Bank of America Corp DE Has $27.64 Million Stock Holdings in C3.ai, Inc. $AI

Key Points

• Bank of America increased its C3.ai stake by 55.1% in the first quarter, adding 1.17 million shares to own 3.28 million shares worth approximately $27.64 million, or 2.26% of the company.
• Institutional investors and hedge funds own 38.96% of C3.ai, while several firms—including Dimensional Fund Advisors and Marshall Wace—also expanded their positions.
• Analyst sentiment remains cautious, with one Buy, four Hold, and six Sell ratings; the consensus rating is “Reduce” with a $10.09 price target. C3.ai reported a quarterly loss of $0.33 per share and revenue down 52.5% year over year.

Bank of America Corp DE raised its stake in C3.ai, Inc. (NYSE:AI - Free Report) by 55.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,282,183 shares of the company's stock after purchasing an additional 1,166,302 shares during the quarter. Bank of America Corp DE owned approximately 2.26% of C3.ai worth $27,636,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its holdings in C3.ai by 77.1% during the third quarter. Dimensional Fund Advisors LP now owns 1,804,188 shares of the company's stock worth $31,284,000 after buying an additional 785,508 shares during the last quarter. Two Sigma Investments LP acquired a new stake in C3.ai in the third quarter valued at $13,379,000. Voloridge Investment Management LLC bought a new position in shares of C3.ai in the 4th quarter valued at about $9,183,000. Federated Hermes Inc. grew its position in shares of C3.ai by 93,578.8% in the 4th quarter. Federated Hermes Inc. now owns 675,424 shares of the company's stock valued at $9,105,000 after acquiring an additional 674,703 shares during the period. Finally, Marshall Wace LLP increased its stake in shares of C3.ai by 94.5% during the 4th quarter. Marshall Wace LLP now owns 1,015,709 shares of the company's stock worth $13,692,000 after purchasing an additional 493,515 shares during the last quarter. Institutional investors and hedge funds own 38.96% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. KeyCorp reaffirmed an "underweight" rating on shares of C3.ai in a report on Thursday, June 4th. Weiss Ratings upgraded C3.ai from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, August 4th. Canaccord Genuity Group raised their price objective on C3.ai from $8.00 to $10.00 and gave the company a "hold" rating in a research report on Thursday, June 4th. Morgan Stanley lifted their target price on C3.ai from $6.00 to $7.00 and gave the stock an "underweight" rating in a research note on Thursday, June 4th. Finally, Citizens Jmp reissued a "market perform" rating on shares of C3.ai in a report on Thursday, June 4th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and six have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Reduce" and a consensus price target of $10.09.

Insider Buying and Selling

In other C3.ai news, CFO Hitesh Lath sold 48,619 shares of the stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $8.77, for a total transaction of $426,388.63. Following the sale, the chief financial officer directly owned 383,106 shares in the company, valued at $3,359,839.62. This represents a 11.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Thomas M. Siebel sold 472,005 shares of the company's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $11.11, for a total transaction of $5,243,975.55. Following the sale, the chief executive officer directly owned 722,362 shares of the company's stock, valued at approximately $8,025,441.82. This trade represents a 39.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 1,259,110 shares of company stock valued at $13,281,297. 26.50% of the stock is owned by company insiders.

C3.ai Stock Performance

Shares of AI opened at $9.89 on Monday. The firm has a market cap of $1.54 billion, a P/E ratio of -2.96 and a beta of 2.08. C3.ai, Inc. has a 52 week low of $7.68 and a 52 week high of $20.22. The firm's 50-day simple moving average is $9.53 and its 200 day simple moving average is $9.53.

C3.ai (NYSE:AI - Get Free Report) last issued its quarterly earnings data on Wednesday, June 3rd. The company reported ($0.33) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.38) by $0.05. The firm had revenue of $51.60 million during the quarter, compared to the consensus estimate of $51.60 million. C3.ai had a negative net margin of 187.95% and a negative return on equity of 62.44%. The business's revenue for the quarter was down 52.5% compared to the same quarter last year. During the same period last year, the business posted ($0.16) earnings per share. As a group, equities analysts forecast that C3.ai, Inc. will post -2.28 earnings per share for the current year.

C3.ai Company Profile

C3.ai, Inc is a leading enterprise software provider focused on delivering scalable artificial intelligence (AI) and Internet of Things (IoT) solutions to large organizations. The company's core offering, the C3 AI Suite, is a comprehensive, model-driven platform that unifies data ingestion, model development, and application deployment. Through its suite of tools, C3.ai enables customers to accelerate digital transformation initiatives by applying advanced machine learning, predictive analytics, and AI-driven insights across a broad range of business functions.

The C3 AI Suite provides a low-code environment for data scientists and application developers to rapidly design, test, and deploy enterprise-scale AI applications.

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