C3.ai (NYSE:AI) Trading Up 5.8% – What’s Next?

C3.ai, Inc. (NYSE:AI) rose 5.8% during mid-day trading on Thursday . The stock traded as high as $34.69 and last traded at $34.23. Approximately 765,905 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 5,421,054 shares. The stock had previously closed at $32.36.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. JMP Securities reissued a “market outperform” rating and set a $40.00 price objective on shares of C3.ai in a research note on Thursday, September 5th. Wedbush dropped their price objective on shares of C3.ai from $40.00 to $30.00 and set an “outperform” rating for the company in a research report on Thursday, September 5th. Piper Sandler decreased their price objective on shares of C3.ai from $29.00 to $24.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. Canaccord Genuity Group reduced their price target on shares of C3.ai from $30.00 to $23.00 and set a “hold” rating on the stock in a research report on Thursday, September 5th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $40.00 price objective on shares of C3.ai in a research report on Thursday, September 5th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $27.70.

C3.ai Trading Up 8.7 %

The company has a market capitalization of $4.47 billion, a P/E ratio of -15.24 and a beta of 1.80. The business has a 50 day moving average price of $25.48 and a 200 day moving average price of $26.15.

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

Hedge Funds Weigh In On C3.ai

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake 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 valued at $288,239,000 after buying an additional 317,768 shares in the last quarter. Geode Capital Management LLC boosted its position in C3.ai by 8.8% during the third quarter. Geode Capital Management LLC now owns 2,216,925 shares of the company’s stock worth $53,728,000 after purchasing an additional 178,870 shares during the period. State Street Corp boosted its position in C3.ai by 1.8% during the third quarter. State Street Corp now owns 2,121,391 shares of the company’s stock worth $51,401,000 after purchasing an additional 38,185 shares during the period. Charles Schwab Investment Management Inc. boosted its position in C3.ai by 12.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 844,389 shares of the company’s stock worth $20,460,000 after purchasing an additional 92,280 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in C3.ai by 0.3% during the second quarter. Bank of New York Mellon Corp now owns 771,540 shares of the company’s stock worth $22,344,000 after purchasing an additional 1,929 shares during the period. 38.96% of the stock is owned by institutional investors.

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.