C3.ai (NYSE:AI) Stock Price Down 4.5%

Shares of C3.ai, Inc. (NYSE:AI) were down 4.5% during trading on Monday . The company traded as low as $21.11 and last traded at $23.34. Approximately 2,054,354 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 6,168,499 shares. The stock had previously closed at $24.43.

Analysts Set New Price Targets

A number of equities analysts have commented on AI shares. Northland Capmk raised shares of C3.ai from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 30th. Wedbush reissued an “outperform” rating and issued a $40.00 price target on shares of C3.ai in a research note on Wednesday, May 29th. Northland Securities raised shares of C3.ai from a “market perform” rating to an “outperform” rating and set a $35.00 price objective for the company in a research note on Thursday, May 30th. Morgan Stanley increased their target price on shares of C3.ai from $21.00 to $23.00 and gave the company an “underweight” rating in a report on Thursday, May 30th. Finally, Canaccord Genuity Group reduced their target price on shares of C3.ai from $31.00 to $30.00 and set a “hold” rating on the stock in a report on Thursday, May 30th. Three equities 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’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $30.33.

C3.ai Stock Performance

The firm has a market cap of $2.98 billion, a PE ratio of -9.97 and a beta of 1.83. The company’s 50-day simple moving average is $28.46 and its two-hundred day simple moving average is $27.10.

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

Insider Transactions at C3.ai

In other news, CFO Hitesh Lath sold 3,005 shares of the firm’s stock in a transaction dated Thursday, June 27th. The shares were 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 34.00% of the company’s stock.

Institutional Trading of C3.ai

A number of institutional investors and hedge funds have recently bought and sold shares of AI. Principal Financial Group Inc. boosted its holdings in shares of C3.ai by 11.7% in the first quarter. Principal Financial Group Inc. now owns 10,703 shares of the company’s stock worth $290,000 after buying an additional 1,119 shares during the last quarter. New York State Common Retirement Fund lifted its holdings in shares of C3.ai by 32.6% in the fourth quarter. New York State Common Retirement Fund now owns 33,135 shares of the company’s stock worth $951,000 after buying an additional 8,141 shares in the last quarter. Atria Wealth Solutions Inc. bought a new stake in C3.ai in the fourth quarter worth $202,000. Global Assets Advisory LLC increased its position in C3.ai by 2,547.8% in the first quarter. Global Assets Advisory LLC now owns 896,676 shares of the company’s stock worth $24,273,000 after purchasing an additional 862,811 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in C3.ai by 10.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 706,677 shares of the company’s stock worth $20,289,000 after purchasing an additional 66,701 shares during the last quarter. 38.96% of the stock is currently 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.