Hitesh Lath Sells 20,000 Shares of C3.ai (NYSE:AI) Stock

C3.ai, Inc. (NYSE:AI) CFO Hitesh Lath sold 20,000 shares of C3.ai stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $10.00, for a total transaction of $200,000.00. Following the transaction, the chief financial officer directly owned 363,106 shares of the company’s stock, valued at $3,631,060. This represents a 5.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, June 30th, Hitesh Lath sold 48,619 shares of C3.ai stock. The shares were sold at an average price of $8.77, for a total transaction of $426,388.63.
• 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 transaction of $374,599.50.

C3.ai Price Performance

Shares of NYSE:AI traded down $0.06 during trading on Thursday, reaching $9.85. The stock had a trading volume of 2,763,052 shares, compared to its average volume of 6,246,685. C3.ai, Inc. has a 52 week low of $7.68 and a 52 week high of $23.68. The business’s 50-day moving average price is $9.62 and its 200 day moving average price is $9.66. The stock has a market capitalization of $1.53 billion, a PE ratio of -2.95 and a beta of 2.08.

C3.ai (NYSE:AI) last announced its earnings results 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 return on equity of 62.44% and a negative net margin of 187.95%.The business had revenue of $51.60 million for the quarter, compared to the consensus estimate of $51.60 million. During the same period in the previous year, the business earned ($0.16) EPS. C3.ai’s revenue was down 52.5% compared to the same quarter last year. Analysts forecast that C3.ai, Inc. will post -2.28 EPS for the current year.

Institutional Investors Weigh In On C3.ai

A number of institutional investors and hedge funds have recently made changes to their positions in the company. NewEdge Advisors LLC boosted its holdings in shares of 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 buying an additional 800 shares during the last quarter. Parallel Advisors LLC raised its position in C3.ai by 76.4% during the third quarter. Parallel Advisors LLC now owns 1,849 shares of the company’s stock worth $32,000 after acquiring an additional 801 shares in the last quarter. BOKF NA lifted its stake in C3.ai by 20.7% in the third quarter. BOKF NA now owns 4,709 shares of the company’s stock valued at $82,000 after acquiring an additional 809 shares during the last quarter. Farther Finance Advisors LLC lifted its stake 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 acquiring an additional 852 shares during the last quarter. Finally, Geneos Wealth Management Inc. grew its position in shares of C3.ai by 29.6% in the 4th quarter. Geneos Wealth Management Inc. now owns 4,373 shares of the company’s stock valued at $59,000 after acquiring an additional 1,000 shares during the period. Institutional investors own 38.96% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on AI. Wedbush restated an “outperform” rating and issued a $15.00 target price on shares of C3.ai in a research note on Thursday, June 4th. Canaccord Genuity Group upped their price target on shares of C3.ai from $8.00 to $10.00 and gave the stock a “hold” rating in a research report on Thursday, June 4th. Morgan Stanley increased their price objective on shares of C3.ai from $6.00 to $7.00 and gave the stock an “underweight” rating in a report on Thursday, June 4th. DA Davidson restated an “underperform” rating and issued a $7.00 price objective on shares of C3.ai in a research report on Thursday, June 4th. Finally, Needham & Company LLC reaffirmed a “hold” rating 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 issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $10.67.

C3.ai Company 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.