C3.ai, Inc. $AI Shares Acquired by Royal Bank of Canada

Key Points

• Royal Bank of Canada increased its C3.ai stake by 418.7% in the first quarter, ending with 177,527 shares worth approximately $1.5 million. Institutional investors and hedge funds collectively own 38.96% of the company.
• C3.ai reported a quarterly loss of $0.33 per share, beating estimates, but revenue fell 52.5% year over year to $51.6 million. The company continues to post sharply negative profitability metrics, including a net margin of -187.95%.
• Analyst sentiment remains cautious: six analysts rate the stock Sell, four rate it Hold, and one rates it Buy, producing a consensus “Reduce” rating and an average price target of $10.09. Company insiders have also sold 1.26 million shares worth $13.3 million over the past three months.

Royal Bank of Canada lifted its position in shares of C3.ai, Inc. (NYSE:AI - Free Report) by 418.7% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 177,527 shares of the company's stock after purchasing an additional 143,303 shares during the quarter. Royal Bank of Canada owned about 0.12% of C3.ai worth $1,495,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of AI. Vanguard Group Inc. lifted its position in C3.ai by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 14,469,953 shares of the company's stock valued at $195,055,000 after buying an additional 108,011 shares in the last quarter. Morgan Stanley increased its position in shares of C3.ai by 1.9% in the fourth quarter. Morgan Stanley now owns 4,824,499 shares of the company's stock worth $65,034,000 after acquiring an additional 91,802 shares in the last quarter. State Street Corp raised its stake in shares of C3.ai by 3.3% in the 4th quarter. State Street Corp now owns 2,976,389 shares of the company's stock valued at $40,122,000 after acquiring an additional 94,086 shares during the period. Geode Capital Management LLC raised its stake in shares of C3.ai by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 2,868,578 shares of the company's stock valued at $38,675,000 after acquiring an additional 21,451 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of C3.ai by 9.6% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,425,976 shares of the company's stock valued at $42,066,000 after acquiring an additional 211,786 shares in the last quarter. Institutional investors and hedge funds own 38.96% of the company's stock.

C3.ai Stock Performance

NYSE:AI opened at $10.35 on Thursday. C3.ai, Inc. has a one year low of $7.68 and a one year high of $20.22. The business's 50-day simple moving average is $9.49 and its 200 day simple moving average is $9.48. The stock has a market cap of $1.61 billion, a price-to-earnings ratio of -3.10 and a beta of 2.08.

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 for the quarter, beating analysts' consensus estimates of ($0.38) by $0.05. C3.ai had a negative return on equity of 62.44% and a negative net margin of 187.95%.The firm had revenue of $51.60 million during the quarter, compared to analyst estimates of $51.60 million. During the same quarter last year, the firm earned ($0.16) EPS. C3.ai's quarterly revenue was down 52.5% on a year-over-year basis. On average, equities research analysts predict that C3.ai, Inc. will post -2.28 EPS for the current year.

Insider Activity

In related news, CFO Hitesh Lath sold 48,619 shares of the company's stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $8.77, for a total value of $426,388.63. Following the sale, the chief financial officer directly owned 383,106 shares of the company's stock, valued at $3,359,839.62. This represents a 11.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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 Stephen Bradley Ehikian sold 50,542 shares of the stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $9.45, for a total transaction of $477,621.90. Following the transaction, the chief executive officer owned 651,130 shares in the company, valued at $6,153,178.50. This trade represents a 7.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 1,259,110 shares of company stock worth $13,281,297. 26.50% of the stock is currently owned by insiders.

Analysts Set New Price Targets

AI has been the subject of a number of research reports. DA Davidson reaffirmed an "underperform" rating and set a $7.00 price target on shares of C3.ai in a research report on Thursday, June 4th. Canaccord Genuity Group boosted their price objective on C3.ai from $8.00 to $10.00 and gave the stock a "hold" rating in a research note on Thursday, June 4th. Weiss Ratings raised C3.ai from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, August 4th. Morgan Stanley increased their target price on C3.ai from $6.00 to $7.00 and gave the company an "underweight" rating in a research note on Thursday, June 4th. Finally, Wedbush reiterated an "outperform" rating and set a $15.00 target price on shares of C3.ai in a report on Thursday, June 4th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and six have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Reduce" and an average price target of $10.09.

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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