C3.ai (NYSE:AI) Stock Price Down 6.3% After Insider Selling

Thursday, June 10, 2021 | MarketBeat

C3.ai, Inc. (NYSE:AI) shares dropped 6.3% during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $58.15 and last traded at $58.20. Approximately 150,620 shares changed hands during mid-day trading, a decline of 96% from the average daily volume of 3,903,672 shares. The stock had previously closed at $62.10.Specifically, CEO Thomas M. Siebel sold 144,356 shares of the business's stock in a transaction dated Wednesday, June 9th. The stock was sold at an average price of $64.63, for a total value of $9,329,728.28. Following the transaction, the chief executive officer now owns 1,756,390 shares in the company, valued at approximately $113,515,485.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Shankar Sastry sold 50,000 shares of the business's stock in a transaction dated Wednesday, April 14th. The shares were sold at an average price of $69.41, for a total value of $3,470,500.00. Following the completion of the transaction, the director now owns 72,282 shares in the company, valued at approximately $5,017,093.62. The disclosure for this sale can be found here. Insiders sold a total of 7,279,615 shares of company stock valued at $521,378,597 over the last three months.

AI has been the topic of several recent research reports. Canaccord Genuity dropped their price target on C3.ai from $120.00 to $75.00 and set a "hold" rating on the stock in a research report on Thursday, June 3rd. They noted that the move was a valuation call. Morgan Stanley boosted their price target on C3.ai from $60.00 to $62.00 and gave the stock an "underweight" rating in a research note on Thursday, June 3rd. Deutsche Bank Aktiengesellschaft decreased their price target on C3.ai from $98.00 to $63.00 and set a "hold" rating on the stock in a research note on Thursday, June 3rd. Wedbush decreased their price target on C3.ai from $175.00 to $100.00 and set an "outperform" rating on the stock in a research note on Thursday, June 3rd. Finally, Piper Sandler decreased their price target on C3.ai from $141.00 to $98.00 and set an "overweight" rating on the stock in a research note on Thursday, June 3rd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company. The stock has an average rating of "Hold" and a consensus price target of $107.22.

The firm has a market capitalization of $5.87 billion and a P/E ratio of -65.28. The company has a 50 day simple moving average of $62.67.

C3.ai (NYSE:AI) last issued its quarterly earnings results on Tuesday, June 1st. The company reported ($0.24) earnings per share for the quarter, topping analysts' consensus estimates of ($0.29) by $0.05. The business had revenue of $52.28 million for the quarter, compared to analysts' expectations of $50.60 million. C3.ai's revenue was up 25.6% on a year-over-year basis. As a group, equities analysts expect that C3.ai, Inc. will post -1.12 EPS for the current year.

Institutional investors have recently modified their holdings of the business. NEXT Financial Group Inc purchased a new position in shares of C3.ai during the 4th quarter worth $26,000. Valeo Financial Advisors LLC acquired a new stake in shares of C3.ai during the 4th quarter worth $26,000. Glassman Wealth Services acquired a new stake in shares of C3.ai during the 1st quarter worth $26,000. Steward Partners Investment Advisory LLC acquired a new stake in shares of C3.ai during the 4th quarter worth $27,000. Finally, Captrust Financial Advisors acquired a new stake in shares of C3.ai during the 4th quarter worth $27,000. 46.16% of the stock is currently owned by institutional investors.

C3.ai Company Profile (NYSE:AI)

C3.ai, Inc operates as an enterprise artificial intelligence (AI) software company. The company provides software-as-a-service applications for enterprises. Its software solutions include C3 AI Suite, a platform-as-a-service application development and runtime environment that enables customers to design, develop, and deploy enterprise AI applications; and C3 AI Applications, which include industry-specific and application-specific turnkey AI solutions.

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