C3.ai (NYSE:AI) Downgraded by Northland Securities to Market Perform

Key Points

• C3.ai has been dropped from an "outperform" rating to a "market perform" rating by Northland Securities, now with a price target of $17.00, indicating a potential upside of 3.21% from its current price.
• The stock currently has a consensus rating of "Hold" from analysts, with five sell ratings, seven hold ratings, three buy ratings, and one strong buy rating.
• C3.ai reported a negative net margin of 74.21% in its latest earnings results, though revenue increased by 25.5% year-over-year, coming in at $108.72 million.

Northland Securities downgraded shares of C3.ai (NYSE:AI - Free Report) from an outperform rating to a market perform rating in a research report report published on Tuesday, Marketbeat Ratings reports. The brokerage currently has $17.00 price target on the stock.

Other equities analysts also recently issued research reports about the stock. Westpark Capital raised shares of C3.ai to a "strong-buy" rating and set a $40.00 price target for the company in a report on Wednesday, July 9th. Morgan Stanley boosted their target price on shares of C3.ai from $20.00 to $22.00 and gave the company an "underweight" rating in a research note on Thursday, May 29th. Needham & Company LLC restated a "hold" rating on shares of C3.ai in a research note on Monday. JMP Securities reiterated a "market outperform" rating and set a $50.00 price objective on shares of C3.ai in a research report on Friday, July 25th. Finally, Wall Street Zen upgraded C3.ai from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Five analysts have rated the stock with a sell rating, nine have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $27.43.

C3.ai Stock Performance

Shares of NYSE AI traded up $1.67 during midday trading on Tuesday, hitting $18.58. The company's stock had a trading volume of 22,398,985 shares, compared to its average volume of 10,646,682. C3.ai has a 1-year low of $14.70 and a 1-year high of $45.08. The firm's fifty day moving average price is $24.77 and its 200-day moving average price is $24.51. The firm has a market cap of $2.50 billion, a P/E ratio of -8.29 and a beta of 1.98.

C3.ai (NYSE:AI - Get Free Report) last issued its earnings results 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 during the quarter, compared to the consensus estimate of $107.85 million. C3.ai had a negative return on equity of 33.51% and a negative net margin of 74.21%. C3.ai's quarterly revenue was up 25.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.11) earnings per share. As a group, research analysts predict that C3.ai will post -2.44 earnings per share for the current fiscal year.

Insider Transactions at C3.ai

In other C3.ai news, CFO Hitesh Lath sold 17,689 shares of the company's stock in a transaction on Friday, June 27th. The stock was sold at an average price of $24.96, for a total value of $441,517.44. Following the transaction, the chief financial officer owned 166,218 shares of the company's stock, valued at approximately $4,148,801.28. This represents a 9.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John E. Hyten sold 10,000 shares of the stock in a transaction on Friday, June 13th. The shares were sold at an average price of $23.75, for a total value of $237,500.00. Following the sale, the director owned 63,942 shares of the company's stock, valued at $1,518,622.50. This trade represents a 13.52% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,685,115 shares of company stock valued at $43,700,880 in the last quarter. 33.54% of the stock is owned by company insiders.

Hedge Funds Weigh In On C3.ai

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. lifted its position in shares of C3.ai by 100.7% in the fourth quarter. Russell Investments Group Ltd. now owns 909 shares of the company's stock worth $31,000 after purchasing an additional 456 shares in the last quarter. Invesco Ltd. lifted its position in C3.ai by 9.2% in the 4th quarter. Invesco Ltd. now owns 331,767 shares of the company's stock worth $11,423,000 after buying an additional 28,071 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of C3.ai by 0.4% during the 4th quarter. Legal & General Group Plc now owns 119,144 shares of the company's stock valued at $4,102,000 after buying an additional 517 shares during the period. Raymond James Financial Inc. purchased a new position in shares of C3.ai during the 4th quarter valued at $3,942,000. Finally, Rockefeller Capital Management L.P. grew its holdings in shares of C3.ai by 712.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 201,823 shares of the company's stock valued at $6,949,000 after acquiring an additional 176,982 shares in the last quarter. 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.