of C3.ai from $24.00 to $42.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. KeyCorp downgraded shares of C3.ai from a “sector weight” rating to an “underweight” rating and set a $29.00 price objective for the company. in a research report on Thursday, December 19th. StockNews.com raised C3.ai to a “sell” rating in a report on Tuesday, November 26th. Wedbush lowered their price target on C3.ai from $40.00 to $30.00 and set an “outperform” rating for the company in a report on Thursday, September 5th. Finally, Bank of America dropped their price objective on C3.ai from $24.00 to $20.00 and set an “underperform” rating for the company in a research report on Thursday, September 5th. Five research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, C3.ai presently has an average rating of “Hold” and a consensus target price of $35.00.

C3.ai Price Performance

The firm has a 50-day simple moving average of $32.54 and a 200 day simple moving average of $28.25. The stock has a market capitalization of $4.82 billion, a P/E ratio of -16.89 and a beta of 2.00.

Insider Activity at C3.ai

In other news, Director Jim H. Snabe sold 499,700 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $43.05, for a total transaction of $21,512,085.00. Following the completion of the transaction, the director now directly owns 10,000 shares in the company, valued at $430,500. This trade represents a 98.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Hitesh Lath sold 11,339 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $42.00, for a total value of $476,238.00. Following the completion of the sale, the chief financial officer now owns 851 shares in the company, valued at $35,742. The trade was a 93.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 644,988 shares of company stock worth $27,597,453 in the last quarter. 33.54% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. JTC Employer Solutions Trustee Ltd acquired a new stake in shares of C3.ai during the third quarter worth $25,000. Northwestern Mutual Wealth Management Co. grew its holdings in C3.ai by 311.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,050 shares of the company’s stock worth $30,000 after acquiring an additional 795 shares during the period. Quest Partners LLC raised its position in shares of C3.ai by 9,033.3% in the 3rd quarter. Quest Partners LLC now owns 1,644 shares of the company’s stock worth $40,000 after acquiring an additional 1,626 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of C3.ai in the 2nd quarter valued at about $41,000. Finally, Arcadia Investment Management Corp MI bought a new stake in shares of C3.ai during the 3rd quarter valued at about $48,000. Institutional investors and hedge funds own 38.96% of the company’s stock.

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.