Zweig DiMenna Associates LLC Takes Position in C3.ai, Inc. $AI

Key Points

• Zweig DiMenna Associates opened a new position in C3.ai during Q1, buying 318,950 shares worth about $2.69 million and owning roughly 0.22% of the company.
• Wall Street sentiment remains cautious: analysts currently average a "Reduce" rating on C3.ai, with an average price target of $10.67.
• C3.ai reported a smaller-than-expected quarterly loss of ($0.33) per share, but revenue still fell 52.5% year over year; meanwhile, CEO Thomas Siebel and CFO Hitesh Lath both sold shares under pre-arranged trading plans.

Zweig DiMenna Associates LLC acquired 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 Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 318,950 shares of the company's stock, valued at approximately $2,686,000. Zweig DiMenna Associates LLC owned approximately 0.22% of C3.ai as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. AQR Capital Management LLC increased its stake in C3.ai by 267.9% in the 1st quarter. AQR Capital Management LLC now owns 181,354 shares of the company's stock worth $3,788,000 after acquiring an additional 132,056 shares during the last quarter. NewEdge Advisors LLC raised its holdings in shares of C3.ai by 48.7% in the 1st quarter. NewEdge Advisors LLC now owns 2,442 shares of the company's stock valued at $51,000 after acquiring an additional 800 shares in the last quarter. Woodline Partners LP bought a new stake in shares of C3.ai during the 1st quarter valued at about $346,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of C3.ai by 4.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 242,784 shares of the company's stock valued at $5,111,000 after acquiring an additional 10,675 shares during the last quarter. Finally, Focus Partners Wealth boosted its position in shares of C3.ai by 2.6% during the 1st quarter. Focus Partners Wealth now owns 59,004 shares of the company's stock valued at $1,242,000 after acquiring an additional 1,503 shares during the last quarter. Institutional investors own 38.96% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Citizens Jmp restated a "market perform" rating on shares of C3.ai in a research report on Thursday, June 4th. KeyCorp reiterated an "underweight" rating on shares of C3.ai in a research report on Thursday, June 4th. Needham & Company LLC reissued a "hold" rating on shares of C3.ai in a research note on Thursday, June 4th. Wedbush reissued an "outperform" rating and issued a $15.00 price target on shares of C3.ai in a report on Thursday, June 4th. Finally, UBS Group increased their price target on shares of C3.ai from $9.00 to $12.00 and gave the stock a "neutral" rating in a report on Thursday, June 4th. One research analyst has rated the stock with a Buy rating, six have issued a Hold rating and six have given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Reduce" and an average target price of $10.67.

C3.ai Trading Down 0.3%

AI opened at $9.13 on Wednesday. The company has a market cap of $1.42 billion, a P/E ratio of -2.73 and a beta of 2.06. The business's 50-day moving average price is $9.71 and its 200-day moving average price is $10.21. C3.ai, Inc. has a 12 month low of $7.68 and a 12 month high of $30.11.

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

Insider Buying and Selling at C3.ai

In other news, CEO Thomas M. Siebel sold 472,005 shares of the company's stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $11.11, for a total transaction of $5,243,975.55. Following the completion of the transaction, the chief executive officer directly owned 722,362 shares of the company's stock, valued at approximately $8,025,441.82. This represents a 39.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Hitesh Lath sold 48,619 shares of the company's stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $8.77, for a total transaction of $426,388.63. Following the transaction, the chief financial officer directly owned 383,106 shares of the company's stock, valued at approximately $3,359,839.62. This trade represents a 11.26% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 1,155,144 shares of company stock valued at $11,420,651 in the last quarter. Company insiders own 26.50% of the company's stock.

C3.ai 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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