C3.ai (NYSE:AI) Shares Down 6.8% – Should You Sell?

C3.ai, Inc. (NYSE:AI) fell 6.8% during trading on Tuesday . The stock traded as low as $32.46 and last traded at $32.72. 3,088,509 shares changed hands during mid-day trading, a decline of 32% from the average session volume of 4,569,901 shares. The stock had previously closed at $35.09.

Wall Street Analyst Weigh In

Several research firms recently commented on AI. Canaccord Genuity Group lifted their price objective on C3.ai from $23.00 to $40.00 and gave the stock a “hold” rating in a report on Wednesday, December 11th. StockNews.com upgraded shares of C3.ai to a “sell” rating in a research report on Tuesday, November 26th. DA Davidson upgraded shares of C3.ai to a “hold” rating in a research report on Wednesday, December 18th. Northland Securities increased their price objective 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, JMP Securities lifted their price objective on C3.ai from $40.00 to $55.00 and gave the stock a “market outperform” rating in a report on Tuesday, December 10th. Five equities research analysts have rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $35.00.

C3.ai Stock Down 8.1 %

The stock has a market cap of $4.16 billion, a P/E ratio of -14.64 and a beta of 1.98. The firm has a 50 day moving average price of $35.20 and a 200 day moving average price of $29.22.

Insiders Place Their Bets

In related news, Director Richard C. Levin sold 12,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $29.84, for a total transaction of $358,080.00. Following the completion of the transaction, the director now directly owns 161,664 shares of the company’s stock, valued at approximately $4,824,053.76. This represents a 6.91 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jim H. Snabe sold 499,700 shares of the business’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $43.05, for a total transaction of $21,512,085.00. Following the completion of the sale, the director now owns 10,000 shares in the company, valued at $430,500. This represents a 98.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,090,552 shares of company stock worth $41,475,697 over the last three months. 33.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC purchased a new stake in C3.ai during the second quarter valued at approximately $249,000. Northwestern Mutual Wealth Management Co. grew its stake in C3.ai by 311.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,050 shares of the company’s stock worth $30,000 after purchasing an additional 795 shares in the last quarter. Truist Financial Corp grew its stake in C3.ai by 5.1% in the second quarter. Truist Financial Corp now owns 21,211 shares of the company’s stock worth $614,000 after purchasing an additional 1,023 shares in the last quarter. Cetera Investment Advisers raised its holdings in shares of C3.ai by 16.4% in the second quarter. Cetera Investment Advisers now owns 57,341 shares of the company’s stock valued at $1,661,000 after acquiring an additional 8,094 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new stake in shares of C3.ai in the second quarter valued at about $373,000. 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.