C3.ai (NYSE:AI) Trading Up 0.7% – Should You Buy?

Shares of C3.ai, Inc. (NYSE:AI) shot up 0.7% during mid-day trading on Wednesday . The company traded as high as $36.06 and last traded at $35.71. 2,677,638 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 6,057,368 shares. The stock had previously closed at $35.46.

Analyst Ratings Changes

A number of research analysts have recently weighed in on AI shares. Morgan Stanley increased their price target on C3.ai from $21.00 to $32.00 and gave the company an “underweight” rating in a research note on Tuesday, December 10th. JMP Securities lifted their price target on shares of C3.ai from $40.00 to $55.00 and gave the stock a “market outperform” rating in a research report on Tuesday, December 10th. Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a report on Tuesday, December 10th. Northland Securities increased 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. Finally, Piper Sandler Companies reiterated a “neutral” rating and issued a $24.00 price target on shares of C3.ai in a report on Thursday, September 5th. Five research analysts have rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, C3.ai currently has a consensus rating of “Hold” and an average target price of $35.00.

C3.ai Stock Performance

The firm has a market cap of $4.61 billion, a price-to-earnings ratio of -16.16 and a beta of 2.00. The firm has a fifty day simple moving average of $32.12 and a 200-day simple moving average of $28.13.

Insiders Place Their Bets

In related news, CFO Hitesh Lath sold 3,949 shares of the stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $42.36, for a total transaction of $167,279.64. Following the sale, the chief financial officer now owns 851 shares in the company, valued at approximately $36,048.36. This trade represents a 82.27 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John E. Hyten sold 5,000 shares of the firm’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $38.37, for a total value of $191,850.00. Following the completion of the sale, the director now directly owns 263,843 shares in the company, valued at approximately $10,123,655.91. This represents a 1.86 % 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 quarter. 33.54% of the stock is currently owned by corporate insiders.

Institutional Trading of C3.ai

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC grew its position in C3.ai by 8.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,216,925 shares of the company’s stock worth $53,728,000 after acquiring an additional 178,870 shares during the last quarter. State Street Corp increased its stake in shares of C3.ai by 1.8% in the third quarter. State Street Corp now owns 2,121,391 shares of the company’s stock valued at $51,401,000 after buying an additional 38,185 shares during the period. Charles Schwab Investment Management Inc. grew its holdings 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 acquiring an additional 92,280 shares during the last quarter. Bank of New York Mellon Corp increased its position in C3.ai by 0.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 771,540 shares of the company’s stock valued at $22,344,000 after acquiring an additional 1,929 shares during the period. Finally, Raymond James & Associates lifted its holdings in shares of C3.ai by 11.5% during the second quarter. Raymond James & Associates now owns 201,262 shares of the company’s stock worth $5,829,000 after purchasing an additional 20,753 shares during the period. Institutional investors own 38.96% of the company’s stock.

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.