C3.ai (NYSE:AI) Stock Price Down 0.4%

C3.ai, Inc. (NYSE:AI)’s stock price fell 0.4% during trading on Tuesday . The stock traded as low as $28.47 and last traded at $28.50. 683,140 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 6,673,730 shares. The stock had previously closed at $28.61.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on AI. Piper Sandler decreased their price target on shares of C3.ai from $33.00 to $29.00 and set a “neutral” rating on the stock in a report on Thursday, May 30th. Needham & Company LLC reaffirmed a “hold” rating on shares of C3.ai in a report on Thursday, May 30th. Morgan Stanley boosted their price objective on C3.ai from $21.00 to $23.00 and gave the stock an “underweight” rating in a report on Thursday, May 30th. Canaccord Genuity Group cut their price target on shares of C3.ai from $31.00 to $30.00 and set a “hold” rating for the company in a research note on Thursday, May 30th. Finally, Northland Capmk raised shares of C3.ai from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 30th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, C3.ai has a consensus rating of “Hold” and a consensus price target of $31.30.

C3.ai Price Performance

The stock has a 50 day simple moving average of $26.79 and a 200-day simple moving average of $27.12. The firm has a market cap of $3.56 billion, a PE ratio of -12.21 and a beta of 1.83.

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

Insider Activity at C3.ai

In other news, CFO Hitesh Lath sold 3,005 shares of C3.ai stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $27.56, for a total transaction of $82,817.80. Following the transaction, the chief financial officer now owns 7,390 shares in the company, valued at approximately $203,668.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 34.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in AI. Global Assets Advisory LLC lifted its holdings in C3.ai by 2,547.8% in the 1st quarter. Global Assets Advisory LLC now owns 896,676 shares of the company’s stock worth $24,273,000 after purchasing an additional 862,811 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of C3.ai by 6.7% in the third quarter. Vanguard Group Inc. now owns 10,477,374 shares of the company’s stock worth $267,383,000 after purchasing an additional 659,986 shares during the last quarter. Coatue Management LLC lifted its position in shares of C3.ai by 25.1% in the fourth quarter. Coatue Management LLC now owns 2,832,229 shares of the company’s stock worth $81,313,000 after buying an additional 568,369 shares in the last quarter. Norges Bank bought a new position in C3.ai during the fourth quarter valued at approximately $10,879,000. Finally, Citigroup Inc. increased its stake in C3.ai by 201.2% in the 3rd quarter. Citigroup Inc. now owns 166,303 shares of the company’s stock worth $4,244,000 after acquiring an additional 111,095 shares during the last quarter. 38.96% of the stock is currently owned by 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.