KG&L Capital Management LLC Increases Position in C3.ai, Inc. (NYSE:AI)

KG&L Capital Management LLC grew its holdings in shares of C3.ai, Inc. (NYSE:AI - Free Report) by 249.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 57,534 shares of the company's stock after buying an additional 41,076 shares during the quarter. KG&L Capital Management LLC's holdings in C3.ai were worth $1,211,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Blue Trust Inc. grew its position in shares of C3.ai by 242.6% during the fourth quarter. Blue Trust Inc. now owns 1,367 shares of the company's stock worth $47,000 after acquiring an additional 968 shares during the last quarter. Rhumbline Advisers lifted its stake in C3.ai by 39.4% during the fourth quarter. Rhumbline Advisers now owns 166,378 shares of the company's stock valued at $5,728,000 after purchasing an additional 47,028 shares during the last quarter. Principal Financial Group Inc. purchased a new stake in shares of C3.ai during the fourth quarter valued at $324,000. New York State Common Retirement Fund raised its holdings in shares of C3.ai by 9.2% during the fourth quarter. New York State Common Retirement Fund now owns 30,896 shares of the company's stock valued at $1,064,000 after acquiring an additional 2,600 shares during the period. Finally, Global Retirement Partners LLC grew its holdings in shares of C3.ai by 1,004.0% during the fourth quarter. Global Retirement Partners LLC now owns 1,115 shares of the company's stock valued at $38,000 after buying an additional 1,014 shares in the last quarter. Institutional investors own 38.96% of the company's stock.

C3.ai Stock Performance

AI traded up $1.12 during midday trading on Thursday, reaching $24.76. 6,673,202 shares of the company were exchanged, compared to its average volume of 5,212,954. The company's fifty day moving average price is $23.37 and its 200 day moving average price is $27.10. C3.ai, Inc. has a one year low of $17.03 and a one year high of $45.08. The company has a market cap of $3.29 billion, a price-to-earnings ratio of -11.05 and a beta of 2.04.

C3.ai (NYSE:AI - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The company reported ($0.16) EPS for the quarter, topping the consensus estimate 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 business had revenue of $108.72 million for the quarter, compared to analyst estimates of $107.85 million. During the same quarter in the previous year, the firm posted ($0.11) earnings per share. The company's revenue for the quarter was up 25.5% on a year-over-year basis. As a group, sell-side analysts anticipate that C3.ai, Inc. will post -2.44 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Merel Witteveen sold 1,710 shares of the business's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $26.23, for a total transaction of $44,853.30. Following the transaction, the vice president now owns 9,225 shares in the company, valued at $241,971.75. The trade was a 15.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Hitesh Lath sold 4,368 shares of C3.ai stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $29.45, for a total transaction of $128,637.60. Following the transaction, the chief financial officer now owns 250 shares of the company's stock, valued at $7,362.50. The trade was a 94.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,752,730 shares of company stock worth $41,551,316 over the last ninety days. Company insiders own 33.54% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on AI shares. Wall Street Zen downgraded shares of C3.ai from a "hold" rating to a "sell" rating in a research report on Friday, June 6th. KeyCorp reiterated a "mixed" rating on shares of C3.ai in a report on Thursday, May 29th. Canaccord Genuity Group lowered their target price on C3.ai from $30.00 to $28.00 and set a "hold" rating on the stock in a research note on Thursday, May 29th. DA Davidson reduced their target price on C3.ai from $25.00 to $18.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Finally, JPMorgan Chase & Co. cut their price objective on C3.ai from $27.00 to $23.00 and set an "underweight" rating for the company in a research report on Thursday, May 29th. Five equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $29.38.

About C3.ai

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.