EVR Research LP Reduces Stake in C3.ai, Inc. $AI

Key Points

• EVR Research LP reduced its holdings in C3.ai by 48.5%, selling 125,000 shares and holding 132,900 shares, which now represents 0.8% of their portfolio.
• Several institutional investors, including Orion Capital Management and Raiffeisen Bank International, have acquired new stakes in C3.ai, indicating growing interest despite recent stock volatility.
• C3.ai's recent earnings report showed a revenue increase of 25.5% year-over-year, reporting $108.72 million, with a projected negative EPS of -2.44 for the current fiscal year.

EVR Research LP cut its position in shares of C3.ai, Inc. (NYSE:AI - Free Report) by 48.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 132,900 shares of the company's stock after selling 125,000 shares during the quarter. C3.ai makes up about 0.8% of EVR Research LP's holdings, making the stock its 21st biggest position. EVR Research LP owned approximately 0.10% of C3.ai worth $2,798,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of AI. Two Sigma Investments LP bought a new stake in C3.ai during the 4th quarter worth approximately $42,306,000. Man Group plc bought a new stake in C3.ai during the 4th quarter valued at about $38,455,000. Two Sigma Advisers LP purchased a new stake in shares of C3.ai during the 4th quarter valued at about $30,725,000. Vanguard Group Inc. boosted its holdings in shares of C3.ai by 3.6% in the first quarter. Vanguard Group Inc. now owns 13,407,490 shares of the company's stock worth $282,228,000 after buying an additional 471,521 shares during the last quarter. Finally, Federated Hermes Inc. bought a new stake in C3.ai during the 1st quarter worth approximately $8,206,000. Institutional investors own 38.96% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on AI shares. Piper Sandler reduced 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, May 29th. Morgan Stanley lifted their price objective on shares of C3.ai from $20.00 to $22.00 and gave the company an "underweight" rating in a research report on Thursday, May 29th. Oppenheimer restated a "market perform" rating on shares of C3.ai in a research report on Tuesday, August 12th. JMP Securities restated a "market outperform" rating and issued a $50.00 price target on shares of C3.ai in a research report on Friday, July 25th. Finally, KeyCorp restated a "mixed" rating on shares of C3.ai in a research report on Thursday, May 29th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, eight have given a Hold rating and five have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Reduce" and a consensus target price of $27.43.

C3.ai Trading Down 2.4%

Shares of AI traded down $0.42 during trading hours on Friday, reaching $16.89. 6,670,038 shares of the company traded hands, compared to its average volume of 6,066,597. The firm has a market cap of $2.27 billion, a price-to-earnings ratio of -7.54 and a beta of 1.98. C3.ai, Inc. has a 12-month low of $14.70 and a 12-month high of $45.08. The stock's fifty day moving average price is $23.02 and its 200 day moving average price is $23.24.

C3.ai (NYSE:AI - Get Free Report) last issued its earnings results on Wednesday, May 28th. The company reported ($0.16) earnings per share (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 firm had revenue of $108.72 million during the quarter, compared to analyst estimates of $107.85 million. During the same period in the previous year, the firm earned ($0.11) earnings per share. The business's revenue was up 25.5% on a year-over-year basis. On average, research analysts forecast that C3.ai, Inc. will post -2.44 earnings per share for the current year.

Insider Buying and Selling at C3.ai

In other C3.ai news, VP Merel Witteveen sold 5,485 shares of the business's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $23.95, for a total value of $131,365.75. Following the completion of the transaction, the vice president directly owned 13,740 shares in the company, valued at approximately $329,073. The trade was a 28.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Thomas M. Siebel sold 577,678 shares of the business's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $16.78, for a total transaction of $9,693,436.84. Following the completion of the transaction, the chief executive officer owned 2,973,572 shares of the company's stock, valued at $49,896,538.16. This represents a 16.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,168,568 shares of company stock valued at $50,846,936 in the last ninety days. 26.50% of the stock is owned by insiders.

C3.ai Company 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.