C3.ai (NYSE:AI) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of C3.ai (NYSE:AI) from a strong sell rating to a sell rating in a research note published on Saturday,Wall Street Zen reports.

Other equities research analysts also recently issued reports about the stock. KeyCorp reiterated an “underweight” rating on shares of C3.ai in a research report on Thursday, June 4th. UBS Group reissued an “underperform” rating on shares of C3.ai in a research note on Tuesday, September 1st. Citigroup restated a “market perform” rating on shares of C3.ai in a report on Thursday. Morgan Stanley raised their target price on C3.ai from $6.00 to $7.00 and gave the stock an “underweight” rating in a research report on Thursday, June 4th. Finally, Citizens Jmp reaffirmed a “market perform” rating on shares of C3.ai in a report on Thursday, September 3rd. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and seven have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $8.70.

C3.ai Price Performance

Shares of C3.ai stock opened at $10.45 on Friday. The company’s 50 day moving average price is $9.58 and its two-hundred day moving average price is $9.43. The firm has a market capitalization of $1.62 billion, a P/E ratio of -3.39 and a beta of 2.10. C3.ai has a fifty-two week low of $7.68 and a fifty-two week high of $20.22.

C3.ai (NYSE:AI) last announced its quarterly earnings results on Wednesday, September 2nd. The company reported ($0.20) EPS for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.06. The company had revenue of $52.38 million during the quarter, compared to analysts’ expectations of $52.06 million. C3.ai had a negative return on equity of 60.82% and a negative net margin of 192.10%.C3.ai’s revenue was down 25.4% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.37) EPS. On average, analysts expect that C3.ai will post -2.28 earnings per share for the current year.

Insider Transactions at C3.ai

In related news, CEO Thomas M. Siebel sold 472,005 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $11.11, for a total transaction of $5,243,975.55. Following the completion of the sale, the chief executive officer owned 722,362 shares of the company’s stock, valued at $8,025,441.82. This trade represents a 39.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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. Also, CFO Hitesh Lath sold 48,619 shares of C3.ai stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $8.77, for a total value of $426,388.63. Following the completion of the sale, the chief financial officer owned 383,106 shares of the company’s stock, valued at approximately $3,359,839.62. The trade was a 11.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. In the last ninety days, insiders sold 1,258,650 shares of company stock valued at $13,258,862. Corporate insiders own 19.80% of the company’s stock.

Institutional Trading of C3.ai

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in C3.ai by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 14,469,953 shares of the company’s stock valued at $195,055,000 after purchasing an additional 108,011 shares in the last quarter. Morgan Stanley boosted its position in shares of C3.ai by 1.9% during the 4th quarter. Morgan Stanley now owns 4,824,499 shares of the company’s stock worth $65,034,000 after purchasing an additional 91,802 shares in the last quarter. Bank of America Corp DE grew its stake 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 buying an additional 1,166,302 shares during the period. State Street Corp grew its stake in shares of C3.ai by 3.3% in the 4th quarter. State Street Corp now owns 2,976,389 shares of the company’s stock valued at $40,122,000 after buying an additional 94,086 shares during the period. Finally, Geode Capital Management LLC increased its position in C3.ai by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 2,868,578 shares of the company’s stock valued at $38,675,000 after buying an additional 21,451 shares in the last quarter. Institutional investors own 38.96% of the company’s stock.

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.