C3.ai (NYSE:AI) Shares Gap Up – Here’s Why

C3.ai, Inc. (NYSE:AI) gapped up prior to trading on Wednesday . The stock had previously closed at $12.60, but opened at $14.09. C3.ai shares last traded at $13.0640, with a volume of 10,658,027 shares changing hands.

Wall Street Analyst Weigh In

AI has been the topic of a number of analyst reports. Wedbush reiterated an “outperform” rating and set a $20.00 price objective on shares of C3.ai in a research note on Thursday, December 4th. DA Davidson reissued an “underperform” rating and issued a $13.00 price objective on shares of C3.ai in a research note on Thursday, December 4th. Weiss Ratings restated a “sell (d-)” rating on shares of C3.ai in a research report on Wednesday, January 21st. Oppenheimer set a $10.00 target price on C3.ai in a report on Friday. Finally, Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a research note on Thursday, December 4th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, six have issued a Hold rating and five have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $19.00.

C3.ai Stock Down 10.3%

The company has a market cap of $1.55 billion, a price-to-earnings ratio of -3.89 and a beta of 1.97. The firm has a 50 day moving average price of $13.99 and a two-hundred day moving average price of $17.18.

C3.ai (NYSE:AI) last posted its quarterly earnings data on Wednesday, December 3rd. The company reported ($0.25) EPS for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.08. The company had revenue of $75.15 million for the quarter, compared to analyst estimates of $74.86 million. C3.ai had a negative net margin of 108.06% and a negative return on equity of 46.51%. The company’s quarterly revenue was down 20.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.06) EPS. On average, equities analysts expect that C3.ai, Inc. will post -2.44 earnings per share for the current year.

Insider Activity at C3.ai

In other C3.ai news, CFO Hitesh Lath sold 15,042 shares of the business’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $14.38, for a total value of $216,303.96. Following the transaction, the chief financial officer directly owned 223,120 shares in the company, valued at $3,208,465.60. The trade was a 6.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Stephen Bradley Ehikian sold 234,918 shares of the stock in a transaction on Wednesday, December 31st. The stock was sold at an average price of $13.56, for a total value of $3,185,488.08. Following the transaction, the chief executive officer owned 924,074 shares of the company’s stock, valued at $12,530,443.44. The trade was a 20.27% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 1,916,218 shares of company stock worth $27,468,077. 26.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On C3.ai

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Silicon Valley Capital Partners bought a new stake in C3.ai in the second quarter worth $25,000. Larson Financial Group LLC lifted its position in C3.ai by 683.6% in the third quarter. Larson Financial Group LLC now owns 1,481 shares of the company’s stock valued at $26,000 after purchasing an additional 1,292 shares during the last quarter. Farther Finance Advisors LLC lifted its position in C3.ai by 66.1% in the fourth quarter. Farther Finance Advisors LLC now owns 2,141 shares of the company’s stock valued at $29,000 after purchasing an additional 852 shares during the last quarter. Parallel Advisors LLC boosted its stake in shares of C3.ai by 76.4% during the third quarter. Parallel Advisors LLC now owns 1,849 shares of the company’s stock valued at $32,000 after purchasing an additional 801 shares during the period. Finally, Comerica Bank grew its holdings in shares of C3.ai by 839.1% in the fourth quarter. Comerica Bank now owns 2,423 shares of the company’s stock worth $33,000 after purchasing an additional 2,165 shares during the last quarter. 38.96% of the stock is currently owned by hedge funds and other institutional investors.

About C3.ai

C3.ai, Inc is a leading enterprise software provider focused on delivering scalable artificial intelligence (AI) and Internet of Things (IoT) solutions to large organizations. The company’s core offering, the C3 AI Suite, is a comprehensive, model-driven platform that unifies data ingestion, model development, and application deployment. Through its suite of tools, C3.ai enables customers to accelerate digital transformation initiatives by applying advanced machine learning, predictive analytics, and AI-driven insights across a broad range of business functions.

The C3 AI Suite provides a low-code environment for data scientists and application developers to rapidly design, test, and deploy enterprise-scale AI applications.