C3.ai (NYSE:AI) Trading Down 4.7%

C3.ai, Inc. (NYSE:AI) shares dropped 4.7% during trading on Tuesday . The company traded as low as $28.41 and last traded at $28.48. Approximately 1,688,149 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 6,574,580 shares. The stock had previously closed at $29.90.

Wall Street Analyst Weigh In

AI has been the subject of several analyst reports. Canaccord Genuity Group cut their price target on shares of C3.ai from $31.00 to $30.00 and set a “hold” rating for the company in a research report on Thursday, May 30th. Northland Securities upgraded shares of C3.ai from a “market perform” rating to an “outperform” rating and set a $35.00 price target for the company in a research report on Thursday, May 30th. Wedbush restated an “outperform” rating and set a $40.00 price target on shares of C3.ai in a research report on Wednesday, May 29th. Northland Capmk upgraded shares of C3.ai from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 30th. Finally, Morgan Stanley upped their price target on shares of C3.ai from $21.00 to $23.00 and gave the company an “underweight” rating in a research report on Thursday, May 30th. Three equities 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. Based on data from MarketBeat.com, C3.ai has a consensus rating of “Hold” and a consensus price target of $31.30.

C3.ai Stock Down 0.5 %

The company’s fifty day simple moving average is $27.47 and its 200 day simple moving average is $27.10. The firm has a market capitalization of $3.72 billion, a PE ratio of -13.20 and a beta of 1.83.

C3.ai (NYSE:AI) last announced its earnings results on Wednesday, May 29th. The company reported ($0.59) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.18. C3.ai had a negative net margin of 93.36% and a negative return on equity of 30.95%. The business had revenue of $86.59 million during the quarter, compared to the consensus estimate of $84.45 million. Equities research analysts forecast that C3.ai, Inc. will post -2.35 EPS for the current year.

Insider Activity at C3.ai

In related news, CFO Hitesh Lath sold 3,005 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $27.56, for a total transaction of $82,817.80. Following the completion of the sale, the chief financial officer now owns 7,390 shares of the company’s stock, valued at $203,668.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 34.00% of the stock is owned by insiders.

Institutional Investors Weigh In On C3.ai

Institutional investors and hedge funds have recently made changes to their positions in the company. Toth Financial Advisory Corp grew its position in C3.ai by 900.0% in the 1st quarter. Toth Financial Advisory Corp now owns 1,000 shares of the company’s stock worth $27,000 after purchasing an additional 900 shares during the period. ICA Group Wealth Management LLC bought a new stake in C3.ai in the 4th quarter worth approximately $29,000. Comerica Bank grew its position in C3.ai by 305.1% in the 1st quarter. Comerica Bank now owns 1,203 shares of the company’s stock worth $33,000 after purchasing an additional 906 shares during the period. Pathway Financial Advisers LLC bought a new stake in C3.ai in the 1st quarter worth approximately $38,000. Finally, GPS Wealth Strategies Group LLC grew its position in C3.ai by 87.9% in the 4th quarter. GPS Wealth Strategies Group LLC now owns 1,351 shares of the company’s stock worth $39,000 after purchasing an additional 632 shares during the period. Institutional investors own 38.96% of the company’s stock.

C3.ai Company Profile

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.