C3.ai, Inc. (NYSE:AI) CEO Sells $7,650,720.00 in Stock

Key Points

• C3.ai CEO Thomas M. Siebel sold 336,000 shares of stock for approximately $7.65 million, significantly reducing his ownership by about 50.92% to 323,916 shares.
• The company reported a quarterly revenue of $108.72 million, exceeding analyst estimates, and a year-over-year revenue increase of 25.5% despite reporting a negative EPS of ($0.16).
• Analysts have varying opinions on C3.ai's stock, with price targets ranging from $23.00 to $50.00 and an average rating of "Hold" as per recent research reports.

C3.ai, Inc. (NYSE:AI - Get Free Report) CEO Thomas M. Siebel sold 336,000 shares of the firm's stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $22.77, for a total transaction of $7,650,720.00. Following the completion of the transaction, the chief executive officer directly owned 323,916 shares of the company's stock, valued at $7,375,567.32. This represents a 50.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

C3.ai Stock Performance

NYSE AI traded up $0.11 during trading on Tuesday, reaching $23.30. The company's stock had a trading volume of 4,994,911 shares, compared to its average volume of 5,398,283. The firm has a market cap of $3.13 billion, a price-to-earnings ratio of -10.40 and a beta of 1.98. C3.ai, Inc. has a twelve month low of $17.03 and a twelve month high of $45.08. The business's fifty day moving average price is $25.47 and its 200-day moving average price is $25.00.

C3.ai (NYSE:AI - Get Free Report) last posted its quarterly earnings data on Wednesday, May 28th. The company reported ($0.16) EPS for the quarter, beating analysts' consensus estimates of ($0.20) by $0.04. The company had revenue of $108.72 million for the quarter, compared to analyst estimates of $107.85 million. C3.ai had a negative net margin of 74.21% and a negative return on equity of 33.51%. C3.ai's quarterly revenue was up 25.5% on a year-over-year basis. During the same period in the previous year, the business posted ($0.11) earnings per share. As a group, sell-side analysts forecast that C3.ai, Inc. will post -2.44 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on AI. JMP Securities reissued a "market outperform" rating and issued a $50.00 price target on shares of C3.ai in a research report on Friday, July 25th. Wall Street Zen raised shares of C3.ai from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. JPMorgan Chase & Co. decreased their price objective on shares of C3.ai from $27.00 to $23.00 and set an "underweight" rating for the company in a research report on Thursday, May 29th. Westpark Capital raised shares of C3.ai to a "strong-buy" rating and set a $40.00 price objective for the company in a research report on Wednesday, July 9th. Finally, Oppenheimer decreased their price objective on shares of C3.ai from $56.00 to $45.00 and set an "outperform" rating for the company in a research report on Thursday, May 29th. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, C3.ai has an average rating of "Hold" and an average target price of $29.79.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in AI. Garde Capital Inc. purchased a new stake in C3.ai during the first quarter worth about $29,000. Russell Investments Group Ltd. boosted its holdings in C3.ai by 100.7% during the fourth quarter. Russell Investments Group Ltd. now owns 909 shares of the company's stock worth $31,000 after buying an additional 456 shares in the last quarter. Orion Capital Management LLC purchased a new stake in C3.ai during the fourth quarter worth about $34,000. CX Institutional purchased a new stake in C3.ai during the first quarter worth about $34,000. Finally, Raiffeisen Bank International AG purchased a new stake in C3.ai during the fourth quarter worth about $36,000. 38.96% of the stock is currently owned by institutional investors and hedge funds.

C3.ai Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.