C3.ai (NYSE:AI) Stock Price Down 3.2%

Shares of C3.ai, Inc. (NYSE:AI) dropped 3.2% on Wednesday . The company traded as low as $27.26 and last traded at $27.46. Approximately 778,925 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 6,327,674 shares. The stock had previously closed at $28.38.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Northland Securities upgraded C3.ai from a “market perform” rating to an “outperform” rating and set a $35.00 price target for the company in a report on Thursday, May 30th. Canaccord Genuity Group reduced their target price 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. Wedbush reissued an “outperform” rating and set a $40.00 price target on shares of C3.ai in a research report on Wednesday, May 29th. Morgan Stanley upped their price objective on shares of C3.ai from $21.00 to $23.00 and gave the stock an “underweight” rating in a research report on Thursday, May 30th. Finally, Needham & Company LLC reissued a “hold” rating on shares of C3.ai in a research report on Thursday, May 30th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $30.33.

C3.ai Stock Performance

The company has a market cap of $3.46 billion, a PE ratio of -11.85 and a beta of 1.83. The company’s 50 day moving average price is $28.33 and its 200-day moving average price is $27.11.

C3.ai (NYSE:AI) last released its earnings results on Wednesday, May 29th. The company reported ($0.59) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $86.59 million during the quarter, compared to the consensus estimate of $84.45 million. Equities research analysts expect that C3.ai, Inc. will post -2.35 EPS for the current year.

Insider Transactions at C3.ai

In related news, CFO Hitesh Lath sold 3,005 shares of C3.ai stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $27.56, for a total value of $82,817.80. Following the completion of the transaction, the chief financial officer now directly owns 7,390 shares in the company, valued at approximately $203,668.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 34.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Global Assets Advisory LLC boosted 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 valued at $24,273,000 after purchasing an additional 862,811 shares during the period. Vanguard Group Inc. raised its position 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 buying an additional 659,986 shares in the last quarter. Coatue Management LLC grew its position in C3.ai by 25.1% during 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 purchased a new stake in shares of C3.ai in the 4th quarter valued at about $10,879,000. Finally, Virtu Financial LLC grew its holdings in shares of C3.ai by 541.6% during 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 in the last quarter. Institutional investors own 38.96% of the company’s stock.

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.