C3.ai (NYSE:AI) Shares Gap Up – Still a Buy?

C3.ai, Inc. (NYSE:AI) shares gapped up before the market opened on Wednesday . The stock had previously closed at $32.81, but opened at $35.28. C3.ai shares last traded at $34.42, with a volume of 2,369,160 shares.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Piper Sandler boosted their price target on C3.ai from $24.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Morgan Stanley lifted their target price on shares of C3.ai from $21.00 to $32.00 and gave the company an “underweight” rating in a research note on Tuesday, December 10th. Needham & Company LLC restated a “hold” rating on shares of C3.ai in a research note on Tuesday, December 10th. DA Davidson raised shares of C3.ai to a “hold” rating in a research note on Wednesday, December 18th. Finally, KeyCorp downgraded shares of C3.ai from a “sector weight” rating to an “underweight” rating and set a $29.00 target price on the stock. in a research report on Thursday, December 19th. Five analysts have rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $35.00.

C3.ai Stock Performance

The stock has a market cap of $4.39 billion, a P/E ratio of -15.41 and a beta of 2.00. The firm has a 50 day moving average of $35.39 and a two-hundred day moving average of $28.86.

Insider Transactions at C3.ai

In other C3.ai news, Director Jim H. Snabe sold 499,700 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $43.05, for a total value of $21,512,085.00. Following the completion of the sale, the director now owns 10,000 shares in the company, valued at approximately $430,500. This trade represents a 98.04 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Hitesh Lath sold 3,949 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $42.36, for a total value of $167,279.64. Following the sale, the chief financial officer now owns 851 shares in the company, valued at approximately $36,048.36. This represents a 82.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,078,552 shares of company stock worth $41,117,617. Insiders own 33.54% of the company’s stock.

Institutional Investors Weigh In On C3.ai

A number of institutional investors have recently bought and sold shares of AI. DMC Group LLC bought a new position in shares of C3.ai during the 4th quarter worth about $269,000. R Squared Ltd acquired a new position in C3.ai in the fourth quarter worth about $29,000. SteelPeak Wealth LLC bought a new position in C3.ai during the fourth quarter worth about $232,000. KBC Group NV boosted its holdings in C3.ai by 35.8% during the fourth quarter. KBC Group NV now owns 4,878 shares of the company’s stock valued at $168,000 after purchasing an additional 1,285 shares in the last quarter. Finally, Blue Trust Inc. grew its stake in shares of C3.ai by 344.6% in the 4th quarter. Blue Trust Inc. now owns 1,774 shares of the company’s stock valued at $61,000 after purchasing an additional 1,375 shares during the period. 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.