First Trust Advisors LP Buys 488,710 Shares of C3.ai, Inc. $AI

First Trust Advisors LP boosted its stake in shares of C3.ai, Inc. (NYSE:AI) by 67.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,215,341 shares of the company’s stock after acquiring an additional 488,710 shares during the quarter. First Trust Advisors LP’s holdings in C3.ai were worth $10,233,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of AI. Larson Financial Group LLC increased its stake in C3.ai by 683.6% in the 3rd quarter. Larson Financial Group LLC now owns 1,481 shares of the company’s stock worth $26,000 after purchasing an additional 1,292 shares during the period. 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. Comerica Bank boosted its stake in shares of C3.ai by 839.1% during the fourth quarter. Comerica Bank now owns 2,423 shares of the company’s stock valued at $33,000 after purchasing an additional 2,165 shares during the period. Finally, AdvisorNet Financial Inc bought a new position in shares of C3.ai in the first quarter worth approximately $34,000. 38.96% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Citizens Jmp reaffirmed a “market perform” rating on shares of C3.ai in a research note on Thursday, June 4th. Weiss Ratings cut shares of C3.ai from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, June 16th. KeyCorp reissued an “underweight” rating on shares of C3.ai in a report on Thursday, June 4th. Morgan Stanley boosted their price objective on shares of C3.ai from $6.00 to $7.00 and gave the company an “underweight” rating in a research report on Thursday, June 4th. Finally, Wedbush reaffirmed an “outperform” rating and set a $15.00 price objective on shares of C3.ai in a research note on Thursday, June 4th. One research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and six have assigned a Sell rating to the company’s stock. According to data from MarketBeat, C3.ai presently has an average rating of “Reduce” and an average target price of $10.67.

C3.ai Stock Up 1.2%

NYSE:AI opened at $9.18 on Friday. The firm’s fifty day simple moving average is $9.60 and its 200 day simple moving average is $9.77. The stock has a market cap of $1.43 billion, a P/E ratio of -2.75 and a beta of 2.06. C3.ai, Inc. has a twelve month low of $7.68 and a twelve month high of $24.67.

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

Insider Activity at C3.ai

In related news, CEO Thomas M. Siebel sold 472,005 shares of the stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $11.11, for a total value of $5,243,975.55. Following the completion of the transaction, the chief executive officer directly owned 722,362 shares of the company’s stock, valued at $8,025,441.82. This represents a 39.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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. Also, CEO Stephen Bradley Ehikian sold 50,542 shares of the stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $9.45, for a total transaction of $477,621.90. Following the completion of the transaction, the chief executive officer directly owned 651,130 shares of the company’s stock, valued at approximately $6,153,178.50. The trade was a 7.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 1,155,144 shares of company stock worth $11,420,651 over the last 90 days. 26.50% of the stock is owned by company insiders.

C3.ai Profile

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.