C3.ai (NYSE:AI) Downgraded to Sell Rating by Wall Street Zen

C3.ai (NYSE:AI - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report released on Friday.

Several other equities research analysts have also recently commented on the company. Oppenheimer cut their target price on C3.ai from $56.00 to $45.00 and set an "outperform" rating on the stock in a research note on Thursday, May 29th. UBS Group reiterated a "neutral" rating and issued a $28.00 price objective (up from $26.00) on shares of C3.ai in a report on Thursday, May 29th. Needham & Company LLC reissued a "hold" rating on shares of C3.ai in a research report on Thursday, May 29th. DA Davidson lowered their price target on shares of C3.ai from $25.00 to $18.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Finally, Morgan Stanley boosted their price target on shares of C3.ai from $20.00 to $22.00 and gave the stock an "underweight" rating in a research report on Thursday, May 29th. Five equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $29.46.

C3.ai Stock Up 2.3%

Shares of NYSE:AI traded up $0.59 during midday trading on Friday, reaching $25.93. 6,017,470 shares of the company were exchanged, compared to its average volume of 5,210,944. The firm has a market cap of $3.44 billion, a PE ratio of -11.73 and a beta of 2.04. C3.ai has a fifty-two week low of $17.03 and a fifty-two week high of $45.08. The stock has a fifty day simple moving average of $22.23 and a two-hundred day simple moving average of $28.21.

C3.ai (NYSE:AI - Get Free Report) last released its 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 firm had revenue of $108.72 million during the quarter, compared to analysts' expectations of $107.85 million. C3.ai had a negative return on equity of 31.31% and a negative net margin of 79.17%. The company's revenue was up 25.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.11) EPS. As a group, analysts forecast that C3.ai will post -2.44 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Hitesh Lath sold 4,368 shares of the firm's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $29.45, for a total transaction of $128,637.60. Following the completion of the sale, the chief financial officer now owns 250 shares in the company, valued at approximately $7,362.50. This trade represents a 94.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Richard C. Levin sold 6,000 shares of the company's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $26.31, for a total transaction of $157,860.00. Following the completion of the transaction, the director now owns 161,664 shares in the company, valued at approximately $4,253,379.84. This trade represents a 3.58% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,640,220 shares of company stock worth $37,038,104. Company insiders own 33.54% of the company's stock.

Institutional Investors Weigh In On C3.ai

Several hedge funds have recently bought and sold shares of the stock. Garde Capital Inc. bought a new position in shares of C3.ai during the first quarter worth approximately $29,000. Russell Investments Group Ltd. grew its holdings in C3.ai by 100.7% in the 4th quarter. Russell Investments Group Ltd. now owns 909 shares of the company's stock valued at $31,000 after buying an additional 456 shares in the last quarter. WealthTrak Capital Management LLC acquired a new position in C3.ai in the 4th quarter valued at $33,000. Orion Capital Management LLC bought a new position in C3.ai during the 4th quarter worth $34,000. Finally, CX Institutional acquired a new stake in shares of C3.ai during the first quarter worth $34,000. 38.96% of the stock is currently owned by institutional investors and hedge funds.

About C3.ai

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.

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