C3.ai (NYSE:AI) Shares Down 0.3% Following Insider Selling

C3.ai, Inc. (NYSE:AI)’s share price dropped 0.3% during trading on Monday following insider selling activity. The stock traded as low as $28.62 and last traded at $28.87. Approximately 627,115 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 6,706,736 shares. The stock had previously closed at $28.96.

Specifically, CFO Hitesh Lath sold 3,005 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $27.56, for a total value of $82,817.80. Following the transaction, the chief financial officer now owns 7,390 shares of the company’s stock, valued at $203,668.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 34.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on AI shares. Northland Capmk raised shares of C3.ai from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 30th. Piper Sandler decreased their price target on shares of C3.ai from $33.00 to $29.00 and set a “neutral” rating for the company in a report on Thursday, May 30th. Needham & Company LLC reaffirmed a “hold” rating on shares of C3.ai in a research report on Thursday, May 30th. Northland Securities raised shares of C3.ai from a “market perform” rating to an “outperform” rating and set a $35.00 target price for the company in a research note on Thursday, May 30th. Finally, Canaccord Genuity Group dropped their price target on C3.ai from $31.00 to $30.00 and set a “hold” rating on the stock in a research note on Thursday, May 30th. Three analysts have rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $31.30.

C3.ai Stock Down 1.2 %

The stock has a 50 day moving average of $26.55 and a 200 day moving average of $27.13. The firm has a market cap of $3.57 billion, a price-to-earnings ratio of -12.23 and a beta of 1.83.

C3.ai (NYSE:AI) last announced its quarterly earnings data on Wednesday, May 29th. The company reported ($0.59) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.18. C3.ai had a negative net margin of 93.36% and a negative return on equity of 30.95%. The business had revenue of $86.59 million for the quarter, compared to analysts’ expectations of $84.45 million. As a group, analysts predict that C3.ai, Inc. will post -2.35 EPS for the current fiscal year.

Hedge Funds Weigh In On C3.ai

Several institutional investors and hedge funds have recently added to or reduced their stakes in AI. EP Wealth Advisors LLC boosted its stake in shares of C3.ai by 6.2% during the first quarter. EP Wealth Advisors LLC now owns 10,239 shares of the company’s stock valued at $277,000 after purchasing an additional 600 shares in the last quarter. GPS Wealth Strategies Group LLC boosted its position in C3.ai by 87.9% during the 4th quarter. GPS Wealth Strategies Group LLC now owns 1,351 shares of the company’s stock worth $39,000 after buying an additional 632 shares during the period. EWG Elevate Inc. grew its holdings in C3.ai by 7.5% during the 1st quarter. EWG Elevate Inc. now owns 9,538 shares of the company’s stock worth $258,000 after acquiring an additional 662 shares during the last quarter. Daiwa Securities Group Inc. increased its position in C3.ai by 2.9% in the 4th quarter. Daiwa Securities Group Inc. now owns 28,478 shares of the company’s stock valued at $818,000 after acquiring an additional 811 shares during the period. Finally, Toth Financial Advisory Corp raised its stake in shares of C3.ai by 900.0% during the first quarter. Toth Financial Advisory Corp now owns 1,000 shares of the company’s stock valued at $27,000 after acquiring an additional 900 shares during the last quarter. Institutional investors 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.