Bank of Nova Scotia Makes New Investment in C3.ai, Inc. (NYSE:AI)

Key Points

• Bank of Nova Scotia acquired 16,321 shares of C3.ai, Inc., valued at approximately $343,000, during the first quarter.
• C3.ai's CEO, Thomas M. Siebel, sold 601,498 shares of the company's stock, resulting in a 13.61% decrease in his holdings.
• Institutional investors and hedge funds collectively own 38.96% of C3.ai's stock, indicating significant interest among large investors.

Bank of Nova Scotia bought a new position in C3.ai, Inc. (NYSE:AI - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 16,321 shares of the company's stock, valued at approximately $343,000.

Other large investors have also made changes to their positions in the company. Russell Investments Group Ltd. raised its position in shares of 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 acquiring an additional 456 shares during the period. PNC Financial Services Group Inc. raised its position in shares of 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 acquiring an additional 510 shares during the period. Legal & General Group Plc raised its position in shares of 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 acquiring an additional 517 shares during the period. Optimum Investment Advisors raised its holdings in C3.ai by 35.6% during the 1st quarter. Optimum Investment Advisors now owns 2,668 shares of the company's stock worth $56,000 after buying an additional 700 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in C3.ai by 2.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 35,460 shares of the company's stock worth $773,000 after buying an additional 708 shares during the period. Institutional investors own 38.96% of the company's stock.

C3.ai Stock Performance

NYSE:AI traded up $0.45 during trading on Tuesday, reaching $16.92. The company's stock had a trading volume of 17,928,215 shares, compared to its average volume of 5,892,325. The firm has a market cap of $2.27 billion, a price-to-earnings ratio of -7.55 and a beta of 1.98. The firm has a 50 day moving average of $25.10 and a 200-day moving average of $24.60. C3.ai, Inc. has a 12 month low of $14.70 and a 12 month high of $45.08.

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 (EPS) for the quarter, topping analysts' consensus estimates 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 return on equity of 33.51% and a negative net margin of 74.21%. The firm's quarterly revenue was up 25.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.11) EPS. Equities research analysts forecast that C3.ai, Inc. will post -2.44 earnings per share for the current fiscal year.

Insider Transactions at C3.ai

In other news, VP Merel Witteveen sold 5,485 shares of the stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $23.95, for a total transaction of $131,365.75. Following the transaction, the vice president directly owned 13,740 shares in the company, valued at approximately $329,073. This represents a 28.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard C. Levin sold 6,000 shares of the stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $26.31, for a total value of $157,860.00. Following the transaction, the director owned 161,664 shares in the company, valued at $4,253,379.84. This trade represents a 3.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,957,194 shares of company stock worth $50,228,056. 33.54% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have commented on AI. Canaccord Genuity Group dropped their target price on shares of C3.ai from $30.00 to $28.00 and set a "hold" rating on the stock in a report on Thursday, May 29th. JMP Securities restated a "market outperform" rating and set a $50.00 target price on shares of C3.ai in a report on Friday, July 25th. Westpark Capital upgraded shares of C3.ai to a "strong-buy" rating and set a $40.00 target price on the stock in a report on Wednesday, July 9th. Morgan Stanley raised their target price on shares of C3.ai from $20.00 to $22.00 and gave the stock an "underweight" rating in a report on Thursday, May 29th. Finally, UBS Group decreased their price target on shares of C3.ai from $28.00 to $27.00 and set a "neutral" rating for the company in a research note on Thursday, June 26th. Five equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $27.43.

C3.ai Profile

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.