C3.ai (NYSE:AI) Shares Down 0.5%

C3.ai, Inc. (NYSE:AI)’s stock price dropped 0.5% on Monday . The stock traded as low as $27.37 and last traded at $27.59. Approximately 518,375 shares changed hands during trading, a decline of 92% from the average daily volume of 6,264,301 shares. The stock had previously closed at $27.73.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on AI shares. Canaccord Genuity Group dropped their target price on C3.ai from $31.00 to $30.00 and set a “hold” rating for the company in a research report on Thursday, May 30th. Northland Capmk raised shares of C3.ai from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 30th. Piper Sandler reduced their price objective on C3.ai from $33.00 to $29.00 and set a “neutral” rating on the stock in a report on Thursday, May 30th. Needham & Company LLC restated a “hold” rating on shares of C3.ai in a report on Thursday, May 30th. Finally, Wedbush reissued an “outperform” rating and set a $40.00 price objective on shares of C3.ai in a report on Wednesday, May 29th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $30.33.

C3.ai Price Performance

The stock has a 50 day moving average of $28.38 and a 200-day moving average of $27.09.

C3.ai (NYSE:AI) last issued its quarterly earnings data on Wednesday, May 29th. The company reported ($0.59) EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $86.59 million for the quarter, compared to analysts’ expectations of $84.45 million. As a group, analysts forecast that C3.ai, Inc. will post -2.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Hitesh Lath sold 3,005 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $27.56, for a total transaction of $82,817.80. Following the completion of the transaction, the chief financial officer now owns 7,390 shares in the company, valued at approximately $203,668.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 34.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Raymond James & Associates raised its holdings in shares of C3.ai by 12.9% during the 4th quarter. Raymond James & Associates now owns 179,421 shares of the company’s stock worth $5,151,000 after acquiring an additional 20,478 shares during the period. Raymond James Financial Services Advisors Inc. boosted its holdings in C3.ai by 18.7% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 62,825 shares of the company’s stock valued at $1,804,000 after acquiring an additional 9,888 shares during the period. PFG Advisors acquired a new position in C3.ai in the 4th quarter valued at about $229,000. Total Clarity Wealth Management Inc. lifted its position in shares of C3.ai by 28.6% during the fourth quarter. Total Clarity Wealth Management Inc. now owns 25,875 shares of the company’s stock worth $743,000 after purchasing an additional 5,755 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new position in shares of C3.ai in the fourth quarter valued at approximately $25,630,000. 38.96% of the stock is owned by institutional investors and hedge funds.

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.