Wall Street Zen Downgrades C3.ai (NYSE:AI) to Sell

Wall Street Zen cut shares of C3.ai (NYSE:AI - Free Report) from a hold rating to a sell rating in a report issued on Friday.

A number of other analysts have also commented on the stock. JPMorgan Chase & Co. reduced their price target on shares of C3.ai from $27.00 to $23.00 and set an "underweight" rating for the company in a research note on Thursday, May 29th. Oppenheimer cut their target price 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. UBS Group reissued a "neutral" rating and set a $28.00 price target (up from $26.00) on shares of C3.ai in a report on Thursday, May 29th. Piper Sandler dropped their price target on C3.ai from $28.00 to $27.00 and set a "neutral" rating on the stock in a research note on Thursday, May 29th. Finally, Morgan Stanley upped their price objective on C3.ai from $20.00 to $22.00 and gave the company an "underweight" rating in a research report on Thursday, May 29th. Five analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $29.46.

C3.ai Trading Down 0.4%

AI traded down $0.09 during midday trading on Friday, reaching $25.86. The company's stock had a trading volume of 5,112,534 shares, compared to its average volume of 5,200,147. C3.ai has a 1 year low of $17.03 and a 1 year high of $45.08. The stock's 50-day moving average is $22.23 and its 200-day moving average is $28.14. The firm has a market capitalization of $3.43 billion, a price-to-earnings ratio of -11.70 and a beta of 2.04.

C3.ai (NYSE:AI - Get Free Report) last announced its quarterly earnings results on Wednesday, May 28th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.20) by $0.04. The company had revenue of $108.72 million for the quarter, compared to analysts' expectations of $107.85 million. C3.ai had a negative net margin of 79.17% and a negative return on equity of 31.31%. C3.ai's revenue was up 25.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.11) EPS. As a group, equities research analysts forecast that C3.ai will post -2.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, VP Merel Witteveen sold 1,133 shares of C3.ai stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $22.25, for a total transaction of $25,209.25. Following the sale, the vice president now owns 7,287 shares of the company's stock, valued at approximately $162,135.75. The trade was a 13.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Thomas M. Siebel sold 356,418 shares of the company's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $20.19, for a total value of $7,196,079.42. Following the completion of the transaction, the chief executive officer now directly owns 241,768 shares in the company, valued at approximately $4,881,295.92. This trade represents a 59.58% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,641,930 shares of company stock worth $37,082,957. Insiders own 33.54% of the company's stock.

Institutional Trading of C3.ai

Several hedge funds have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. increased its position in shares of C3.ai by 10.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 933,139 shares of the company's stock valued at $32,128,000 after purchasing an additional 88,750 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of C3.ai during the fourth quarter worth $3,996,000. Susquehanna Fundamental Investments LLC purchased a new position in C3.ai in the fourth quarter valued at $3,159,000. Vanguard Group Inc. raised its stake in C3.ai by 3.6% in the fourth quarter. Vanguard Group Inc. now owns 12,935,969 shares of the company's stock valued at $445,385,000 after buying an additional 446,529 shares in the last quarter. Finally, Strategic Financial Concepts LLC acquired a new stake in C3.ai in the fourth quarter valued at $2,015,000. 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.