C3.ai (NYSE:AI) Trading 6.3% Higher - Should You Buy?

C3.ai, Inc. (NYSE:AI - Get Free Report) shares shot up 6.3% during trading on Tuesday . The company traded as high as $24.08 and last traded at $24.15. 1,186,412 shares changed hands during trading, a decline of 77% from the average session volume of 5,124,097 shares. The stock had previously closed at $22.72.

Analyst Ratings Changes

A number of brokerages have commented on AI. JPMorgan Chase & Co. cut their price target on shares of C3.ai from $27.00 to $23.00 and set an "underweight" rating on the stock in a research report on Thursday. Piper Sandler cut their price objective on shares of C3.ai from $28.00 to $27.00 and set a "neutral" rating on the stock in a research report on Thursday. DA Davidson cut their price objective on shares of C3.ai from $25.00 to $18.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. UBS Group reissued a "neutral" rating and set a $28.00 price objective (up previously from $26.00) on shares of C3.ai in a research report on Thursday. Finally, Needham & Company LLC reissued a "hold" rating on shares of C3.ai in a research report on Thursday. Five analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, C3.ai has an average rating of "Hold" and an average target price of $29.46.

C3.ai Trading Down 4.4%

The firm has a market cap of $3.53 billion, a P/E ratio of -12.03 and a beta of 1.99. The company's 50-day moving average is $21.87 and its two-hundred day moving average is $28.29.

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 for the quarter, beating the consensus estimate of ($0.20) by $0.04. The business 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%. The firm's revenue for the quarter was up 25.5% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.11) EPS. Research analysts anticipate that C3.ai, Inc. will post -2.44 EPS for the current fiscal year.

Insider Transactions at C3.ai

In related news, CEO Thomas M. Siebel sold 216,974 shares of C3.ai stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $21.88, for a total value of $4,747,391.12. Following the completion of the transaction, the chief executive officer now directly owns 726,177 shares in the company, valued at approximately $15,888,752.76. The trade was a 23.01% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 completion of the transaction, the vice president now 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 disclosure for this sale can be found here. Insiders sold a total of 1,529,519 shares of company stock worth $34,038,096 in the last quarter. Insiders own 33.54% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Brown Lisle Cummings Inc. boosted its holdings in C3.ai by 100.0% in the 4th quarter. Brown Lisle Cummings Inc. now owns 800 shares of the company's stock valued at $28,000 after purchasing an additional 400 shares during the period. Russell Investments Group Ltd. boosted 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 purchasing an additional 456 shares during the period. PNC Financial Services Group Inc. boosted its holdings in C3.ai by 8.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 6,546 shares of the company's stock valued at $138,000 after purchasing an additional 510 shares during the period. Legal & General Group Plc boosted its holdings in C3.ai by 0.4% in the 4th quarter. Legal & General Group Plc now owns 119,144 shares of the company's stock valued at $4,102,000 after purchasing an additional 517 shares during the period. Finally, Geneos Wealth Management Inc. boosted its holdings in C3.ai by 72.4% in the 4th quarter. Geneos Wealth Management Inc. now owns 1,322 shares of the company's stock valued at $46,000 after purchasing an additional 555 shares during the period. 38.96% of the stock is currently 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.