C3.ai (NYSE:AI) Shares Gap Up – Time to Buy?

C3.ai, Inc. (NYSE:AI)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $26.54, but opened at $27.46. C3.ai shares last traded at $29.88, with a volume of 6,019,059 shares.

Analyst Ratings Changes

A number of brokerages have commented on AI. Bank of America decreased their price objective on shares of C3.ai from $24.00 to $20.00 and set an “underperform” rating on the stock in a report on Thursday, September 5th. JMP Securities restated a “market outperform” rating and issued a $40.00 price objective on shares of C3.ai in a report on Thursday, September 5th. Piper Sandler reduced their price target on C3.ai from $29.00 to $24.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. Wedbush dropped their price objective on shares of 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, DA Davidson reduced their price target on C3.ai from $30.00 to $20.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $27.70.

C3.ai Stock Performance

The firm has a market capitalization of $4.12 billion, a PE ratio of -13.06 and a beta of 1.80. The business’s 50 day moving average is $25.03 and its two-hundred day moving average is $26.04.

C3.ai (NYSE:AI) last released its earnings results on Wednesday, September 4th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.08. C3.ai had a negative return on equity of 31.28% and a negative net margin of 85.47%. The business had revenue of $87.21 million for the quarter, compared to analysts’ expectations of $86.94 million. During the same quarter in the prior year, the firm earned ($0.56) earnings per share. The firm’s revenue was up 20.5% on a year-over-year basis. As a group, equities research analysts predict that C3.ai, Inc. will post -2.31 EPS for the current year.

Institutional Investors Weigh In On C3.ai

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in C3.ai by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 10,647,900 shares of the company’s stock valued at $288,239,000 after purchasing an additional 317,768 shares in the last quarter. Geode Capital Management LLC increased its position in shares of C3.ai by 8.8% during the third quarter. Geode Capital Management LLC now owns 2,216,925 shares of the company’s stock valued at $53,728,000 after acquiring an additional 178,870 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in C3.ai in the 2nd quarter worth approximately $3,465,000. Charles Schwab Investment Management Inc. boosted its position in shares of C3.ai by 12.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 844,389 shares of the company’s stock valued at $20,460,000 after buying an additional 92,280 shares during the last quarter. Finally, Virtu Financial LLC grew its position in C3.ai by 541.6% in the 1st quarter. Virtu Financial LLC now owns 108,720 shares of the company’s stock worth $2,943,000 after purchasing an additional 91,774 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.