Short Interest in C3.ai, Inc. (NYSE:AI) Expands By 8.8%

C3.ai, Inc. (NYSE:AI) was the recipient of a significant growth in short interest in November. As of November 30th, there was short interest totalling 24,770,000 shares, a growth of 8.8% from the November 15th total of 22,770,000 shares. Based on an average trading volume of 5,500,000 shares, the days-to-cover ratio is currently 4.5 days.

C3.ai Price Performance

NYSE AI traded down $0.19 during mid-day trading on Tuesday, hitting $42.75. The stock had a trading volume of 5,181,019 shares, compared to its average volume of 5,967,690. The firm’s 50 day moving average is $30.77 and its 200 day moving average is $27.80. C3.ai has a twelve month low of $18.85 and a twelve month high of $45.08. The stock has a market capitalization of $5.43 billion, a price-to-earnings ratio of -19.61 and a beta of 2.00.

Insider Activity at C3.ai

In other C3.ai news, Director John E. Hyten sold 5,000 shares of the business’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $38.37, for a total value of $191,850.00. Following the completion of the transaction, the director now directly owns 263,843 shares in the company, valued at approximately $10,123,655.91. The trade was a 1.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Stephen M. Ward, Jr. sold 125,000 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $42.00, for a total transaction of $5,250,000.00. Following the completion of the transaction, the director now owns 546,495 shares of the company’s stock, valued at $22,952,790. This represents a 18.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 141,339 shares of company stock worth $5,918,088 over the last three months. 33.54% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its holdings in shares of C3.ai by 8.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,216,925 shares of the company’s stock worth $53,728,000 after acquiring an additional 178,870 shares during the period. Hodges Capital Management Inc. purchased a new position in shares of C3.ai during the 3rd quarter worth $1,955,000. State Street Corp raised its holdings in shares of C3.ai by 1.8% during the 3rd quarter. State Street Corp now owns 2,121,391 shares of the company’s stock worth $51,401,000 after acquiring an additional 38,185 shares during the period. Janus Henderson Group PLC raised its holdings in shares of C3.ai by 21.3% during the 3rd quarter. Janus Henderson Group PLC now owns 52,182 shares of the company’s stock worth $1,265,000 after acquiring an additional 9,160 shares during the period. Finally, Holocene Advisors LP increased its position in shares of C3.ai by 98.4% during the 3rd quarter. Holocene Advisors LP now owns 75,780 shares of the company’s stock worth $1,836,000 after purchasing an additional 37,594 shares during the last quarter. 38.96% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on AI. JPMorgan Chase & Co. lowered C3.ai from a “neutral” rating to an “underweight” rating and set a $28.00 price target on the stock. in a research note on Wednesday, December 11th. JMP Securities boosted their price target on C3.ai from $40.00 to $55.00 and gave the stock a “market outperform” rating in a research note on Tuesday, December 10th. DA Davidson upped their target price on C3.ai from $20.00 to $35.00 and gave the company a “neutral” rating in a research report on Thursday, December 5th. Wedbush dropped their target price on C3.ai from $40.00 to $30.00 and set an “outperform” rating on the stock in a research report on Thursday, September 5th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $40.00 target price on shares of C3.ai in a research report on Thursday, September 5th. Four research analysts have rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $35.55.

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.