C3.ai (NYSE:AI) Releases Quarterly Earnings Results, Misses Expectations By $0.42 EPS

C3.ai (NYSE:AI) released its quarterly earnings data on Wednesday. The company reported ($0.75) earnings per share for the quarter, missing the consensus estimate of ($0.33) by ($0.42), Zacks reports. C3.ai had a negative net margin of 92.08% and a negative return on equity of 40.69%.

C3.ai Stock Up 4.7%

NYSE AI traded up $0.68 on Wednesday, reaching $15.05. The company had a trading volume of 9,339,390 shares, compared to its average volume of 6,579,014. C3.ai has a 52 week low of $12.59 and a 52 week high of $45.08. The stock’s 50 day moving average is $16.58 and its 200-day moving average is $20.26. The stock has a market cap of $2.07 billion, a price-to-earnings ratio of -5.79 and a beta of 1.97.

Insider Transactions at C3.ai

In related news, CFO Hitesh Lath sold 46,881 shares of the business’s stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $16.99, for a total transaction of $796,508.19. Following the completion of the transaction, the chief financial officer owned 209,154 shares in the company, valued at approximately $3,553,526.46. The trade was a 18.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Thomas M. Siebel sold 566,125 shares of the company’s stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $17.23, for a total transaction of $9,754,333.75. Following the completion of the sale, the chairman directly owned 2,510,102 shares of the company’s stock, valued at $43,249,057.46. The trade was a 18.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 2,301,479 shares of company stock worth $39,390,745. 26.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On C3.ai

A number of hedge funds and other institutional investors have recently made changes to their positions in AI. AQR Capital Management LLC lifted its holdings in shares of C3.ai by 267.9% in the first quarter. AQR Capital Management LLC now owns 181,354 shares of the company’s stock valued at $3,788,000 after purchasing an additional 132,056 shares in the last quarter. NewEdge Advisors LLC lifted its stake in C3.ai by 48.7% in the 1st quarter. NewEdge Advisors LLC now owns 2,442 shares of the company’s stock valued at $51,000 after acquiring an additional 800 shares in the last quarter. Woodline Partners LP acquired a new position in C3.ai during the 1st quarter worth approximately $346,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of C3.ai by 4.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 242,784 shares of the company’s stock worth $5,111,000 after acquiring an additional 10,675 shares in the last quarter. Finally, Focus Partners Wealth grew its stake in shares of C3.ai by 2.6% during the 1st quarter. Focus Partners Wealth now owns 59,004 shares of the company’s stock worth $1,242,000 after acquiring an additional 1,503 shares in the last quarter. 38.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Oppenheimer reiterated a “market perform” rating on shares of C3.ai in a research note on Tuesday, August 12th. Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a research report on Thursday, September 4th. JMP Securities reduced their price target on shares of C3.ai from $30.00 to $24.00 and set a “market outperform” rating on the stock in a research report on Thursday, September 4th. Morgan Stanley dropped their price objective on shares of C3.ai from $22.00 to $11.00 and set an “underweight” rating for the company in a report on Tuesday, September 9th. Finally, Northland Securities downgraded shares of C3.ai from an “outperform” rating to a “market perform” rating and set a $17.00 price target on the stock. in a research report on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, seven have issued a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $22.09.

About C3.ai

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.