Renaissance Technologies LLC Makes New $934,000 Investment in C3.ai, Inc. $AI

Key Points

• Renaissance Technologies initiated a C3.ai position worth approximately $934,000, purchasing 110,900 shares. Institutional investors collectively own 38.96% of the company.
• Analyst sentiment remains cautious: C3.ai has an average rating of “Reduce,” with one Buy, four Hold, and six Sell ratings, and a consensus price target of $10.09.
• 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. Insiders sold $14.25 million of stock in the latest quarter, while shares were trading near $9.89.

Renaissance Technologies LLC acquired a new position in C3.ai, Inc. (NYSE:AI - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 110,900 shares of the company's stock, valued at approximately $934,000. Renaissance Technologies LLC owned 0.08% of C3.ai as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its holdings in C3.ai by 77.1% in the third quarter. Dimensional Fund Advisors LP now owns 1,804,188 shares of the company's stock worth $31,284,000 after purchasing an additional 785,508 shares during the period. Two Sigma Investments LP acquired a new position in C3.ai during the 3rd quarter valued at about $13,379,000. Voloridge Investment Management LLC acquired a new position in C3.ai during the 4th quarter valued at about $9,183,000. Federated Hermes Inc. raised its position in shares of C3.ai by 93,578.8% during the 4th quarter. Federated Hermes Inc. now owns 675,424 shares of the company's stock worth $9,105,000 after buying an additional 674,703 shares in the last quarter. Finally, Marshall Wace LLP boosted its holdings in shares of C3.ai by 94.5% in the fourth quarter. Marshall Wace LLP now owns 1,015,709 shares of the company's stock valued at $13,692,000 after acquiring an additional 493,515 shares in the last quarter. 38.96% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on AI. Needham & Company LLC reiterated a "hold" rating on shares of C3.ai in a research report on Thursday, June 4th. Wedbush reaffirmed an "outperform" rating and set a $15.00 target price on shares of C3.ai in a research note on Thursday, June 4th. KeyCorp reiterated an "underweight" rating on shares of C3.ai in a research report on Thursday, June 4th. UBS Group boosted their price target on shares of C3.ai from $9.00 to $12.00 and gave the stock a "neutral" rating in a research report on Thursday, June 4th. Finally, DA Davidson restated an "underperform" rating and set a $7.00 price objective on shares of C3.ai in a research report on Thursday, June 4th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and six have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Reduce" and a consensus price target of $10.09.

Insider Buying and Selling at C3.ai

In other news, CEO Stephen Bradley Ehikian sold 50,542 shares of the business's 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 directly owned 651,130 shares in the company, valued at $6,153,178.50. The trade was a 7.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Thomas M. Siebel sold 453,314 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $10.51, for a total value of $4,764,330.14. Following the sale, the chief executive officer owned 722,362 shares of the company's stock, valued at approximately $7,592,024.62. This represents a 38.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,371,124 shares of company stock valued at $14,250,218 in the last quarter. Company insiders own 26.50% of the company's stock.

C3.ai Trading Down 2.8%

Shares of C3.ai stock opened at $9.89 on Friday. The stock has a 50-day moving average price of $9.53 and a 200 day moving average price of $9.56. The company has a market cap of $1.54 billion, a P/E ratio of -2.96 and a beta of 2.08. C3.ai, Inc. has a 1 year low of $7.68 and a 1 year high of $20.22.

C3.ai (NYSE:AI - Get Free Report) last released its earnings results on Wednesday, June 3rd. The company reported ($0.33) earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $51.60 million for the quarter, compared to analysts' expectations of $51.60 million. During the same quarter in the previous year, the business posted ($0.16) EPS. The business's revenue for the quarter was down 52.5% on a year-over-year basis. On average, equities analysts forecast that C3.ai, Inc. will post -2.28 earnings per share for the current fiscal year.

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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