C3.ai (NYSE:AI) Stock Keeps Market Perform Rating at Citizens Jmp

Key Points

• Citizens JMP reaffirmed a “Market Perform” rating on C3.ai, while broader analyst sentiment remains cautious: the consensus rating is “Reduce” with an average price target of $8.70.
• C3.ai opened at $10.38, with a market capitalization of approximately $1.67 billion. Its latest quarterly results beat estimates, reporting a $0.20 adjusted loss per share versus expectations of $0.26 and revenue of $52.38 million, though revenue declined 25.4% year over year.
• Insiders have been selling shares, with executives selling 1.17 million shares worth about $12.2 million over the past three months; institutional investors and hedge funds own approximately 39% of the stock.

C3.ai (NYSE:AI - Get Free Report)'s stock had its "market perform" rating reissued by investment analysts at Citizens Jmp in a research report issued to clients and investors on Tuesday, Benzinga reports.

Other research analysts have also issued reports about the stock. Weiss Ratings raised shares of C3.ai from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, August 4th. Wall Street Zen raised C3.ai from a "sell" rating to a "hold" rating in a research note on Sunday, September 13th. KeyCorp reissued an "underweight" rating on shares of C3.ai in a research note on Thursday, June 4th. DA Davidson restated an "underperform" rating and issued a $7.00 price objective on shares of C3.ai in a report on Tuesday, September 1st. Finally, Canaccord Genuity Group restated a "hold" rating and set a $10.00 price objective on shares of C3.ai in a research report on Thursday, September 3rd. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and seven have given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and an average price target of $8.70.

C3.ai Stock Performance

NYSE:AI opened at $10.38 on Tuesday. The company has a fifty day moving average of $10.07 and a two-hundred day moving average of $9.55. The stock has a market capitalization of $1.67 billion, a PE ratio of -3.37 and a beta of 2.10. C3.ai has a fifty-two week low of $7.68 and a fifty-two week high of $20.22.

C3.ai (NYSE:AI - Get Free Report) last posted its quarterly earnings data on Wednesday, September 2nd. The company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.26) by $0.06. The business had revenue of $52.38 million for the quarter, compared to the consensus estimate of $52.06 million. C3.ai had a negative net margin of 192.10% and a negative return on equity of 61.25%. The company's revenue was down 25.4% compared to the same quarter last year. During the same period last year, the firm posted ($0.37) earnings per share. Research analysts forecast that C3.ai will post -2.2 earnings per share for the current year.

Insider Transactions at C3.ai

In other news, CEO Stephen Ehikian sold 50,542 shares of the firm's stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $9.45, for a total value of $477,621.90. Following the completion of the transaction, the chief executive officer owned 651,130 shares of the company's stock, valued at approximately $6,153,178.50. This trade represents a 7.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Hitesh Lath sold 21,077 shares of C3.ai stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $10.48, for a total transaction of $220,886.96. Following the completion of the transaction, the chief financial officer owned 371,036 shares of the company's stock, valued at $3,888,457.28. This trade represents a 5.38% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 1,168,351 shares of company stock worth $12,201,852. 19.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On C3.ai

Institutional investors have recently modified their holdings of the business. Bank of America Corp DE boosted its stake in shares of C3.ai by 55.1% in the 1st quarter. Bank of America Corp DE now owns 3,282,183 shares of the company's stock valued at $27,636,000 after buying an additional 1,166,302 shares during the period. First Trust Advisors LP increased its stake in shares of C3.ai by 67.3% during the first quarter. First Trust Advisors LP now owns 1,215,341 shares of the company's stock worth $10,233,000 after buying an additional 488,710 shares during the period. EVR Research LP raised its holdings in C3.ai by 223.8% in the fourth quarter. EVR Research LP now owns 600,400 shares of the company's stock valued at $8,093,000 after acquiring an additional 415,000 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in C3.ai by 0.8% in the first quarter. Bank of New York Mellon Corp now owns 690,694 shares of the company's stock valued at $5,816,000 after acquiring an additional 5,631 shares in the last quarter. Finally, Edgestream Partners L.P. raised its holdings in C3.ai by 247.5% in the first quarter. Edgestream Partners L.P. now owns 658,573 shares of the company's stock valued at $5,545,000 after acquiring an additional 469,057 shares in the last quarter. Institutional investors and hedge funds own 38.96% of the company's stock.

About C3.ai

C3.ai, Inc develops enterprise artificial intelligence software and applications for organizations in a range of industries. Its technology is designed to help businesses use data, machine learning and predictive analytics to address operational, financial and strategic challenges.

The company's offerings include the C3 AI Platform, which provides tools for developing, deploying and operating AI applications, as well as prebuilt applications for use cases such as predictive maintenance, fraud detection, supply-chain optimization, customer engagement, energy management and regulatory compliance.

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