JPMorgan Chase & Co. Downgrades C3.ai (NYSE:AI) to Underweight

C3.ai (NYSE:AI) was downgraded by research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a research note issued on Wednesday, MarketBeat reports. They currently have a $28.00 price target on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential downside of 26.78% from the company’s previous close.

AI has been the topic of a number of other reports. Oppenheimer reaffirmed an “outperform” rating and issued a $40.00 price target on shares of C3.ai in a research note on Thursday, September 5th. Northland Securities raised their price target on C3.ai from $35.00 to $45.00 and gave the stock an “outperform” rating in a research note on Tuesday. Needham & Company LLC reissued a “hold” rating on shares of C3.ai in a research note on Tuesday. Piper Sandler raised their price objective on shares of C3.ai from $24.00 to $42.00 and gave the company a “neutral” rating in a research report on Tuesday. Finally, Canaccord Genuity Group decreased their target price on shares of C3.ai from $30.00 to $23.00 and set a “hold” rating for the company in a research report on Thursday, September 5th. Four 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 data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $35.55.

C3.ai Stock Performance

Shares of AI opened at $38.24 on Wednesday. The company has a market capitalization of $4.86 billion, a PE ratio of -17.30 and a beta of 1.99. The company’s 50 day moving average price is $30.08 and its 200 day moving average price is $27.54. C3.ai has a 52 week low of $18.85 and a 52 week high of $45.08.

Insider Activity at C3.ai

In related news, Director Stephen M. Ward, Jr. sold 125,000 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $42.00, for a total value of $5,250,000.00. Following the completion of the transaction, the director now owns 546,495 shares of the company’s stock, valued at $22,952,790. This represents a 18.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Hitesh Lath sold 11,339 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $42.00, for a total transaction of $476,238.00. Following the transaction, the chief financial officer now owns 851 shares of the company’s stock, valued at approximately $35,742. This represents a 93.02 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 33.54% of the company’s stock.

Institutional Investors Weigh In On C3.ai

Several institutional investors and hedge funds have recently made changes to their positions in the company. JTC Employer Solutions Trustee Ltd acquired a new position in shares of C3.ai in the 3rd quarter worth approximately $25,000. Blue Trust Inc. boosted its stake in C3.ai by 148.9% in the second quarter. Blue Trust Inc. now owns 1,028 shares of the company’s stock worth $28,000 after purchasing an additional 615 shares in the last quarter. Unique Wealth Strategies LLC acquired a new position in C3.ai in the second quarter worth $28,000. Hobbs Group Advisors LLC bought a new stake in shares of C3.ai during the second quarter worth $29,000. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of C3.ai by 311.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,050 shares of the company’s stock valued at $30,000 after buying an additional 795 shares in 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.