C3.ai (NYSE:AI) Earns "Hold" Rating from Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of C3.ai (NYSE:AI - Free Report) in a report published on Thursday,Benzinga reports.

AI has been the subject of several other reports. DA Davidson lowered their price target on C3.ai from $25.00 to $18.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Morgan Stanley lowered their target price on C3.ai from $30.00 to $20.00 and set an "underweight" rating for the company in a research note on Wednesday, April 16th. Canaccord Genuity Group lowered their target price on C3.ai from $40.00 to $30.00 and set a "hold" rating for the company in a research note on Thursday, February 27th. Piper Sandler lowered their target price on C3.ai from $42.00 to $28.00 and set a "neutral" rating for the company in a research note on Thursday, February 27th. Finally, KeyCorp lowered their target price on C3.ai from $21.00 to $17.00 and set an "underweight" rating for the company in a research note on Thursday, April 17th. Five research analysts have rated the stock with a sell rating, six have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, C3.ai has an average rating of "Hold" and an average price target of $29.46.

C3.ai Price Performance

NYSE AI traded down $1.22 during trading hours on Thursday, hitting $26.58. The company had a trading volume of 11,988,832 shares, compared to its average volume of 5,237,889. C3.ai has a fifty-two week low of $17.03 and a fifty-two week high of $45.08. The company has a market capitalization of $3.53 billion, a price-to-earnings ratio of -12.03 and a beta of 1.99. The firm's 50 day moving average is $21.87 and its 200 day moving average is $28.29.

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

Insider Buying and Selling

In related news, 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 transaction, the chief executive officer now owns 4,674,643 shares in the company, valued at $112,191,432. This trade represents a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Merel Witteveen sold 5,719 shares of C3.ai stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $23.32, for a total transaction of $133,367.08. Following the completion of the transaction, the vice president now owns 12,066 shares in the company, valued at approximately $281,379.12. This trade represents a 32.16% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,529,519 shares of company stock worth $34,038,096. Corporate insiders own 33.54% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in AI. Two Sigma Investments LP acquired a new position in C3.ai in the fourth quarter worth approximately $42,306,000. Man Group plc acquired a new position in C3.ai in the fourth quarter worth approximately $38,455,000. Two Sigma Advisers LP acquired a new position in C3.ai in the fourth quarter worth approximately $30,725,000. Renaissance Technologies LLC grew its position in C3.ai by 1,242.5% in the fourth quarter. Renaissance Technologies LLC now owns 718,231 shares of the company's stock worth $24,729,000 after buying an additional 664,731 shares during the last quarter. Finally, Vident Advisory LLC grew its position in C3.ai by 3,935.9% in the first quarter. Vident Advisory LLC now owns 568,492 shares of the company's stock worth $11,967,000 after buying an additional 554,406 shares during the last quarter. Institutional investors and hedge funds own 38.96% 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.