C3.ai (NYSE:AI) Trading Down 4.3% – Here’s What Happened

C3.ai, Inc. (NYSE:AI)’s stock price traded down 4.3% on Friday . The company traded as low as $35.08 and last traded at $35.70. 2,267,579 shares were traded during trading, a decline of 62% from the average session volume of 6,039,990 shares. The stock had previously closed at $37.32.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Northland Securities upped their target price on shares of C3.ai from $35.00 to $45.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 10th. Bank of America cut their target price on C3.ai from $24.00 to $20.00 and set an “underperform” rating on the stock in a research note on Thursday, September 5th. Morgan Stanley boosted their price target on C3.ai from $21.00 to $32.00 and gave the stock an “underweight” rating in a research note on Tuesday, December 10th. Wedbush dropped their price objective on C3.ai from $40.00 to $30.00 and set an “outperform” rating on the stock in a research report on Thursday, September 5th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $40.00 price objective on shares of C3.ai in a report on Thursday, September 5th. Five investment analysts have rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $35.00.

C3.ai Stock Down 4.3 %

The business’s fifty day moving average is $32.74 and its 200-day moving average is $28.26. The company has a market cap of $4.61 billion, a PE ratio of -16.17 and a beta of 2.00.

Insider Transactions at C3.ai

In related news, Director John E. Hyten sold 5,000 shares of the company’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $38.37, for a total value of $191,850.00. Following the completion of the transaction, the director now owns 263,843 shares of the company’s stock, valued at approximately $10,123,655.91. This represents a 1.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Hitesh Lath sold 11,339 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $42.00, for a total value of $476,238.00. Following the sale, the chief financial officer now directly owns 851 shares in the company, valued at approximately $35,742. This represents a 93.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 644,988 shares of company stock worth $27,597,453 in the last 90 days. 33.54% of the stock is currently owned by insiders.

Institutional Trading of C3.ai

Several institutional investors and hedge funds have recently added to or reduced their stakes in AI. Geode Capital Management LLC boosted its stake in C3.ai by 8.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,216,925 shares of the company’s stock worth $53,728,000 after purchasing an additional 178,870 shares during the period. State Street Corp grew its stake in C3.ai by 1.8% during the third quarter. State Street Corp now owns 2,121,391 shares of the company’s stock valued at $51,401,000 after acquiring an additional 38,185 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in C3.ai by 12.3% in the 3rd 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 during the last quarter. Bank of New York Mellon Corp lifted its stake in C3.ai by 0.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 771,540 shares of the company’s stock worth $22,344,000 after purchasing an additional 1,929 shares in the last quarter. Finally, Rhumbline Advisers boosted its holdings in shares of C3.ai by 0.5% during the 2nd quarter. Rhumbline Advisers now owns 125,344 shares of the company’s stock valued at $3,630,000 after purchasing an additional 572 shares during the last quarter. Institutional investors 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.