Canaccord Genuity Group Issues Pessimistic Forecast for C3.ai (NYSE:AI) Stock Price

C3.ai (NYSE:AI - Get Free Report) had its target price cut by equities research analysts at Canaccord Genuity Group from $30.00 to $28.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a "hold" rating on the stock. Canaccord Genuity Group's price target points to a potential upside of 5.34% from the stock's current price.

Several other research firms also recently issued reports on AI. Piper Sandler decreased their price objective on shares of C3.ai from $42.00 to $28.00 and set a "neutral" rating for the company in a research note on Thursday, February 27th. UBS Group restated a "neutral" rating and issued a $28.00 price objective (up previously from $26.00) on shares of C3.ai in a research note on Thursday. Needham & Company LLC restated a "hold" rating on shares of C3.ai in a research note on Thursday. DA Davidson decreased their price objective on shares of C3.ai from $25.00 to $18.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Finally, KeyCorp restated a "mixed" rating on shares of C3.ai in a research note on Thursday. Five equities research analysts have rated the stock with a sell rating, six have given a hold rating, four 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 currently has an average rating of "Hold" and an average price target of $29.46.

C3.ai Trading Down 4.4%

Shares of AI stock traded down $1.22 on Thursday, reaching $26.58. 11,988,832 shares of the stock were exchanged, compared to its average volume of 5,237,889. The business's 50 day moving average price is $21.87 and its 200 day moving average price is $28.29. The company has a market capitalization of $3.53 billion, a price-to-earnings ratio of -12.03 and a beta of 1.99. C3.ai has a twelve month low of $17.03 and a twelve month high of $45.08.

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, topping analysts' consensus estimates of ($0.20) by $0.04. The firm had revenue of $108.72 million during the quarter, compared to the consensus estimate of $107.85 million. C3.ai had a negative net margin of 79.17% and a negative return on equity of 31.31%. The company's revenue was up 25.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.11) earnings per share. Equities research analysts forecast that C3.ai will post -2.44 earnings per share for the current year.

Insider Transactions at C3.ai

In related news, VP Merel Witteveen sold 1,133 shares of the stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $22.25, for a total transaction of $25,209.25. Following the completion of the transaction, the vice president now directly owns 7,287 shares of the company's stock, valued at $162,135.75. This represents a 13.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Thomas M. Siebel sold 294,116 shares of the stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $21.50, for a total transaction of $6,323,494.00. Following the transaction, the chief executive officer now directly owns 943,151 shares of the company's stock, valued at $20,277,746.50. This represents a 23.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,529,519 shares of company stock worth $34,038,096. Company insiders own 33.54% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in AI. Brown Lisle Cummings Inc. increased its holdings in C3.ai by 100.0% in the fourth quarter. Brown Lisle Cummings Inc. now owns 800 shares of the company's stock valued at $28,000 after buying an additional 400 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in C3.ai by 100.7% in the fourth 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. PNC Financial Services Group Inc. increased its holdings in C3.ai by 8.4% in the first quarter. PNC Financial Services Group Inc. now owns 6,546 shares of the company's stock valued at $138,000 after buying an additional 510 shares in the last quarter. Legal & General Group Plc increased its holdings in C3.ai by 0.4% in the fourth 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 in the last quarter. Finally, Geneos Wealth Management Inc. increased its holdings in C3.ai by 72.4% in the fourth quarter. Geneos Wealth Management Inc. now owns 1,322 shares of the company's stock valued at $46,000 after buying an additional 555 shares in the last quarter. 38.96% of the stock is owned by hedge funds and other institutional investors.

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.