EverSource Wealth Advisors LLC Raises Stake in C3.ai, Inc. (NYSE:AI)

EverSource Wealth Advisors LLC lifted its position in shares of C3.ai, Inc. (NYSE:AI) by 4,860.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 31,946 shares of the company’s stock after buying an additional 31,302 shares during the quarter. EverSource Wealth Advisors LLC’s holdings in C3.ai were worth $865,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of AI. Vanguard Group Inc. boosted its position in shares of C3.ai by 3.1% in the first quarter. Vanguard Group Inc. now owns 10,647,900 shares of the company’s stock worth $288,239,000 after acquiring an additional 317,768 shares during the last quarter. Coatue Management LLC lifted its position in C3.ai by 25.1% during the fourth quarter. Coatue Management LLC now owns 2,832,229 shares of the company’s stock valued at $81,313,000 after buying an additional 568,369 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in C3.ai by 1.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,199,018 shares of the company’s stock valued at $34,424,000 after buying an additional 17,915 shares in the last quarter. Global Assets Advisory LLC lifted its position 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 buying an additional 862,811 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in C3.ai by 10.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 706,677 shares of the company’s stock valued at $20,289,000 after buying an additional 66,701 shares in the last quarter. 38.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AI has been the subject of several recent research reports. Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a research note on Thursday, May 30th. Wedbush restated an “outperform” rating and set a $40.00 price target on shares of C3.ai in a research report on Wednesday, May 29th. Canaccord Genuity Group lowered their price target on shares of C3.ai from $31.00 to $30.00 and set a “hold” rating for the company in a research report on Thursday, May 30th. Northland Securities upgraded shares of C3.ai from a “market perform” rating to an “outperform” rating and set a $35.00 price target for the company in a research report on Thursday, May 30th. Finally, Morgan Stanley upped their price target on shares of C3.ai from $21.00 to $23.00 and gave the stock an “underweight” rating in a research report on Thursday, May 30th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $30.33.

C3.ai Stock Down 5.4 %

C3.ai stock traded down $1.39 during mid-day trading on Friday, hitting $24.43. 4,232,517 shares of the company were exchanged, compared to its average volume of 3,418,327. C3.ai, Inc. has a 1-year low of $20.23 and a 1-year high of $40.68. The company has a market capitalization of $3.05 billion, a PE ratio of -10.44 and a beta of 1.83. The business has a fifty day moving average of $28.46 and a 200 day moving average of $27.08.

C3.ai (NYSE:AI) last released its quarterly earnings data on Wednesday, May 29th. The company reported ($0.59) earnings per share for the quarter, beating the consensus estimate of ($0.77) by $0.18. C3.ai had a negative return on equity of 30.95% and a negative net margin of 93.36%. The business had revenue of $86.59 million for the quarter, compared to analysts’ expectations of $84.45 million. Research analysts expect that C3.ai, Inc. will post -2.35 earnings per share for the current year.

Insiders Place Their Bets

In other C3.ai news, CFO Hitesh Lath sold 3,005 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $27.56, for a total transaction of $82,817.80. Following the transaction, the chief financial officer now owns 7,390 shares of the company’s stock, valued at approximately $203,668.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 34.00% of the company’s stock.

C3.ai 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.