C3.ai (NYSE:AI) Trading 3.6% Higher

C3.ai, Inc. (NYSE:AI)’s stock price traded up 3.6% during trading on Friday . The stock traded as high as $22.22 and last traded at $21.87. 2,976,254 shares traded hands during mid-day trading, a decline of 50% from the average session volume of 5,932,533 shares. The stock had previously closed at $21.12.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Northland Capmk raised shares of C3.ai from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 30th. Morgan Stanley lowered their price objective on shares of C3.ai from $23.00 to $21.00 and set an “underweight” rating on the stock in a research report on Thursday. Piper Sandler Companies restated a “neutral” rating and set a $24.00 price objective on shares of C3.ai in a research report on Thursday. Bank of America lowered their price objective on shares of C3.ai from $24.00 to $20.00 and set an “underperform” rating on the stock in a research report on Thursday. Finally, Needham & Company LLC restated a “hold” rating on shares of C3.ai in a research report on Thursday. Three analysts have rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, C3.ai presently has a consensus rating of “Hold” and an average price target of $27.70.

C3.ai Trading Down 1.5 %

The business’s 50 day moving average price is $26.31 and its two-hundred day moving average price is $26.69. The stock has a market cap of $2.60 billion, a P/E ratio of -9.03 and a beta of 1.83.

C3.ai (NYSE:AI) last announced its earnings results on Wednesday, September 4th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.08. C3.ai had a negative net margin of 93.36% and a negative return on equity of 30.95%. The firm had revenue of $87.21 million for the quarter, compared to analyst estimates of $86.94 million. During the same quarter in the previous year, the firm posted ($0.56) EPS. The company’s revenue for the quarter was up 20.5% compared to the same quarter last year. As a group, analysts expect that C3.ai, Inc. will post -2.35 earnings per share for the current year.

Insider Buying and Selling

In other C3.ai news, CFO Hitesh Lath sold 3,005 shares of C3.ai stock in a transaction dated 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 transaction, the chief financial officer now directly owns 7,390 shares of the company’s stock, valued at $203,668.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 34.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. American Century Companies Inc. raised its holdings in shares of C3.ai by 2.1% during the second quarter. American Century Companies Inc. now owns 21,447 shares of the company’s stock valued at $621,000 after purchasing an additional 432 shares during the last quarter. Principal Financial Group Inc. increased its holdings in C3.ai by 4.3% during the second quarter. Principal Financial Group Inc. now owns 11,165 shares of the company’s stock valued at $323,000 after buying an additional 462 shares during the last quarter. Forum Financial Management LP increased its holdings in C3.ai by 4.4% during the second quarter. Forum Financial Management LP now owns 12,893 shares of the company’s stock valued at $373,000 after buying an additional 539 shares during the last quarter. Rhumbline Advisers increased its holdings in C3.ai by 0.5% during the second quarter. Rhumbline Advisers now owns 125,344 shares of the company’s stock valued at $3,630,000 after buying an additional 572 shares during the last quarter. Finally, EP Wealth Advisors LLC increased its holdings in C3.ai by 6.2% during the first quarter. EP Wealth Advisors LLC now owns 10,239 shares of the company’s stock valued at $277,000 after buying an additional 600 shares during the last quarter. 38.96% of the stock is owned by hedge funds and other 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.