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C3.ai (NYSE:AI) Stock Price Down 3.5% - Here's Why

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Key Points

  • C3.ai's stock saw a decline of 3.5%, trading as low as $17.89, while experiencing a decrease in trading volume by 21% from its average.
  • Analysts have mixed opinions on the stock, with Westpark Capital issuing a "strong-buy" rating and UBS Group lowering their target price to $27.00.
  • In the last ninety days, corporate insiders sold over 1.6 million shares worth approximately $43.7 million, indicating potential confidence issues among company executives.
  • Want stock alerts on C3.ai? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

C3.ai, Inc. (NYSE:AI - Get Free Report) dropped 3.5% during trading on Thursday . The company traded as low as $17.89 and last traded at $17.94. Approximately 4,755,357 shares changed hands during mid-day trading, a decline of 21% from the average daily volume of 5,990,832 shares. The stock had previously closed at $18.60.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Westpark Capital raised C3.ai to a "strong-buy" rating and set a $40.00 price objective on the stock in a research note on Wednesday, July 9th. KeyCorp reaffirmed a "mixed" rating on shares of C3.ai in a research note on Thursday, May 29th. Wall Street Zen raised C3.ai from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Needham & Company LLC reissued a "hold" rating on shares of C3.ai in a research report on Monday. Finally, UBS Group cut their target price on C3.ai from $28.00 to $27.00 and set a "neutral" rating on the stock in a research report on Thursday, June 26th. Five investment 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $27.43.

View Our Latest Analysis on C3.ai

C3.ai Stock Performance

The business has a fifty day simple moving average of $24.77 and a 200 day simple moving average of $24.51. The stock has a market cap of $2.41 billion, a price-to-earnings ratio of -8.01 and a beta of 1.98.

C3.ai (NYSE:AI - Get Free Report) last posted its quarterly earnings data on Wednesday, May 28th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $108.72 million for the quarter, compared to analysts' expectations of $107.85 million. During the same quarter last year, the firm earned ($0.11) earnings per share. The business's revenue was up 25.5% on a year-over-year basis. On average, equities research analysts anticipate that C3.ai, Inc. will post -2.44 EPS for the current fiscal year.

Insiders Place Their Bets

In other C3.ai news, Director Stephen M. Ward, Jr. sold 42,382 shares of the firm's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $26.32, for a total value of $1,115,494.24. Following the transaction, the director directly owned 546,495 shares of the company's stock, valued at $14,383,748.40. This trade represents a 7.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Hitesh Lath sold 17,689 shares of the firm's stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $24.96, for a total value of $441,517.44. Following the completion of the transaction, the chief financial officer directly owned 166,218 shares in the company, valued at $4,148,801.28. This trade represents a 9.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,685,115 shares of company stock worth $43,700,880. Corporate insiders own 33.54% of the company's stock.

Institutional Trading of C3.ai

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in C3.ai by 3.6% in the first quarter. Vanguard Group Inc. now owns 13,407,490 shares of the company's stock worth $282,228,000 after purchasing an additional 471,521 shares in the last quarter. State Street Corp raised its holdings in shares of C3.ai by 4.3% during the second quarter. State Street Corp now owns 2,826,249 shares of the company's stock valued at $69,441,000 after buying an additional 116,611 shares during the last quarter. Geode Capital Management LLC raised its holdings in C3.ai by 5.9% during the second quarter. Geode Capital Management LLC now owns 2,813,233 shares of the company's stock worth $69,129,000 after purchasing an additional 156,925 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings 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 worth $45,414,000 after purchasing an additional 91,923 shares in the last quarter. Finally, Two Sigma Investments LP bought a new position in shares of C3.ai in the fourth quarter valued at $42,306,000. 38.96% of the stock is currently owned by institutional investors and hedge funds.

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.

See Also

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