C3.ai's (AI) "Underperform" Rating Reaffirmed at DA Davidson

Key Points

• DA Davidson has reaffirmed an "underperform" rating for C3.ai with a new price target of $13.00, indicating a potential downside of 41.26% from its previous close.
• The stock has seen mixed ratings from other analysts, with some raising their targets, but overall consensus remains a "Hold" rating.
• Recent insider transactions show significant sales of shares by directors, reflecting a potential shift in confidence, as over 2.2 million shares have been sold in the last ninety days.

C3.ai (NYSE:AI - Get Free Report)'s stock had its "underperform" rating reaffirmed by research analysts at DA Davidson in a research report issued on Monday,Benzinga reports. They currently have a $13.00 price objective on the stock, down from their prior price objective of $25.00. DA Davidson's price target would suggest a potential downside of 41.26% from the company's previous close.

Other research analysts have also issued research reports about the stock. KeyCorp reiterated a "mixed" rating on shares of C3.ai in a research note on Thursday, May 29th. Canaccord Genuity Group lowered their price objective on shares of C3.ai from $30.00 to $28.00 and set a "hold" rating on the stock in a research note on Thursday, May 29th. Westpark Capital upgraded shares of 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. Needham & Company LLC restated a "hold" rating on shares of C3.ai in a research report on Thursday, May 29th. Finally, Wall Street Zen upgraded shares of C3.ai from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Five research analysts have rated the stock with a sell rating, six have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $29.43.

C3.ai Trading Down 2.3%

Shares of NYSE:AI opened at $22.13 on Monday. The firm's 50 day moving average is $25.26 and its two-hundred day moving average is $24.72. C3.ai has a 52 week low of $17.03 and a 52 week high of $45.08. The firm has a market capitalization of $2.97 billion, a P/E ratio of -9.88 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) EPS for the quarter, beating analysts' consensus estimates of ($0.20) by $0.04. C3.ai had a negative net margin of 74.21% and a negative return on equity of 33.51%. The business had revenue of $108.72 million for the quarter, compared to analyst estimates of $107.85 million. During the same quarter last year, the business earned ($0.11) earnings per share. The business's revenue for the quarter was up 25.5% on a year-over-year basis. Analysts predict that C3.ai will post -2.44 EPS for the current year.

Insider Transactions at C3.ai

In related news, Director Richard C. Levin sold 36,000 shares of the firm's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $28.17, for a total value of $1,014,120.00. Following the completion of the transaction, the director owned 161,664 shares of the company's stock, valued at approximately $4,554,074.88. This trade represents a 18.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John E. Hyten sold 10,000 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $23.75, for a total transaction of $237,500.00. Following the completion of the transaction, the director directly owned 63,942 shares of the company's stock, valued at $1,518,622.50. This represents a 13.52% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,298,892 shares of company stock worth $58,428,808. 33.54% of the stock is currently owned by insiders.

Institutional Investors Weigh In On C3.ai

Several institutional investors and hedge funds have recently modified their holdings of the business. Universal Beteiligungs und Servicegesellschaft mbH lifted its stake in shares of C3.ai by 40.1% in the 2nd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 27,477 shares of the company's stock valued at $675,000 after purchasing an additional 7,867 shares during the last quarter. Rockefeller Capital Management L.P. lifted its stake in shares of C3.ai by 8.6% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 36,923 shares of the company's stock valued at $907,000 after purchasing an additional 2,917 shares during the last quarter. Cetera Investment Advisers raised its holdings in C3.ai by 21.5% in the 2nd quarter. Cetera Investment Advisers now owns 80,565 shares of the company's stock worth $1,979,000 after acquiring an additional 14,250 shares during the period. Creative Planning raised its holdings in C3.ai by 16.2% in the 2nd quarter. Creative Planning now owns 85,359 shares of the company's stock worth $2,097,000 after acquiring an additional 11,894 shares during the period. Finally, Police & Firemen s Retirement System of New Jersey raised its holdings in C3.ai by 11.6% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 27,515 shares of the company's stock worth $676,000 after acquiring an additional 2,861 shares during the period. Institutional investors and hedge funds own 38.96% of the company's stock.

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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