C3.ai (NYSE:AI) Stock Price Down 1.4%

C3.ai, Inc. (NYSE:AI)’s stock price was down 1.4% on Thursday . The stock traded as low as $26.38 and last traded at $26.38. Approximately 365,830 shares changed hands during trading, a decline of 94% from the average daily volume of 6,192,340 shares. The stock had previously closed at $26.75.

Wall Street Analyst Weigh In

AI has been the subject of a number of recent research reports. Piper Sandler cut their price objective on C3.ai from $33.00 to $29.00 and set a “neutral” rating for the company in a research report on Thursday, May 30th. Wedbush reiterated an “outperform” rating and set a $40.00 price objective on shares of C3.ai in a research report on Wednesday, May 29th. Canaccord Genuity Group reduced their target price on C3.ai from $31.00 to $30.00 and set a “hold” rating for the company in a report on Thursday, May 30th. Northland Securities upgraded C3.ai from a “market perform” rating to an “outperform” rating and set a $35.00 price target on the stock in a report on Thursday, May 30th. Finally, Needham & Company LLC reissued a “hold” rating on shares of C3.ai in a research report on Thursday, May 30th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $30.33.

C3.ai Stock Performance

The firm has a market cap of $3.19 billion, a price-to-earnings ratio of -11.27 and a beta of 1.83. The firm’s 50 day moving average is $28.42 and its 200-day moving average is $27.09.

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

Insider Buying and Selling at C3.ai

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

Hedge Funds Weigh In On C3.ai

Several large investors have recently made changes to their positions in AI. Principal Financial Group Inc. boosted its holdings in C3.ai by 11.7% in the 1st quarter. Principal Financial Group Inc. now owns 10,703 shares of the company’s stock valued at $290,000 after purchasing an additional 1,119 shares during the period. New York State Common Retirement Fund lifted its stake in shares of C3.ai by 32.6% in the fourth quarter. New York State Common Retirement Fund now owns 33,135 shares of the company’s stock valued at $951,000 after buying an additional 8,141 shares during the period. Atria Wealth Solutions Inc. acquired a new stake in C3.ai during the fourth quarter worth about $202,000. Global Assets Advisory LLC increased its stake in C3.ai by 2,547.8% during the first quarter. Global Assets Advisory LLC now owns 896,676 shares of the company’s stock valued at $24,273,000 after acquiring an additional 862,811 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in C3.ai by 10.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 706,677 shares of the company’s stock valued at $20,289,000 after acquiring an additional 66,701 shares in the last quarter. Institutional investors and hedge funds 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.