C3.ai, Inc. (NYSE:AI - Get Free Report) shares gapped down before the market opened on Thursday . The stock had previously closed at $29.16, but opened at $27.58. C3.ai shares last traded at $26.31, with a volume of 9,199,935 shares changing hands.
Wall Street Analysts Forecast Growth
Several research analysts have recently commented on the company. JMP Securities reissued a "market outperform" rating and set a $50.00 price objective on shares of C3.ai in a report on Friday. Canaccord Genuity Group reduced their price target on C3.ai from $30.00 to $28.00 and set a "hold" rating for the company in a report on Thursday, May 29th. Needham & Company LLC reiterated a "hold" rating on shares of C3.ai in a report on Thursday, May 29th. Wall Street Zen upgraded C3.ai from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Finally, KeyCorp reaffirmed a "mixed" rating on shares of C3.ai in a research report on Thursday, May 29th. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $29.79.
View Our Latest Stock Report on C3.ai
C3.ai Price Performance
The business has a 50-day moving average of $25.32 and a two-hundred day moving average of $25.44. The company has a market cap of $3.50 billion, a P/E ratio of -11.61 and a beta of 1.99.
C3.ai (NYSE:AI - Get Free Report) last issued 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 return on equity of 33.51% and a negative net margin of 74.21%. The company had revenue of $108.72 million for the quarter, compared to the consensus estimate of $107.85 million. During the same quarter last year, the company earned ($0.11) earnings per share. The firm's revenue for the quarter was up 25.5% compared to the same quarter last year. Equities analysts anticipate that C3.ai, Inc. will post -2.44 EPS for the current fiscal year.
Insider Activity at C3.ai
In other C3.ai news, CEO Thomas M. Siebel sold 589,468 shares of the firm's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $28.58, for a total value of $16,846,995.44. Following the completion of the sale, the chief executive officer owned 3,227,334 shares of the company's stock, valued at approximately $92,237,205.72. This trade represents a 15.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Merel Witteveen sold 5,485 shares of the firm's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $23.95, for a total value of $131,365.75. Following the completion of the sale, the vice president directly owned 13,740 shares of the company's stock, valued at approximately $329,073. This represents a 28.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,989,902 shares of company stock valued at $51,379,600 over the last 90 days. Company insiders own 33.54% of the company's stock.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in C3.ai by 3.6% during the first quarter. Vanguard Group Inc. now owns 13,407,490 shares of the company's stock valued at $282,228,000 after acquiring an additional 471,521 shares in the last quarter. Geode Capital Management LLC raised its position in C3.ai by 14.1% during the fourth quarter. Geode Capital Management LLC now owns 2,529,991 shares of the company's stock valued at $87,128,000 after acquiring an additional 313,066 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in C3.ai by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,157,303 shares of the company's stock valued at $45,414,000 after acquiring an additional 91,923 shares in the last quarter. Two Sigma Investments LP purchased a new position in C3.ai during the fourth quarter valued at approximately $42,306,000. Finally, Man Group plc purchased a new stake in shares of C3.ai in the fourth quarter valued at approximately $38,455,000. 38.96% of the stock is currently owned by hedge funds and other institutional investors.
About C3.ai
(
Get Free Report)
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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