Mission Wealth Management LP Sells 3,162 Shares of C3.ai, Inc. (NYSE:AI)

Mission Wealth Management LP cut its stake in C3.ai, Inc. (NYSE:AI) by 20.3% during the fourth quarter, HoldingsChannel reports. The firm owned 12,383 shares of the company’s stock after selling 3,162 shares during the period. Mission Wealth Management LP’s holdings in C3.ai were worth $426,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Geode Capital Management LLC lifted its stake 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 worth $53,728,000 after acquiring an additional 178,870 shares during the period. State Street Corp lifted its stake in C3.ai by 1.8% in the third quarter. State Street Corp now owns 2,121,391 shares of the company’s stock worth $51,401,000 after acquiring an additional 38,185 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in C3.ai by 12.3% in the third 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 during the period. Bank of New York Mellon Corp lifted its stake in C3.ai by 1.3% in the fourth quarter. Bank of New York Mellon Corp now owns 695,893 shares of the company’s stock worth $23,960,000 after acquiring an additional 8,772 shares during the period. Finally, Rhumbline Advisers lifted its stake in C3.ai by 39.4% in the fourth quarter. Rhumbline Advisers now owns 166,378 shares of the company’s stock worth $5,728,000 after acquiring an additional 47,028 shares during the period. 38.96% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on AI shares. JPMorgan Chase & Co. lowered shares of C3.ai from a “neutral” rating to an “underweight” rating and set a $28.00 price target for the company. in a research report on Wednesday, December 11th. JMP Securities increased their price target on shares of C3.ai from $40.00 to $55.00 and gave the company a “market outperform” rating in a research report on Tuesday, December 10th. KeyCorp decreased their price target on shares of C3.ai from $29.00 to $21.00 and set an “underweight” rating for the company in a research report on Thursday, February 27th. Northland Securities increased their price target on shares of C3.ai from $35.00 to $45.00 and gave the company an “outperform” rating in a research report on Tuesday, December 10th. Finally, StockNews.com raised shares of C3.ai to a “sell” rating in a research report on Tuesday, November 26th. Five investment analysts have rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $31.33.

Insider Buying and Selling

In related news, CFO Hitesh Lath sold 11,339 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $42.00, for a total value of $476,238.00. Following the transaction, the chief financial officer now owns 851 shares in the company, valued at approximately $35,742. This represents a 93.02 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Thomas M. Siebel sold 409,831 shares of the stock in a transaction that occurred on Tuesday, January 14th. The stock was sold at an average price of $30.97, for a total transaction of $12,692,466.07. Following the completion of the transaction, the chief executive officer now owns 1,756,390 shares in the company, valued at approximately $54,395,398.30. This trade represents a 18.92 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,643,311 shares of company stock worth $59,736,620. 33.54% of the stock is owned by company insiders.

C3.ai Stock Up 2.7 %

Shares of C3.ai stock opened at $22.70 on Thursday. The firm has a market capitalization of $2.93 billion, a P/E ratio of -10.27 and a beta of 1.98. The company has a 50 day moving average price of $31.59 and a 200 day moving average price of $29.51. C3.ai, Inc. has a 52 week low of $18.85 and a 52 week high of $45.08.

C3.ai (NYSE:AI) last issued its quarterly earnings results 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 business had revenue of $98.78 million during the quarter, compared to analyst estimates of $98.12 million. As a group, research analysts anticipate that C3.ai, Inc. will post -2.44 earnings per share for the current fiscal year.

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.