Federated Hermes Inc. Buys New Stake in C3.ai, Inc. (NYSE:AI)

Key Points

• Federated Hermes Inc. acquired 389,855 shares of C3.ai, Inc., representing approximately 0.29% ownership and valued at about $8.2 million.
• Several other institutional investors, including Norges Bank and Wellington Management Group LLP, have significantly increased or initiated their stakes in C3.ai.
• Despite reporting a negative earnings per share of ($0.16), C3.ai's revenue increased by 25.5% year-over-year, reaching $108.72 million.

Federated Hermes Inc. bought a new position in shares of C3.ai, Inc. (NYSE:AI - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 389,855 shares of the company's stock, valued at approximately $8,206,000. Federated Hermes Inc. owned 0.29% of C3.ai at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Sei Investments Co. purchased a new stake in shares of C3.ai in the 4th quarter valued at $228,000. Norges Bank purchased a new stake in C3.ai during the 4th quarter valued at $9,271,000. Pictet Asset Management Holding SA boosted its position in C3.ai by 8.2% during the 4th quarter. Pictet Asset Management Holding SA now owns 15,824 shares of the company's stock valued at $545,000 after buying an additional 1,199 shares during the period. CIBC Private Wealth Group LLC raised its holdings in C3.ai by 35.7% in the 4th quarter. CIBC Private Wealth Group LLC now owns 2,128 shares of the company's stock worth $71,000 after purchasing an additional 560 shares in the last quarter. Finally, Wellington Management Group LLP bought a new position in C3.ai in the 4th quarter worth $4,287,000. Hedge funds and other institutional investors own 38.96% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on AI. Oppenheimer cut their price objective on shares of C3.ai from $56.00 to $45.00 and set an "outperform" rating on the stock in a research report on Thursday, May 29th. Wall Street Zen upgraded shares of C3.ai from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Needham & Company LLC reissued a "hold" rating on shares of C3.ai in a report on Thursday, May 29th. Morgan Stanley raised their price objective 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, Piper Sandler decreased their target price on shares of C3.ai from $28.00 to $27.00 and set a "neutral" rating on the stock in a research note on Thursday, May 29th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $29.79.

Insider Activity at C3.ai

In other news, Director John E. Hyten sold 10,000 shares of C3.ai stock in a transaction dated 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 transaction, the director owned 63,942 shares in the company, valued at approximately $1,518,622.50. This trade represents a 13.52% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Richard C. Levin sold 36,000 shares of C3.ai stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $28.17, for a total value of $1,014,120.00. Following the completion of the transaction, the director owned 161,664 shares of the company's stock, valued at $4,554,074.88. The trade was a 18.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,962,892 shares of company stock worth $50,778,088 over the last ninety days. Company insiders own 33.54% of the company's stock.

C3.ai Trading Up 3.3%

C3.ai stock traded up $0.75 during mid-day trading on Monday, hitting $23.18. The company had a trading volume of 5,311,233 shares, compared to its average volume of 6,895,959. C3.ai, Inc. has a 12-month low of $17.03 and a 12-month high of $45.08. The company's fifty day moving average is $25.46 and its 200-day moving average is $25.07.

C3.ai (NYSE:AI - Get Free Report) last posted its quarterly earnings data on Wednesday, May 28th. The company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.20) by $0.04. The firm had revenue of $108.72 million during the quarter, compared to the consensus estimate 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 revenue was up 25.5% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.11) EPS. Analysts anticipate that C3.ai, Inc. will post -2.44 earnings per share for the current year.

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.