C3.ai (NYSE:AI) Trading Down 3.2%

C3.ai, Inc. (NYSE:AI) shares dropped 3.2% on Wednesday . The stock traded as low as $27.26 and last traded at $27.46. Approximately 778,925 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 6,327,674 shares. The stock had previously closed at $28.38.

Analysts Set New Price Targets

Several equities analysts recently issued reports on AI shares. Wedbush reissued an “outperform” rating and set a $40.00 price target on shares of C3.ai in a report on Wednesday, May 29th. Northland Capmk upgraded shares of C3.ai from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 30th. Canaccord Genuity Group decreased their price target on C3.ai from $31.00 to $30.00 and set a “hold” rating on the stock in a research report on Thursday, May 30th. Piper Sandler cut their price objective on C3.ai from $33.00 to $29.00 and set a “neutral” rating for the company in a research report on Thursday, May 30th. Finally, Northland Securities upgraded C3.ai from a “market perform” rating to an “outperform” rating and set a $35.00 target price for the company in a research note on Thursday, May 30th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $30.33.

C3.ai Stock Up 3.3 %

The firm has a market capitalization of $3.46 billion, a price-to-earnings ratio of -11.85 and a beta of 1.83. The company’s fifty day moving average is $28.33 and its two-hundred day moving average is $27.11.

C3.ai (NYSE:AI) last issued its earnings results on Wednesday, May 29th. The company reported ($0.59) EPS for the quarter, beating the consensus estimate of ($0.77) by $0.18. C3.ai had a negative net margin of 93.36% and a negative return on equity of 30.95%. The company had revenue of $86.59 million during the quarter, compared to analysts’ expectations of $84.45 million. On average, equities research analysts expect that C3.ai, Inc. will post -2.35 EPS for the current year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On C3.ai

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Toth Financial Advisory Corp raised its stake in C3.ai by 900.0% during the 1st quarter. Toth Financial Advisory Corp now owns 1,000 shares of the company’s stock worth $27,000 after buying an additional 900 shares during the period. Unique Wealth Strategies LLC acquired a new position in shares of C3.ai in the 2nd quarter valued at approximately $28,000. Blue Trust Inc. increased its stake in C3.ai by 148.9% during the 2nd quarter. Blue Trust Inc. now owns 1,028 shares of the company’s stock worth $28,000 after purchasing an additional 615 shares in the last quarter. ICA Group Wealth Management LLC acquired a new stake in C3.ai during the 4th quarter worth approximately $29,000. Finally, Hobbs Group Advisors LLC bought a new position in C3.ai in the second quarter valued at approximately $29,000. 38.96% of the stock is owned by 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.