C3.ai (NYSE:AI) Trading Up 6.9% – Here’s Why

C3.ai, Inc. (NYSE:AI)’s share price traded up 6.9% during trading on Monday . The stock traded as high as $35.79 and last traded at $35.77. 3,482,829 shares traded hands during mid-day trading, a decline of 23% from the average session volume of 4,549,533 shares. The stock had previously closed at $33.48.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Needham & Company LLC reissued a “hold” rating on shares of C3.ai in a report on Tuesday, December 10th. KeyCorp downgraded shares of C3.ai from a “sector weight” rating to an “underweight” rating and set a $29.00 price target on the stock. in a research note on Thursday, December 19th. JMP Securities increased their price objective on shares of C3.ai from $40.00 to $55.00 and gave the company a “market outperform” rating in a research note on Tuesday, December 10th. Morgan Stanley raised their price objective on shares of C3.ai from $21.00 to $32.00 and gave the stock an “underweight” rating in a report on Tuesday, December 10th. Finally, Piper Sandler upped their target price on shares of C3.ai from $24.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Five research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $35.00.

C3.ai Price Performance

The stock has a market capitalization of $4.20 billion, a price-to-earnings ratio of -14.71 and a beta of 1.98. The stock has a 50-day moving average of $35.11 and a 200 day moving average of $29.25.

Insider Activity

In other C3.ai news, CFO Hitesh Lath sold 11,339 shares of the stock in a transaction on Monday, December 9th. The shares were sold at an average price of $42.00, for a total value of $476,238.00. Following the sale, the chief financial officer now directly owns 851 shares in the company, valued at approximately $35,742. This trade represents a 93.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Richard C. Levin sold 12,000 shares of C3.ai stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $29.84, for a total value of $358,080.00. Following the transaction, the director now owns 161,664 shares in the company, valued at $4,824,053.76. This trade represents a 6.91 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,090,552 shares of company stock valued at $41,475,697. 33.54% of the stock is currently owned by insiders.

Hedge Funds Weigh In On C3.ai

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its stake in C3.ai by 14.1% in the 4th quarter. Geode Capital Management LLC now owns 2,529,991 shares of the company’s stock valued at $87,128,000 after acquiring an additional 313,066 shares in the last quarter. OLD Mission Capital LLC acquired a new stake in C3.ai in the 4th quarter valued at $434,000. Alliancebernstein L.P. increased its stake in C3.ai by 38.1% in the 4th quarter. Alliancebernstein L.P. now owns 120,197 shares of the company’s stock valued at $4,138,000 after buying an additional 33,186 shares during the last quarter. Wellington Management Group LLP bought a new stake in C3.ai during the 4th quarter worth about $4,287,000. Finally, CIBC Private Wealth Group LLC boosted its stake in shares of C3.ai by 35.7% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,128 shares of the company’s stock worth $71,000 after buying an additional 560 shares during the last quarter. 38.96% of the stock is owned by institutional investors and hedge funds.

About C3.ai

C3.ai, Inc operates as an enterprise artificial intelligence (AI) software company in North America, Europe, the Middle East, Africa, the Asia Pacific, and internationally. The company provides C3 AI platform, an application development and runtime environment that enables customers to design, develop, and deploy enterprise AI applications; C3 AI Ex Machina for analysis-ready data; C3 AI CRM, an industry specific customer relationship management solution; and C3 Generative AI Product Suite that enables to locate, retrieve, and present information.