C3.ai (NYSE:AI) Shares Down 6.8% – What’s Next?

Shares of C3.ai, Inc. (NYSE:AI) were down 6.8% on Tuesday . The company traded as low as $32.46 and last traded at $32.72. Approximately 3,088,509 shares changed hands during trading, a decline of 32% from the average daily volume of 4,569,901 shares. The stock had previously closed at $35.09.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. JMP Securities boosted their target price on shares of C3.ai from $40.00 to $55.00 and gave the stock a “market outperform” rating in a report on Tuesday, December 10th. Morgan Stanley raised their target price on C3.ai from $21.00 to $32.00 and gave the stock an “underweight” rating in a research report on Tuesday, December 10th. JPMorgan Chase & Co. lowered C3.ai from a “neutral” rating to an “underweight” rating and set a $28.00 target price for the company. in a research report on Wednesday, December 11th. Canaccord Genuity Group upped their target price on C3.ai from $23.00 to $40.00 and gave the company a “hold” rating in a report on Wednesday, December 11th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a report on Tuesday, December 10th. Five equities research analysts have rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $35.00.

C3.ai Stock Down 8.1 %

The firm’s 50-day simple moving average is $35.20 and its 200 day simple moving average is $29.22. The firm has a market cap of $4.16 billion, a P/E ratio of -14.64 and a beta of 1.98.

Insider Buying and Selling at C3.ai

In related news, Director Stephen M. Ward, Jr. sold 125,000 shares of C3.ai stock in a transaction on Monday, December 9th. The stock was sold at an average price of $42.00, for a total transaction of $5,250,000.00. Following the completion of the sale, the director now owns 546,495 shares of the company’s stock, valued at approximately $22,952,790. This trade represents a 18.62 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard C. Levin sold 12,000 shares of C3.ai stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $29.84, for a total transaction of $358,080.00. Following the sale, the director now directly owns 161,664 shares of the company’s stock, valued at $4,824,053.76. This represents a 6.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,090,552 shares of company stock valued at $41,475,697 in the last 90 days. 33.54% of the stock is currently owned by company insiders.

Institutional Trading of C3.ai

Several large investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC purchased a new stake in shares of C3.ai in the 2nd quarter worth about $249,000. Northwestern Mutual Wealth Management Co. increased its stake in shares of C3.ai by 311.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,050 shares of the company’s stock valued at $30,000 after purchasing an additional 795 shares in the last quarter. Truist Financial Corp increased its stake in shares of C3.ai by 5.1% during the second quarter. Truist Financial Corp now owns 21,211 shares of the company’s stock valued at $614,000 after purchasing an additional 1,023 shares in the last quarter. Cetera Investment Advisers increased its stake in shares of C3.ai by 16.4% during the second quarter. Cetera Investment Advisers now owns 57,341 shares of the company’s stock valued at $1,661,000 after purchasing an additional 8,094 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new stake in C3.ai in the second quarter worth $373,000. 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.