Insider Selling: C3.ai (NYSE:AI) CEO Sells 22,780 Shares

Key Points

• C3.ai CEO Thomas Siebel sold 22,780 shares at an average price of $10.56, generating approximately $240,557 to cover tax withholding on vested equity awards. He retains 744,348 shares, worth roughly $7.86 million.
• C3.ai shares fell 3.2% to $10.82, while the company reported a quarterly loss of $0.20 per share and revenue of $52.38 million. Revenue declined 25.4% year over year despite beating analysts’ estimates.
• Analyst sentiment remains weak, with one Buy, four Hold, and seven Sell ratings; the consensus rating is Reduce with an $8.70 price target, below the current share price.

C3.ai, Inc. (NYSE:AI - Get Free Report) CEO Thomas Siebel sold 22,780 shares of C3.ai stock in a transaction on Monday, September 14th. The shares were sold at an average price of $10.56, for a total value of $240,556.80. Following the completion of the sale, the chief executive officer directly owned 744,348 shares of the company's stock, valued at approximately $7,860,314.88. This represents a 2.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

C3.ai Trading Down 3.2%

Shares of AI traded down $0.35 during mid-day trading on Tuesday, reaching $10.82. The company had a trading volume of 4,397,061 shares, compared to its average volume of 5,229,472. The firm has a fifty day simple moving average of $9.76 and a 200-day simple moving average of $9.44. C3.ai, Inc. has a fifty-two week low of $7.68 and a fifty-two week high of $20.22. The stock has a market cap of $1.68 billion, a price-to-earnings ratio of -3.51 and a beta of 2.10.

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

Wall Street Analyst Weigh In

AI has been the subject of a number of analyst reports. Wall Street Zen raised C3.ai from a "sell" rating to a "hold" rating in a report on Sunday. Citigroup restated a "market perform" rating on shares of C3.ai in a research note on Thursday, September 3rd. Wedbush reiterated an "outperform" rating and set a $15.00 target price on shares of C3.ai in a research note on Thursday, June 4th. Needham & Company LLC reissued a "hold" rating on shares of C3.ai in a report on Thursday, September 3rd. Finally, UBS Group restated an "underperform" rating on shares of C3.ai in a research report on Tuesday, September 1st. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and seven have given a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Reduce" and a consensus price target of $8.70.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Comerica Bank increased its position in C3.ai by 839.1% in the fourth quarter. Comerica Bank now owns 2,423 shares of the company's stock worth $33,000 after buying an additional 2,165 shares during the period. Western Wealth Management LLC acquired a new position in shares of C3.ai during the first quarter valued at $26,000. AdvisorNet Financial Inc bought a new position in shares of C3.ai during the first quarter worth about $34,000. Eurizon Capital SGR S.p.A. acquired a new stake in shares of C3.ai in the 4th quarter worth about $71,000. Finally, CoreCap Advisors LLC increased its holdings in shares of C3.ai by 34.0% in the 2nd quarter. CoreCap Advisors LLC now owns 6,145 shares of the company's stock worth $56,000 after acquiring an additional 1,560 shares during the period. Institutional investors and hedge funds own 38.96% of the company's stock.

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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