C3.ai (NYSE:AI) Stock Price Down 4.1% – Here’s Why

Shares of C3.ai, Inc. (NYSE:AI) dropped 4.1% on Wednesday . The company traded as low as $31.55 and last traded at $31.61. Approximately 2,612,116 shares traded hands during trading, a decline of 52% from the average daily volume of 5,413,330 shares. The stock had previously closed at $32.96.

Wall Street Analyst Weigh In

A number of brokerages recently commented on AI. Wedbush dropped their target price on C3.ai from $40.00 to $30.00 and set an “outperform” rating on the stock in a research report on Thursday, September 5th. Morgan Stanley dropped their target price on C3.ai from $23.00 to $21.00 and set an “underweight” rating on the stock in a research report on Thursday, September 5th. Oppenheimer reiterated an “outperform” rating and issued a $40.00 target price on shares of C3.ai in a research report on Thursday, September 5th. StockNews.com upgraded C3.ai to a “sell” rating in a research report on Tuesday, November 12th. Finally, Canaccord Genuity Group dropped their target price on C3.ai from $30.00 to $23.00 and set a “hold” rating on the stock in a research report on Thursday, September 5th. Three research analysts have rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, C3.ai presently has an average rating of “Hold” and an average target price of $27.70.

C3.ai Stock Performance

The firm has a market capitalization of $4.11 billion, a price-to-earnings ratio of -14.03 and a beta of 1.80. The company has a 50 day moving average price of $25.26 and a two-hundred day moving average price of $26.11.

C3.ai (NYSE:AI) last announced its earnings results on Wednesday, September 4th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.08. The business had revenue of $87.21 million during the quarter, compared to the consensus estimate of $86.94 million. C3.ai had a negative return on equity of 31.28% and a negative net margin of 85.47%. The business’s quarterly revenue was up 20.5% on a year-over-year basis. During the same period in the prior year, the company posted ($0.56) EPS. On average, equities analysts expect that C3.ai, Inc. will post -2.31 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in AI. Vanguard Group Inc. boosted its stake in C3.ai by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 10,647,900 shares of the company’s stock worth $288,239,000 after purchasing an additional 317,768 shares during the last quarter. Geode Capital Management LLC raised its holdings in C3.ai by 8.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,216,925 shares of the company’s stock valued at $53,728,000 after acquiring an additional 178,870 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in C3.ai in the 2nd quarter worth approximately $3,465,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of C3.ai by 12.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 844,389 shares of the company’s stock worth $20,460,000 after purchasing an additional 92,280 shares during the last quarter. Finally, Virtu Financial LLC grew its position in shares of C3.ai by 541.6% in the first quarter. Virtu Financial LLC now owns 108,720 shares of the company’s stock valued at $2,943,000 after purchasing an additional 91,774 shares in the last quarter. 38.96% of the stock is owned by institutional investors and hedge funds.

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.