C3.ai (NYSE:AI) Trading 0.3% Higher – Here’s Why

C3.ai, Inc. (NYSE:AI) shot up 0.3% during mid-day trading on Tuesday . The company traded as high as $35.90 and last traded at $35.56. 1,373,577 shares changed hands during trading, a decline of 77% from the average session volume of 6,051,206 shares. The stock had previously closed at $35.46.

Analysts Set New Price Targets

AI has been the topic of a number of recent analyst reports. Oppenheimer reaffirmed an “outperform” rating and issued a $40.00 target price on shares of C3.ai in a research report on Thursday, September 5th. KeyCorp cut C3.ai from a “sector weight” rating to an “underweight” rating and set a $29.00 price objective for the company. in a research note on Thursday, December 19th. Needham & Company LLC reissued a “hold” rating on shares of C3.ai in a research report on Tuesday, December 10th. Northland Securities raised their target price on C3.ai from $35.00 to $45.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 10th. Finally, JPMorgan Chase & Co. downgraded shares of C3.ai from a “neutral” rating to an “underweight” rating and set a $28.00 price objective for the company. in a research note on Wednesday, December 11th. Five research analysts have rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, C3.ai currently has an average rating of “Hold” and a consensus target price of $35.00.

C3.ai Trading Up 0.7 %

The firm has a market cap of $4.61 billion, a price-to-earnings ratio of -16.16 and a beta of 2.00. The firm has a 50 day moving average price of $31.93 and a 200-day moving average price of $28.09.

Insider Buying and Selling at C3.ai

In other C3.ai news, Director John E. Hyten sold 5,000 shares of C3.ai stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $38.37, for a total value of $191,850.00. Following the completion of the transaction, the director now owns 263,843 shares of the company’s stock, valued at $10,123,655.91. The trade was a 1.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Stephen M. Ward, Jr. sold 125,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $42.00, for a total value of $5,250,000.00. Following the transaction, the director now owns 546,495 shares of the company’s stock, valued at $22,952,790. This represents a 18.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 644,988 shares of company stock worth $27,597,453 in the last 90 days. 33.54% of the stock is owned by company insiders.

Institutional Investors Weigh In On C3.ai

Hedge funds and other institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC raised its position in C3.ai by 8.8% in the third quarter. Geode Capital Management LLC now owns 2,216,925 shares of the company’s stock worth $53,728,000 after acquiring an additional 178,870 shares in the last quarter. State Street Corp increased its stake in shares of C3.ai by 1.8% during the 3rd quarter. State Street Corp now owns 2,121,391 shares of the company’s stock worth $51,401,000 after purchasing an additional 38,185 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in C3.ai by 12.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 844,389 shares of the company’s stock valued at $20,460,000 after buying an additional 92,280 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of C3.ai by 0.3% in the second quarter. Bank of New York Mellon Corp now owns 771,540 shares of the company’s stock valued at $22,344,000 after purchasing an additional 1,929 shares during the period. Finally, Raymond James & Associates lifted its position in C3.ai by 11.5% during the 2nd quarter. Raymond James & Associates now owns 201,262 shares of the company’s stock worth $5,829,000 after acquiring an additional 20,753 shares during the last quarter. 38.96% of the stock is currently owned by 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.