C3.ai (NYSE:AI) Shares Gap Up – Still a Buy?

C3.ai, Inc. (NYSE:AI) gapped up prior to trading on Friday . The stock had previously closed at $36.39, but opened at $37.78. C3.ai shares last traded at $38.94, with a volume of 1,826,284 shares trading hands.

Wall Street Analyst Weigh In

AI has been the topic of several research reports. Wedbush lowered their price target on shares of C3.ai from $40.00 to $30.00 and set an “outperform” rating on the stock in a research report on Thursday, September 5th. Morgan Stanley decreased their price objective on C3.ai from $23.00 to $21.00 and set an “underweight” rating on the stock in a research note on Thursday, September 5th. Needham & Company LLC reissued a “hold” rating on shares of C3.ai in a research note on Thursday, September 5th. DA Davidson decreased their price target on shares of C3.ai from $30.00 to $20.00 and set a “neutral” rating on the stock in a research note on Thursday, September 5th. Finally, StockNews.com raised shares of C3.ai to a “sell” rating in a research note on Tuesday. Three research analysts have rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $27.70.

C3.ai Stock Performance

The firm has a market capitalization of $4.86 billion, a price-to-earnings ratio of -17.08 and a beta of 1.80. The business has a fifty day moving average price of $27.08 and a 200 day moving average price of $26.64.

C3.ai (NYSE:AI) last released its quarterly earnings data on Wednesday, September 4th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.08. The company had revenue of $87.21 million for the quarter, compared to the consensus estimate of $86.94 million. C3.ai had a negative return on equity of 31.28% and a negative net margin of 85.47%. The company’s quarterly revenue was up 20.5% compared to the same quarter last year. During the same period last year, the business posted ($0.56) EPS. On average, analysts expect that C3.ai, Inc. will post -2.31 earnings per share for the current year.

Hedge Funds Weigh In On C3.ai

Hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC raised its holdings in C3.ai by 8.8% in the third quarter. Geode Capital Management LLC now owns 2,216,925 shares of the company’s stock valued at $53,728,000 after acquiring an additional 178,870 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new position in C3.ai during the 2nd quarter worth approximately $3,465,000. Charles Schwab Investment Management Inc. grew its position in shares of C3.ai by 12.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 844,389 shares of the company’s stock worth $20,460,000 after acquiring an additional 92,280 shares in the last quarter. Hodges Capital Management Inc. bought a new stake in shares of C3.ai in the 3rd quarter valued at approximately $1,955,000. Finally, Hsbc Holdings PLC lifted its stake in C3.ai by 679.8% during 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 last quarter. Hedge funds and other institutional investors 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.