Marshall Wace LLP Sells 792,424 Shares of C3.ai, Inc. (NYSE:AI)

Marshall Wace LLP cut its stake in shares of C3.ai, Inc. (NYSE:AI - Free Report) by 58.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 554,665 shares of the company's stock after selling 792,424 shares during the period. Marshall Wace LLP owned about 0.43% of C3.ai worth $19,097,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in C3.ai by 3.6% during the 4th quarter. Vanguard Group Inc. now owns 12,935,969 shares of the company's stock valued at $445,385,000 after buying an additional 446,529 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of C3.ai by 14.1% in the 4th quarter. Geode Capital Management LLC now owns 2,529,991 shares of the company's stock worth $87,128,000 after purchasing an additional 313,066 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of C3.ai by 10.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 933,139 shares of the company's stock worth $32,128,000 after purchasing an additional 88,750 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of C3.ai by 1,242.5% in the 4th quarter. Renaissance Technologies LLC now owns 718,231 shares of the company's stock worth $24,729,000 after purchasing an additional 664,731 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of C3.ai by 1.3% in the 4th quarter. Bank of New York Mellon Corp now owns 695,893 shares of the company's stock worth $23,960,000 after purchasing an additional 8,772 shares in the last quarter. 38.96% of the stock is currently owned by hedge funds and other institutional investors.

C3.ai Stock Up 3.4 %

C3.ai stock traded up $0.68 during mid-day trading on Wednesday, reaching $20.54. 1,756,842 shares of the company's stock traded hands, compared to its average volume of 4,519,644. The company has a market cap of $2.73 billion, a price-to-earnings ratio of -9.29 and a beta of 2.01. The stock has a 50 day moving average of $22.68 and a two-hundred day moving average of $28.88. C3.ai, Inc. has a 12-month low of $17.03 and a 12-month high of $45.08.

C3.ai (NYSE:AI - Get Free Report) last released its quarterly earnings results on Wednesday, February 26th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.37). The business had revenue of $98.78 million for the quarter, compared to analysts' expectations of $98.12 million. C3.ai had a negative net margin of 79.17% and a negative return on equity of 31.31%. As a group, sell-side analysts forecast that C3.ai, Inc. will post -2.44 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Needham & Company LLC restated a "hold" rating on shares of C3.ai in a research note on Thursday, February 27th. Morgan Stanley dropped their target price on shares of C3.ai from $30.00 to $20.00 and set an "underweight" rating for the company in a report on Wednesday, April 16th. KeyCorp decreased their price target on C3.ai from $21.00 to $17.00 and set an "underweight" rating on the stock in a report on Thursday, April 17th. DA Davidson dropped their price objective on C3.ai from $25.00 to $18.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Finally, Piper Sandler decreased their target price on C3.ai from $42.00 to $28.00 and set a "neutral" rating on the stock in a research note on Thursday, February 27th. Five equities research analysts have rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $29.58.

Insider Buying and Selling at C3.ai

In other C3.ai news, VP Merel Witteveen sold 1,133 shares of the business's stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $22.25, for a total transaction of $25,209.25. Following the transaction, the vice president now owns 7,287 shares in the company, valued at $162,135.75. The trade was a 13.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Richard C. Levin sold 12,000 shares of the business's stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $29.84, for a total transaction of $358,080.00. Following the transaction, the director now owns 161,664 shares in the company, valued at $4,824,053.76. This trade represents a 6.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,446,967 shares of company stock worth $37,175,326 over the last quarter. Insiders own 33.54% of the company's stock.

C3.ai Company Profile

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.