C3.ai (NYSE:AI) Trading Up 0.8% – Here’s Why

C3.ai, Inc. (NYSE:AI)’s share price traded up 0.8% on Friday . The company traded as high as $36.03 and last traded at $35.75. 3,119,862 shares changed hands during trading, a decline of 48% from the average session volume of 6,035,588 shares. The stock had previously closed at $35.45.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Piper Sandler Companies reaffirmed a “neutral” rating and issued a $24.00 price target on shares of C3.ai in a research report on Thursday, September 5th. Piper Sandler raised their target price on C3.ai from $24.00 to $42.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Northland Securities upped their price target on C3.ai from $35.00 to $45.00 and gave the stock an “outperform” rating in a report on Tuesday, December 10th. KeyCorp downgraded shares of C3.ai from a “sector weight” rating to an “underweight” rating and set a $29.00 price objective on the stock. in a research note on Thursday. Finally, Canaccord Genuity Group upped their target price on shares of C3.ai from $23.00 to $40.00 and gave the company a “hold” rating in a research note on Wednesday, December 11th. Five research analysts have rated the stock with a sell rating, five have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, C3.ai has a consensus rating of “Hold” and an average target price of $35.00.

C3.ai Stock Up 2.5 %

The company’s 50-day moving average is $31.78 and its 200-day moving average is $28.07. The stock has a market cap of $4.62 billion, a price-to-earnings ratio of -16.44 and a beta of 2.00.

Insider Buying and Selling

In other C3.ai news, Director Jim H. Snabe sold 499,700 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $43.05, for a total transaction of $21,512,085.00. Following the sale, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $430,500. This represents a 98.04 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Stephen M. Ward, Jr. sold 125,000 shares of C3.ai stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $42.00, for a total transaction of $5,250,000.00. Following the completion of the transaction, the director now owns 546,495 shares of the company’s stock, valued at $22,952,790. This trade represents a 18.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 644,988 shares of company stock worth $27,597,453 in the last 90 days. 33.54% of the stock is owned by company insiders.

Institutional Trading of C3.ai

Hedge funds and other institutional investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. lifted its position in C3.ai by 12.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 844,389 shares of the company’s stock worth $20,460,000 after buying an additional 92,280 shares in the last quarter. PDT Partners LLC acquired a new position in shares of C3.ai during the third quarter worth approximately $1,624,000. Global Assets Advisory LLC acquired a new position in shares of C3.ai during the third quarter worth approximately $743,000. Janney Montgomery Scott LLC acquired a new stake in shares of C3.ai in the third quarter valued at approximately $785,000. Finally, Intech Investment Management LLC acquired a new stake in shares of C3.ai in the third quarter valued at approximately $859,000. 38.96% of the stock is currently 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.