C3.ai (NYSE:AI) CFO Hitesh Lath Sells 48,619 Shares

C3.ai, Inc. (NYSE:AI) CFO Hitesh Lath sold 48,619 shares of C3.ai stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $8.77, for a total value of $426,388.63. Following the transaction, the chief financial officer owned 383,106 shares in the company, valued at approximately $3,359,839.62. This represents a 11.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Hitesh Lath also recently made the following trade(s):

• On Tuesday, June 16th, Hitesh Lath sold 34,210 shares of C3.ai stock. The stock was sold at an average price of $10.95, for a total value of $374,599.50.

C3.ai Price Performance

NYSE:AI opened at $9.44 on Thursday. The business’s 50-day simple moving average is $9.69 and its 200-day simple moving average is $10.55. C3.ai, Inc. has a fifty-two week low of $7.68 and a fifty-two week high of $30.11. The stock has a market capitalization of $1.37 billion, a PE ratio of -2.82 and a beta of 2.06.

C3.ai (NYSE:AI) last posted its earnings results on Wednesday, June 3rd. The company reported ($0.33) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.05. The business had revenue of $51.60 million during the quarter, compared to analysts’ expectations of $51.60 million. C3.ai had a negative return on equity of 62.44% and a negative net margin of 187.95%.C3.ai’s revenue for the quarter was down 52.5% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.16) EPS. On average, research analysts expect that C3.ai, Inc. will post -2.28 earnings per share for the current year.

Institutional Investors Weigh In On C3.ai

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE grew its holdings in shares of C3.ai by 55.1% in the 1st quarter. Bank of America Corp DE now owns 3,282,183 shares of the company’s stock valued at $27,636,000 after acquiring an additional 1,166,302 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of C3.ai by 77.1% in the third quarter. Dimensional Fund Advisors LP now owns 1,804,188 shares of the company’s stock valued at $31,284,000 after acquiring an additional 785,508 shares during the last quarter. Two Sigma Investments LP bought a new stake in C3.ai during the third quarter worth about $13,379,000. Voloridge Investment Management LLC acquired a new position in C3.ai during the fourth quarter valued at approximately $9,183,000. Finally, Federated Hermes Inc. boosted its position in C3.ai by 93,578.8% during the fourth quarter. Federated Hermes Inc. now owns 675,424 shares of the company’s stock valued at $9,105,000 after purchasing an additional 674,703 shares during the last quarter. 38.96% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on AI. Needham & Company LLC reaffirmed a “hold” rating on shares of C3.ai in a research note on Thursday, June 4th. Citizens Jmp restated a “market perform” rating on shares of C3.ai in a report on Thursday, June 4th. KeyCorp reaffirmed an “underweight” rating on shares of C3.ai in a research report on Thursday, June 4th. Morgan Stanley increased their price objective on C3.ai from $6.00 to $7.00 and gave the stock an “underweight” rating in a report on Thursday, June 4th. Finally, DA Davidson reissued an “underperform” rating and issued a $7.00 target price on shares of C3.ai in a research report on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, six have given a Hold rating and six have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, C3.ai has a consensus rating of “Reduce” and an average price target of $12.92.

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.