C3.ai (NYSE:AI) CEO Thomas Siebel Sells 328,742 Shares of Stock

Key Points

• C3.ai CEO Thomas Siebel sold 328,742 shares for about $3.87 million at an average price of $11.76, reducing his ownership by 31.28% to 722,362 shares. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
• C3.ai’s latest quarterly results beat analyst estimates for both adjusted loss per share and revenue, but revenue fell 25.4% year over year and the company remained deeply unprofitable.
• Analysts’ average rating was “Reduce,” with an average price target of $9.62; shares were trading at $12.10 in the report.

C3.ai, Inc. (NYSE:AI - Get Free Report) CEO Thomas Siebel sold 328,742 shares of the business's stock in a transaction dated Tuesday, November 10th. The stock was sold at an average price of $11.76, for a total transaction of $3,866,005.92. Following the sale, the chief executive officer owned 722,362 shares in the company, valued at $8,494,977.12. This trade represents a 31.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

C3.ai Price Performance

Shares of NYSE AI traded down $0.09 during midday trading on Thursday, hitting $12.10. The company's stock had a trading volume of 3,429,074 shares, compared to its average volume of 5,804,681. The business's fifty day simple moving average is $11.30 and its two-hundred day simple moving average is $10.03. C3.ai, Inc. has a 1 year low of $7.68 and a 1 year high of $16.40. The firm has a market capitalization of $1.95 billion, a price-to-earnings ratio of -3.93 and a beta of 2.17.

C3.ai (NYSE:AI - Get Free Report) last announced its quarterly earnings data on Wednesday, September 2nd. The company reported ($0.20) earnings per share for the quarter, beating analysts' consensus estimates of ($0.26) by $0.06. The firm had revenue of $52.38 million during the quarter, compared to analysts' expectations of $52.06 million. C3.ai had a negative net margin of 192.10% and a negative return on equity of 61.25%. The business's quarterly revenue was down 25.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.37) earnings per share. Analysts anticipate that C3.ai, Inc. will post -2.20 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on AI shares. Canaccord Genuity Group reaffirmed a "hold" rating and set a $10.00 price objective on shares of C3.ai in a research report on Thursday, September 3rd. Citizens Jmp reissued a "market perform" rating on shares of C3.ai in a research note on Tuesday, September 29th. UBS Group restated an "underperform" rating on shares of C3.ai in a report on Tuesday, September 1st. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of C3.ai in a research report on Monday, November 2nd. Finally, Northland Securities raised C3.ai from a "market perform" rating to an "outperform" rating and increased their price target for the company from $10.00 to $16.00 in a research report on Monday, October 12th. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and seven have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Reduce" and an average target price of $9.62.

Institutional Investors Weigh In On C3.ai

Large investors have recently modified their holdings of the company. Bank of America Corp DE lifted its position in shares of C3.ai by 55.1% during the 1st quarter. Bank of America Corp DE now owns 3,282,183 shares of the company's stock worth $27,636,000 after purchasing an additional 1,166,302 shares during the last quarter. First Trust Advisors LP raised its stake in C3.ai by 10.0% in the third quarter. First Trust Advisors LP now owns 1,118,432 shares of the company's stock valued at $12,292,000 after buying an additional 101,857 shares in the last quarter. Bank of New York Mellon Corp raised its stake in C3.ai by 0.8% in the first quarter. Bank of New York Mellon Corp now owns 690,694 shares of the company's stock valued at $5,816,000 after buying an additional 5,631 shares in the last quarter. Edgestream Partners L.P. raised its stake in C3.ai by 247.5% in the first quarter. Edgestream Partners L.P. now owns 658,573 shares of the company's stock valued at $5,545,000 after buying an additional 469,057 shares in the last quarter. Finally, Engineers Gate Manager LP purchased a new stake in C3.ai during the 2nd quarter worth about $2,855,000. 38.96% of the stock is owned by hedge funds and other institutional investors.

About C3.ai

C3.ai, Inc. is an enterprise software company that develops artificial intelligence applications and tools for businesses and government organizations. Its offerings are designed to help customers use data to address operational and analytical needs across industries including energy, manufacturing, financial services, healthcare and defense. The company's products include the C3 AI Platform, which provides tools for developing, deploying and operating AI applications using enterprise data, as well as ready-made applications for use cases such as predictive maintenance, supply chain management and fraud detection.

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