C3.ai (NYSE:AI) Trading Down 5.9% – Time to Sell?

C3.ai, Inc. (NYSE:AI) shares dropped 5.9% during mid-day trading on Wednesday . The stock traded as low as $33.52 and last traded at $33.72. Approximately 1,876,377 shares were traded during trading, a decline of 53% from the average daily volume of 3,968,153 shares. The stock had previously closed at $35.82.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. StockNews.com upgraded shares of C3.ai to a “sell” rating in a research report on Tuesday, November 26th. Canaccord Genuity Group increased their price objective on shares of C3.ai from $23.00 to $40.00 and gave the company a “hold” rating in a report on Wednesday, December 11th. DA Davidson raised shares of C3.ai to a “hold” rating in a report on Wednesday, December 18th. JMP Securities raised their target price 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. Finally, Piper Sandler increased their price objective on shares of C3.ai from $24.00 to $42.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Five research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $35.00.

C3.ai Stock Performance

The company’s 50 day moving average price is $34.61 and its 200 day moving average price is $28.66. The company has a market cap of $4.19 billion, a price-to-earnings ratio of -14.67 and a beta of 2.00.

Insider Transactions at C3.ai

In related news, Director Richard C. Levin sold 12,000 shares of C3.ai stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $34.80, for a total transaction of $417,600.00. Following the completion of the sale, the director now directly owns 161,664 shares of the company’s stock, valued at $5,625,907.20. The trade was a 6.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Hitesh Lath sold 3,949 shares of the business’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $42.36, for a total transaction of $167,279.64. Following the completion of the transaction, the chief financial officer now directly owns 851 shares of the company’s stock, valued at $36,048.36. This trade represents a 82.27 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 668,721 shares of company stock valued at $28,425,151. 33.54% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of AI. Geode Capital Management LLC boosted its position 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 in the last quarter. State Street Corp raised its stake in C3.ai by 1.8% during the third quarter. State Street Corp now owns 2,121,391 shares of the company’s stock worth $51,401,000 after buying an additional 38,185 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in C3.ai by 12.3% in 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 period. Rhumbline Advisers increased its stake in C3.ai by 0.5% in the second quarter. Rhumbline Advisers now owns 125,344 shares of the company’s stock valued at $3,630,000 after purchasing an additional 572 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new position in C3.ai in the second quarter worth approximately $3,465,000. 38.96% of the stock is owned by institutional investors.

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.