Virtu Financial LLC Decreases Stake in C3.ai, Inc. (NYSE:AI)

Virtu Financial LLC lowered its stake in C3.ai, Inc. (NYSE:AI - Free Report) by 52.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 29,247 shares of the company's stock after selling 32,559 shares during the quarter. Virtu Financial LLC's holdings in C3.ai were worth $616,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Zweig DiMenna Associates LLC bought a new stake in C3.ai during the 1st quarter valued at approximately $274,000. Susquehanna Fundamental Investments LLC bought a new position in shares of C3.ai during the fourth quarter worth $3,159,000. Banque Cantonale Vaudoise purchased a new position in C3.ai during the first quarter valued at $390,000. GAMMA Investing LLC increased its holdings in shares of C3.ai by 4,846.5% in the first quarter. GAMMA Investing LLC now owns 12,020 shares of the company's stock worth $253,000 after purchasing an additional 11,777 shares during the last quarter. Finally, McGuire Investment Group LLC increased its stake in C3.ai by 782.5% in the 1st quarter. McGuire Investment Group LLC now owns 80,893 shares of the company's stock worth $1,703,000 after acquiring an additional 71,727 shares during the last quarter. 38.96% of the stock is currently owned by hedge funds and other institutional investors.

C3.ai Stock Up 9.9%

NYSE:AI opened at $18.58 on Thursday. C3.ai, Inc. has a 52 week low of $14.70 and a 52 week high of $45.08. The stock's 50-day moving average price is $24.77 and its 200-day moving average price is $24.51. The stock has a market capitalization of $2.50 billion, a PE ratio of -8.29 and a beta of 1.98.

C3.ai (NYSE:AI - Get Free Report) last issued 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. C3.ai had a negative return on equity of 33.51% and a negative net margin of 74.21%. The company had revenue of $108.72 million for the quarter, compared to analyst estimates of $107.85 million. During the same period last year, the company earned ($0.11) earnings per share. C3.ai's quarterly revenue was up 25.5% compared to the same quarter last year. Sell-side analysts expect that C3.ai, Inc. will post -2.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Hitesh Lath sold 17,689 shares of the company's stock in a transaction on Friday, June 27th. The stock was sold at an average price of $24.96, for a total value of $441,517.44. Following the transaction, the chief financial officer owned 166,218 shares of the company's stock, valued at $4,148,801.28. This represents a 9.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John E. Hyten sold 10,000 shares of the stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $23.75, for a total transaction of $237,500.00. Following the transaction, the director directly owned 63,942 shares of the company's stock, valued at approximately $1,518,622.50. This trade represents a 13.52% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,685,115 shares of company stock worth $43,700,880 in the last ninety days. Company insiders own 33.54% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on AI. Canaccord Genuity Group lowered their price objective on C3.ai from $30.00 to $28.00 and set a "hold" rating for the company in a research note on Thursday, May 29th. Needham & Company LLC reaffirmed a "hold" rating on shares of C3.ai in a research note on Monday. Piper Sandler reduced 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. Northland Securities downgraded shares of C3.ai from an "outperform" rating to a "market perform" rating and set a $17.00 price objective for the company. in a research note on Tuesday. Finally, Wall Street Zen raised C3.ai from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Five analysts have rated the stock with a sell rating, nine have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, C3.ai presently has a consensus rating of "Hold" and an average price target of $27.43.

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.

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