Morgan Stanley Issues Positive Forecast for C3.ai (NYSE:AI) Stock Price

C3.ai (NYSE:AI - Get Free Report) had its price target lifted by investment analysts at Morgan Stanley from $20.00 to $22.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an "underweight" rating on the stock. Morgan Stanley's price objective would suggest a potential downside of 17.23% from the stock's previous close.

AI has been the subject of a number of other reports. UBS Group reiterated a "neutral" rating and set a $28.00 price objective (up from $26.00) on shares of C3.ai in a report on Thursday. JPMorgan Chase & Co. decreased their price objective on C3.ai from $27.00 to $23.00 and set an "underweight" rating for the company in a report on Thursday. KeyCorp reiterated a "mixed" rating on shares of C3.ai in a report on Thursday. Needham & Company LLC reiterated a "hold" rating on shares of C3.ai in a report on Thursday. Finally, Piper Sandler decreased their price objective on C3.ai from $42.00 to $28.00 and set a "neutral" rating for the company in a report on Thursday, February 27th. Five equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $29.46.

C3.ai Trading Down 4.4%

Shares of AI traded down $1.22 during trading hours on Thursday, hitting $26.58. 11,988,832 shares of the stock traded hands, compared to its average volume of 5,237,889. C3.ai has a 1-year low of $17.03 and a 1-year high of $45.08. The firm has a market capitalization of $3.53 billion, a PE ratio of -12.03 and a beta of 1.99. The business has a fifty day moving average of $21.87 and a 200-day moving average of $28.29.

C3.ai (NYSE:AI - Get Free Report) last released its earnings results on Wednesday, May 28th. The company reported ($0.16) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.04. The firm had revenue of $108.72 million for the quarter, compared to analyst estimates of $107.85 million. C3.ai had a negative return on equity of 31.31% and a negative net margin of 79.17%. The company's quarterly revenue was up 25.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.11) earnings per share. As a group, equities research analysts expect that C3.ai will post -2.44 earnings per share for the current fiscal year.

Insider Activity at C3.ai

In other news, VP Merel Witteveen sold 1,133 shares of the stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $22.25, for a total transaction of $25,209.25. Following the sale, the vice president now owns 7,287 shares of the company's stock, valued at approximately $162,135.75. This represents a 13.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas M. Siebel sold 341,698 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $24.00, for a total transaction of $8,200,752.00. Following the completion of the sale, the chief executive officer now directly owns 4,674,643 shares in the company, valued at approximately $112,191,432. This trade represents a 6.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,529,519 shares of company stock worth $34,038,096 in the last three months. Company insiders own 33.54% of the company's stock.

Hedge Funds Weigh In On C3.ai

Hedge funds have recently modified their holdings of the business. Two Sigma Investments LP acquired a new stake in C3.ai in the fourth quarter valued at $42,306,000. Man Group plc acquired a new position in shares of C3.ai during the 4th quarter worth $38,455,000. Two Sigma Advisers LP acquired a new position in shares of C3.ai during the 4th quarter worth $30,725,000. Renaissance Technologies LLC raised its stake in C3.ai by 1,242.5% in the 4th quarter. Renaissance Technologies LLC now owns 718,231 shares of the company's stock valued at $24,729,000 after purchasing an additional 664,731 shares during the last quarter. Finally, Vident Advisory LLC raised its stake in C3.ai by 3,935.9% in the 1st quarter. Vident Advisory LLC now owns 568,492 shares of the company's stock valued at $11,967,000 after purchasing an additional 554,406 shares during the last quarter. 38.96% of the stock is currently owned by hedge funds and other institutional investors.

About C3.ai

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.