Bank of New York Mellon Corp Has $23.96 Million Holdings in C3.ai, Inc. (NYSE:AI)

Bank of New York Mellon Corp grew its holdings in C3.ai, Inc. (NYSE:AI) by 1.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 695,893 shares of the company’s stock after purchasing an additional 8,772 shares during the period. Bank of New York Mellon Corp owned about 0.54% of C3.ai worth $23,960,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Brown Lisle Cummings Inc. increased its holdings in C3.ai by 100.0% during the fourth quarter. Brown Lisle Cummings Inc. now owns 800 shares of the company’s stock worth $28,000 after buying an additional 400 shares during the last quarter. R Squared Ltd acquired a new position in C3.ai during the fourth quarter worth $29,000. CENTRAL TRUST Co acquired a new position in C3.ai during the fourth quarter worth $34,000. Global Retirement Partners LLC increased its holdings in C3.ai by 1,004.0% during the fourth quarter. Global Retirement Partners LLC now owns 1,115 shares of the company’s stock worth $38,000 after buying an additional 1,014 shares during the last quarter. Finally, Geneos Wealth Management Inc. increased its holdings in C3.ai by 72.4% during the fourth quarter. Geneos Wealth Management Inc. now owns 1,322 shares of the company’s stock worth $46,000 after buying an additional 555 shares during the last quarter. 38.96% of the stock is currently owned by institutional investors and hedge funds.

C3.ai Stock Performance

Shares of C3.ai stock opened at $22.56 on Monday. The firm has a 50-day moving average of $31.01 and a 200-day moving average of $29.50. The stock has a market cap of $2.91 billion, a PE ratio of -10.21 and a beta of 2.03. C3.ai, Inc. has a 52-week low of $18.85 and a 52-week high of $45.08.

C3.ai (NYSE:AI) last posted its quarterly earnings data on Wednesday, February 26th. The company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.37). C3.ai had a negative return on equity of 31.31% and a negative net margin of 79.17%. The firm had revenue of $98.78 million for the quarter, compared to the consensus estimate of $98.12 million. Equities research analysts predict that C3.ai, Inc. will post -2.44 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. KeyCorp lowered their target price on shares of C3.ai from $29.00 to $21.00 and set an “underweight” rating on the stock in a report on Thursday, February 27th. Canaccord Genuity Group reduced their price objective on shares of C3.ai from $40.00 to $30.00 and set a “hold” rating for the company in a research report on Thursday, February 27th. Needham & Company LLC reaffirmed a “hold” rating on shares of C3.ai in a research report on Thursday, February 27th. Piper Sandler reduced their price objective on shares of C3.ai from $42.00 to $28.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. Finally, DA Davidson reduced their price objective on shares of C3.ai from $40.00 to $25.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. Five equities research analysts have rated the stock with a sell rating, five have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, C3.ai currently has an average rating of “Hold” and an average target price of $31.33.

Insider Buying and Selling

In related news, CEO Thomas M. Siebel sold 552,422 shares of the company’s stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $33.04, for a total transaction of $18,252,022.88. Following the completion of the sale, the chief executive officer now owns 1,336,968 shares of the company’s stock, valued at $44,173,422.72. This represents a 29.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Hitesh Lath sold 3,949 shares of the business’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $42.36, for a total value of $167,279.64. Following the transaction, the chief financial officer now directly owns 851 shares of the company’s stock, valued at approximately $36,048.36. The trade was a 82.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,506,972 shares of company stock valued at $54,010,382 over the last quarter. 33.54% of the stock is owned by company insiders.

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.