C3.ai, Inc. (NYSE:AI) Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its holdings in C3.ai, Inc. (NYSE:AI - Free Report) by 3.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 719,259 shares of the company's stock after purchasing an additional 23,366 shares during the quarter. Bank of New York Mellon Corp owned 0.54% of C3.ai worth $15,140,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Susquehanna Fundamental Investments LLC bought a new position in C3.ai during the 4th quarter worth approximately $3,159,000. Vanguard Group Inc. boosted its holdings in C3.ai by 3.6% during the 4th quarter. Vanguard Group Inc. now owns 12,935,969 shares of the company's stock worth $445,385,000 after acquiring an additional 446,529 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of C3.ai by 4,846.5% in the 1st quarter. GAMMA Investing LLC now owns 12,020 shares of the company's stock worth $253,000 after buying an additional 11,777 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of C3.ai by 14.1% in the 4th quarter. Geode Capital Management LLC now owns 2,529,991 shares of the company's stock worth $87,128,000 after buying an additional 313,066 shares during the last quarter. Finally, Virtu Financial LLC purchased a new position in shares of C3.ai in the 4th quarter worth about $2,128,000. 38.96% of the stock is owned by institutional investors.

C3.ai Stock Performance

Shares of NYSE AI traded up $0.69 during trading on Wednesday, hitting $29.18. The company had a trading volume of 4,697,694 shares, compared to its average volume of 5,404,327. The stock has a 50 day simple moving average of $25.23 and a 200 day simple moving average of $25.58. The firm has a market capitalization of $3.92 billion, a P/E ratio of -13.03 and a beta of 1.99. C3.ai, Inc. has a 12 month low of $17.03 and a 12 month high of $45.08.

C3.ai (NYSE:AI - Get Free Report) last released 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. C3.ai had a negative return on equity of 33.51% and a negative net margin of 74.21%. The business had revenue of $108.72 million for the quarter, compared to the consensus estimate of $107.85 million. During the same quarter in the previous year, the company posted ($0.11) EPS. The company's revenue was up 25.5% compared to the same quarter last year. As a group, analysts predict that C3.ai, Inc. will post -2.44 EPS for the current year.

Insider Activity

In other C3.ai news, Director John E. Hyten sold 10,000 shares of the company's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $23.75, for a total value of $237,500.00. Following the completion of the sale, the director directly owned 63,942 shares in the company, valued at approximately $1,518,622.50. This represents a 13.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Stephen M. Ward, Jr. sold 42,382 shares of the company's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $26.32, for a total value of $1,115,494.24. Following the completion of the sale, the director owned 546,495 shares of the company's stock, valued at $14,383,748.40. This represents a 7.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,989,902 shares of company stock worth $51,379,600. Company insiders own 33.54% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on AI. Piper Sandler lowered their price objective on C3.ai from $28.00 to $27.00 and set a "neutral" rating on the stock in a research note on Thursday, May 29th. DA Davidson decreased their price target on C3.ai from $25.00 to $18.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Needham & Company LLC reiterated a "hold" rating on shares of C3.ai in a research report on Thursday, May 29th. Wall Street Zen upgraded C3.ai from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Finally, Oppenheimer decreased their price target on C3.ai from $56.00 to $45.00 and set an "outperform" rating on the stock in a research report on Thursday, May 29th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $30.14.

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.