C3.ai (NYSE:AI) Stock Price Down 2.3% – Time to Sell?

C3.ai, Inc. (NYSE:AI)’s share price fell 2.3% on Tuesday . The stock traded as low as $35.19 and last traded at $36.09. 1,820,104 shares were traded during mid-day trading, a decline of 52% from the average session volume of 3,771,784 shares. The stock had previously closed at $36.93.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on AI shares. Needham & Company LLC reissued a “hold” rating on shares of C3.ai in a report on Tuesday, December 10th. Canaccord Genuity Group lifted their price objective on shares of C3.ai from $23.00 to $40.00 and gave the company a “hold” rating in a research report on Wednesday, December 11th. JMP Securities upped their target price on shares of C3.ai from $40.00 to $55.00 and gave the stock a “market outperform” rating in a research report on Tuesday, December 10th. JPMorgan Chase & Co. downgraded shares of C3.ai from a “neutral” rating to an “underweight” rating and set a $28.00 price target on the stock. in a report on Wednesday, December 11th. Finally, KeyCorp lowered C3.ai from a “sector weight” rating to an “underweight” rating and set a $29.00 price objective for the company. in a research report on Thursday, December 19th. Five investment analysts have rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $35.00.

C3.ai Price Performance

The firm has a market cap of $4.65 billion, a P/E ratio of -16.32 and a beta of 2.00. The stock’s 50-day simple moving average is $33.96 and its two-hundred day simple moving average is $28.51.

Insider Buying and Selling

In other news, VP Merel Witteveen sold 11,132 shares of C3.ai stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $34.95, for a total transaction of $389,063.40. Following the completion of the sale, the vice president now owns 4,142 shares of the company’s stock, valued at approximately $144,762.90. The trade was a 72.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jim H. Snabe sold 499,700 shares of the 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 directly owns 10,000 shares in the company, valued at approximately $430,500. This trade represents a 98.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 668,721 shares of company stock valued at $28,425,151 in the last ninety days. 33.54% of the stock is owned by company insiders.

Institutional Investors Weigh In On C3.ai

Several hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC raised its stake in C3.ai by 8.8% in the third quarter. Geode Capital Management LLC now owns 2,216,925 shares of the company’s stock worth $53,728,000 after buying an additional 178,870 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in shares of C3.ai during the 2nd quarter worth $3,465,000. Charles Schwab Investment Management Inc. boosted its position in 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 purchasing an additional 92,280 shares in the last quarter. Hodges Capital Management Inc. purchased a new position in C3.ai in the third quarter valued at about $1,955,000. Finally, Hsbc Holdings PLC raised its holdings in C3.ai by 679.8% in the second quarter. Hsbc Holdings PLC now owns 87,092 shares of the company’s stock worth $2,500,000 after purchasing an additional 75,923 shares in the last quarter. 38.96% of the stock is currently owned by hedge funds and other institutional investors.

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.