Truist Financial Corp Boosts Stock Holdings in C3.ai, Inc. (NYSE:AI)

Truist Financial Corp boosted its position in C3.ai, Inc. (NYSE:AI) by 5.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 21,211 shares of the company’s stock after purchasing an additional 1,023 shares during the period. Truist Financial Corp’s holdings in C3.ai were worth $614,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of AI. Global Assets Advisory LLC raised its holdings in C3.ai by 2,547.8% during the 1st quarter. Global Assets Advisory LLC now owns 896,676 shares of the company’s stock valued at $24,273,000 after acquiring an additional 862,811 shares during the period. Vanguard Group Inc. increased its holdings in shares of C3.ai by 3.1% in the first quarter. Vanguard Group Inc. now owns 10,647,900 shares of the company’s stock worth $288,239,000 after purchasing an additional 317,768 shares during the period. Susquehanna Fundamental Investments LLC bought a new position in shares of C3.ai in the second quarter worth $3,465,000. Virtu Financial LLC increased its holdings in shares of C3.ai by 541.6% in the first quarter. Virtu Financial LLC now owns 108,720 shares of the company’s stock worth $2,943,000 after purchasing an additional 91,774 shares during the period. Finally, Hsbc Holdings PLC increased its holdings in shares of C3.ai by 679.8% in the second quarter. Hsbc Holdings PLC now owns 87,092 shares of the company’s stock worth $2,500,000 after purchasing an additional 75,923 shares during the period. Hedge funds and other institutional investors own 38.96% of the company’s stock.

C3.ai Trading Down 5.1 %

Shares of AI opened at $26.18 on Wednesday. The firm has a market cap of $3.27 billion, a PE ratio of -11.19 and a beta of 1.81. The firm has a fifty day simple moving average of $23.94 and a two-hundred day simple moving average of $25.52. C3.ai, Inc. has a 1-year low of $18.85 and a 1-year high of $38.30.

C3.ai (NYSE:AI) last issued its earnings results on Wednesday, September 4th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.08. The firm had revenue of $87.21 million during the quarter, compared to analyst estimates of $86.94 million. C3.ai had a negative net margin of 85.47% and a negative return on equity of 31.28%. C3.ai’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.56) earnings per share. As a group, research analysts forecast that C3.ai, Inc. will post -2.32 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently commented on AI shares. Canaccord Genuity Group reduced their target price on C3.ai from $30.00 to $23.00 and set a “hold” rating on the stock in a research note on Thursday, September 5th. Morgan Stanley lowered their price objective on shares of C3.ai from $23.00 to $21.00 and set an “underweight” rating for the company in a report on Thursday, September 5th. Piper Sandler reduced their price target on shares of C3.ai from $29.00 to $24.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. Oppenheimer reissued an “outperform” rating and set a $40.00 price target on shares of C3.ai in a research report on Thursday, September 5th. Finally, JMP Securities reissued a “market outperform” rating and set a $40.00 price target on shares of C3.ai in a research report on Thursday, September 5th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $27.70.

C3.ai 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.