C3.ai (NYSE:AI) Shares Gap Up – Should You Buy?

C3.ai, Inc. (NYSE:AI) shares gapped up prior to trading on Friday . The stock had previously closed at $36.39, but opened at $37.78. C3.ai shares last traded at $38.94, with a volume of 1,826,284 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms have commented on AI. StockNews.com raised C3.ai to a “sell” rating in a research note on Tuesday, November 26th. Morgan Stanley decreased their price objective on shares of C3.ai from $23.00 to $21.00 and set an “underweight” rating on the stock in a report on Thursday, September 5th. Piper Sandler Companies reaffirmed a “neutral” rating and issued a $24.00 target price on shares of C3.ai in a research note on Thursday, September 5th. Needham & Company LLC reissued a “hold” rating on shares of C3.ai in a research note on Thursday, September 5th. Finally, Canaccord Genuity Group lowered their price target on shares of C3.ai from $30.00 to $23.00 and set a “hold” rating for the company in a report on Thursday, September 5th. 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 issued a strong buy rating to the company’s stock. According to MarketBeat, C3.ai currently has a consensus rating of “Hold” and an average price target of $27.70.

C3.ai Stock Up 2.2 %

The firm has a market capitalization of $4.72 billion, a price-to-earnings ratio of -16.31 and a beta of 1.80. The company’s fifty day moving average is $27.35 and its two-hundred day moving average is $26.73.

C3.ai (NYSE:AI) last posted its quarterly earnings results on Wednesday, September 4th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.08. C3.ai had a negative return on equity of 31.28% and a negative net margin of 85.47%. The company had revenue of $87.21 million for the quarter, compared to the consensus estimate of $86.94 million. During the same quarter in the prior year, the business posted ($0.56) EPS. The firm’s quarterly revenue was up 20.5% on a year-over-year basis. On average, equities research analysts expect that C3.ai, Inc. will post -2.31 EPS for the current year.

Institutional Trading of C3.ai

Hedge funds have recently modified their holdings of the company. Hobbs Group Advisors LLC bought a new stake in shares of C3.ai in the 2nd quarter valued at $29,000. Unique Wealth Strategies LLC acquired a new position in C3.ai in the second quarter valued at about $28,000. Blue Trust Inc. increased its holdings in shares of C3.ai by 148.9% in the second quarter. Blue Trust Inc. now owns 1,028 shares of the company’s stock worth $28,000 after acquiring an additional 615 shares in the last quarter. JTC Employer Solutions Trustee Ltd acquired a new stake in shares of C3.ai during the third quarter worth about $25,000. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in shares of C3.ai by 311.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,050 shares of the company’s stock valued at $30,000 after purchasing an additional 795 shares in the last quarter. 38.96% of the stock is currently owned by institutional investors and hedge funds.

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.