C3.ai (NYSE:AI) Upgraded to "Strong-Buy" at Westpark Capital

Westpark Capital upgraded shares of C3.ai (NYSE:AI - Free Report) to a strong-buy rating in a research report sent to investors on Wednesday morning, MarketBeat.com reports. Westpark Capital currently has $40.00 price target on the stock.

Several other equities research analysts have also weighed in on AI. Piper Sandler dropped their target price on C3.ai from $28.00 to $27.00 and set a "neutral" rating on the stock in a research report on Thursday, May 29th. Morgan Stanley increased their target price on C3.ai from $20.00 to $22.00 and gave the stock an "underweight" rating in a research report on Thursday, May 29th. Needham & Company LLC reaffirmed a "hold" rating on shares of C3.ai in a research report on Thursday, May 29th. Oppenheimer dropped their target price on C3.ai from $56.00 to $45.00 and set an "outperform" rating on the stock in a research report on Thursday, May 29th. Finally, KeyCorp reaffirmed a "mixed" rating on shares of C3.ai in a report on Thursday, May 29th. Five research analysts have rated the stock with a sell rating, six have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, C3.ai currently has a consensus rating of "Hold" and a consensus target price of $30.14.

C3.ai Stock Down 2.1%

Shares of AI traded down $0.57 during mid-day trading on Wednesday, hitting $26.83. The stock had a trading volume of 5,353,326 shares, compared to its average volume of 5,313,712. C3.ai has a fifty-two week low of $17.03 and a fifty-two week high of $45.08. The company's fifty day simple moving average is $24.37 and its two-hundred day simple moving average is $26.06. The company has a market cap of $3.61 billion, a PE ratio of -11.98 and a beta of 1.99.

C3.ai (NYSE:AI - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The company reported ($0.16) earnings per share for the quarter, beating analysts' consensus estimates of ($0.20) by $0.04. C3.ai had a negative net margin of 74.21% and a negative return on equity of 33.51%. The business had revenue of $108.72 million during the quarter, compared to the consensus estimate of $107.85 million. During the same quarter in the prior year, the firm earned ($0.11) EPS. The company's revenue for the quarter was up 25.5% compared to the same quarter last year. Equities analysts expect that C3.ai will post -2.44 earnings per share for the current year.

Insider Activity

In other news, Director Richard C. Levin sold 36,000 shares of C3.ai stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $28.17, for a total value of $1,014,120.00. Following the transaction, the director owned 161,664 shares of the company's stock, valued at $4,554,074.88. The trade was a 18.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Stephen M. Ward, Jr. sold 42,382 shares of C3.ai stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $26.32, for a total transaction of $1,115,494.24. Following the completion of the transaction, the director directly owned 546,495 shares in the company, valued at $14,383,748.40. This represents a 7.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,770,419 shares of company stock worth $41,992,834 in the last quarter. 33.54% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On C3.ai

Several hedge funds have recently made changes to their positions in the business. Garde Capital Inc. purchased a new stake in shares of C3.ai during the first quarter valued at $29,000. Russell Investments Group Ltd. lifted its holdings in shares of C3.ai by 100.7% during the fourth quarter. Russell Investments Group Ltd. now owns 909 shares of the company's stock valued at $31,000 after purchasing an additional 456 shares during the last quarter. WealthTrak Capital Management LLC purchased a new stake in shares of C3.ai during the fourth quarter valued at $33,000. Orion Capital Management LLC purchased a new stake in shares of C3.ai during the fourth quarter valued at $34,000. Finally, CX Institutional purchased a new stake in shares of C3.ai during the first quarter valued at $34,000. Institutional investors and hedge funds own 38.96% of the company's stock.

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.