C3.ai (NYSE:AI) CFO Sells $220,886.96 in Stock

Key Points

• C3.ai CFO Hitesh Lath sold 21,077 shares at an average price of $10.48, generating $220,886.96. The sale covered tax withholding obligations tied to vested equity awards and reduced his direct holdings by 5.38% to 371,036 shares.
• C3.ai reported a quarterly loss of $0.20 per share, better than the expected $0.26 loss, while revenue of $52.38 million slightly exceeded forecasts. However, revenue declined 25.4% year over year and the company remains unprofitable.
• Analyst sentiment remains weak, with a consensus “Reduce” rating and an $8.70 price target versus the stock’s recent price of $10.78; seven analysts rate it a Sell, four a Hold, and one a Buy.

C3.ai, Inc. (NYSE:AI - Get Free Report) CFO Hitesh Lath sold 21,077 shares of C3.ai stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $10.48, for a total transaction of $220,886.96. Following the sale, the chief financial officer directly owned 371,036 shares of the company's stock, valued at $3,888,457.28. This represents a 5.38% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Hitesh Lath also recently made the following trade(s):

• On Tuesday, August 4th, Hitesh Lath sold 20,000 shares of C3.ai stock. The stock was sold at an average price of $10.00, for a total value of $200,000.00.
• On Tuesday, June 30th, Hitesh Lath sold 48,619 shares of C3.ai stock. The stock was sold at an average price of $8.77, for a total transaction of $426,388.63.

C3.ai Price Performance

NYSE AI traded up $0.21 during trading on Thursday, reaching $10.78. 2,933,672 shares of the company's stock traded hands, compared to its average volume of 5,246,809. The company's 50 day simple moving average is $9.83 and its two-hundred day simple moving average is $9.47. C3.ai, Inc. has a 12-month low of $7.68 and a 12-month high of $20.22. The firm has a market cap of $1.67 billion, a price-to-earnings ratio of -3.50 and a beta of 2.10.

C3.ai (NYSE:AI - Get Free Report) last announced its quarterly earnings results on Wednesday, September 2nd. The company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.26) by $0.06. The business had revenue of $52.38 million for the quarter, compared to the consensus estimate of $52.06 million. C3.ai had a negative return on equity of 61.25% and a negative net margin of 192.10%.The business's revenue was down 25.4% compared to the same quarter last year. During the same period last year, the business posted ($0.37) EPS. Research analysts expect that C3.ai, Inc. will post -2.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On C3.ai

Several large investors have recently made changes to their positions in AI. Arizona State Retirement System lifted its position in shares of C3.ai by 3.7% during the 2nd quarter. Arizona State Retirement System now owns 37,168 shares of the company's stock valued at $338,000 after buying an additional 1,310 shares in the last quarter. ProShare Advisors LLC lifted its holdings in C3.ai by 6.5% during the fourth quarter. ProShare Advisors LLC now owns 22,984 shares of the company's stock valued at $310,000 after purchasing an additional 1,400 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its stake in shares of C3.ai by 12.7% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 13,776 shares of the company's stock worth $116,000 after purchasing an additional 1,548 shares in the last quarter. CoreCap Advisors LLC raised its holdings in shares of C3.ai by 34.0% during the second quarter. CoreCap Advisors LLC now owns 6,145 shares of the company's stock valued at $56,000 after acquiring an additional 1,560 shares during the last quarter. Finally, Western Wealth Management LLC acquired a new position in C3.ai in the 1st quarter valued at $26,000. 38.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of C3.ai from a "sell" rating to a "hold" rating in a report on Sunday. DA Davidson restated an "underperform" rating and set a $7.00 price target on shares of C3.ai in a research note on Tuesday, September 1st. Canaccord Genuity Group reaffirmed a "hold" rating and set a $10.00 price target on shares of C3.ai in a research report on Thursday, September 3rd. Needham & Company LLC reiterated a "hold" rating on shares of C3.ai in a research note on Thursday, September 3rd. Finally, Weiss Ratings upgraded C3.ai from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, August 4th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and seven have issued a Sell rating to the company's stock. According to MarketBeat.com, C3.ai currently has a consensus rating of "Reduce" and a consensus target price of $8.70.

C3.ai Company Profile

C3.ai, Inc develops enterprise artificial intelligence software and applications for organizations in a range of industries. Its technology is designed to help businesses use data, machine learning and predictive analytics to address operational, financial and strategic challenges.

The company's offerings include the C3 AI Platform, which provides tools for developing, deploying and operating AI applications, as well as prebuilt applications for use cases such as predictive maintenance, fraud detection, supply-chain optimization, customer engagement, energy management and regulatory compliance.

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