Zweig DiMenna Associates LLC Purchases New Shares in C3.ai, Inc. (NYSE:AI)

Key Points

• Zweig DiMenna Associates LLC has acquired 13,000 shares of C3.ai, Inc., valued at approximately $274,000, as reported in their recent SEC filing.
• C3.ai's stock has decreased by 10.8%, currently trading at $26.01, with a market capitalization of $3.49 billion.
• Analysts' ratings for C3.ai vary, with a consensus rating of "Hold" and target price of $30.14, reflecting a mix of sell and buy recommendations from various investment firms.

Zweig DiMenna Associates LLC acquired a new stake in C3.ai, Inc. (NYSE:AI - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 13,000 shares of the company's stock, valued at approximately $274,000.

A number of other large investors have also recently made changes to their positions in AI. Cetera Investment Advisers lifted its position in shares of C3.ai by 8.9% during the first quarter. Cetera Investment Advisers now owns 66,315 shares of the company's stock valued at $1,396,000 after purchasing an additional 5,412 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in C3.ai during the 1st quarter worth approximately $413,000. Maytree Asset Management Ltd bought a new stake in C3.ai during the 1st quarter worth approximately $383,000. PFG Advisors increased its holdings in C3.ai by 14.9% during the 1st quarter. PFG Advisors now owns 16,929 shares of the company's stock worth $356,000 after acquiring an additional 2,200 shares during the period. Finally, Allianz Asset Management GmbH increased its holdings in C3.ai by 38.6% during the 1st quarter. Allianz Asset Management GmbH now owns 23,350 shares of the company's stock worth $515,000 after acquiring an additional 6,501 shares during the period. 38.96% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other C3.ai news, Director John E. Hyten sold 10,000 shares of the company's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $23.75, for a total value of $237,500.00. Following the completion of the transaction, the director directly owned 63,942 shares in the company, valued at $1,518,622.50. This represents a 13.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Thomas M. Siebel sold 601,498 shares of the business's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $25.02, for a total transaction of $15,049,479.96. Following the completion of the transaction, the chief executive officer directly owned 3,816,802 shares in the company, valued at $95,496,386.04. This trade represents a 13.61% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,989,902 shares of company stock valued at $51,379,600. Insiders own 33.54% of the company's stock.

C3.ai Trading Down 3.6%

NYSE AI traded down $0.93 during trading hours on Tuesday, hitting $24.86. 4,783,665 shares of the company's stock traded hands, compared to its average volume of 5,356,531. The business's fifty day moving average price is $25.37 and its two-hundred day moving average price is $25.29. The firm has a market capitalization of $3.34 billion, a P/E ratio of -11.10 and a beta of 1.99. C3.ai, Inc. has a 52 week low of $17.03 and a 52 week high of $45.08.

C3.ai (NYSE:AI - Get Free Report) last posted its quarterly earnings results on Wednesday, May 28th. The company reported ($0.16) earnings per share for the quarter, topping analysts' consensus estimates of ($0.20) by $0.04. The business had revenue of $108.72 million during the quarter, compared to analyst estimates of $107.85 million. C3.ai had a negative net margin of 74.21% and a negative return on equity of 33.51%. The company's revenue was up 25.5% on a year-over-year basis. During the same period in the prior year, the business posted ($0.11) earnings per share. On average, sell-side analysts expect that C3.ai, Inc. will post -2.44 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on AI shares. Canaccord Genuity Group cut their price objective on shares of C3.ai from $30.00 to $28.00 and set a "hold" rating for the company in a research note on Thursday, May 29th. Morgan Stanley increased their price target on shares of C3.ai from $20.00 to $22.00 and gave the company an "underweight" rating in a research report on Thursday, May 29th. Westpark Capital raised shares of C3.ai to a "strong-buy" rating and set a $40.00 target price for the company in a research report on Wednesday, July 9th. UBS Group lowered their price target on shares of C3.ai from $28.00 to $27.00 and set a "neutral" rating for the company in a research report on Thursday, June 26th. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $50.00 target price on shares of C3.ai in a report on Friday. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $29.79.

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.