C3.ai (NYSE:AI) Shares Down 4.3% – Here’s Why

C3.ai, Inc. (NYSE:AI) shares traded down 4.3% on Friday . The stock traded as low as $35.08 and last traded at $35.70. 2,267,579 shares were traded during mid-day trading, a decline of 62% from the average session volume of 6,039,990 shares. The stock had previously closed at $37.32.

Analyst Upgrades and Downgrades

AI has been the subject of several recent research reports. Piper Sandler boosted their price target on C3.ai from $24.00 to $42.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Piper Sandler Companies reissued a “neutral” rating and issued a $24.00 target price on shares of C3.ai in a report on Thursday, September 5th. 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 report on Thursday, December 19th. Wedbush reduced their price objective on shares of C3.ai from $40.00 to $30.00 and set an “outperform” rating for the company in a research note on Thursday, September 5th. Finally, Morgan Stanley raised their price objective on shares of C3.ai from $21.00 to $32.00 and gave the company an “underweight” rating in a research report on Tuesday, December 10th. Five 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 given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $35.00.

C3.ai Stock Down 6.0 %

The company has a market capitalization of $4.53 billion, a P/E ratio of -15.88 and a beta of 2.00. The business has a 50 day moving average of $32.54 and a 200 day moving average of $28.25.

Insider Activity

In other C3.ai news, CFO Hitesh Lath sold 3,949 shares of the company’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $42.36, for a total transaction of $167,279.64. Following the sale, the chief financial officer now directly owns 851 shares in the company, valued at $36,048.36. This represents a 82.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Jim H. Snabe sold 499,700 shares of C3.ai stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $43.05, for a total value of $21,512,085.00. Following the completion of the transaction, the director now owns 10,000 shares of the company’s stock, valued at approximately $430,500. This trade represents a 98.04 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 644,988 shares of company stock worth $27,597,453. 33.54% of the stock is currently owned by insiders.

Institutional Trading of C3.ai

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. JTC Employer Solutions Trustee Ltd bought a new position in C3.ai during the third quarter valued at $25,000. Northwestern Mutual Wealth Management Co. grew its holdings in C3.ai by 311.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,050 shares of the company’s stock valued at $30,000 after purchasing an additional 795 shares during the last quarter. Quest Partners LLC raised its position in C3.ai by 9,033.3% in the 3rd quarter. Quest Partners LLC now owns 1,644 shares of the company’s stock worth $40,000 after purchasing an additional 1,626 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in C3.ai in the second quarter worth about $41,000. Finally, Arcadia Investment Management Corp MI purchased a new position in shares of C3.ai during the third quarter valued at approximately $48,000. Hedge funds and other institutional investors own 38.96% of the company’s stock.

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.