C3.ai (NYSE:AI) Trading Down 5.9% – Here’s Why

C3.ai, Inc. (NYSE:AI) traded down 5.9% during mid-day trading on Wednesday . The company traded as low as $33.52 and last traded at $33.72. 1,876,377 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 3,968,153 shares. The stock had previously closed at $35.82.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on AI. DA Davidson raised C3.ai to a “hold” rating in a research note on Wednesday, December 18th. Piper Sandler increased their price target on C3.ai from $24.00 to $42.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Needham & Company LLC restated a “hold” rating on shares of C3.ai in a report on Tuesday, December 10th. Northland Securities upped their price objective on shares of C3.ai from $35.00 to $45.00 and gave the stock an “outperform” rating in a research note 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 given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, C3.ai has a consensus rating of “Hold” and an average price target of $35.00.

C3.ai Stock Down 5.3 %

The company’s 50 day simple moving average is $34.14 and its two-hundred day simple moving average is $28.57. The company has a market capitalization of $4.38 billion, a price-to-earnings ratio of -15.35 and a beta of 2.00.

Insider Buying and Selling

In other C3.ai news, CFO Hitesh Lath sold 11,339 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief financial officer now owns 851 shares of the company’s stock, valued at approximately $35,742. This trade represents a 93.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Richard C. Levin sold 12,000 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $34.80, for a total transaction of $417,600.00. Following the sale, the director now directly owns 161,664 shares in the company, valued at $5,625,907.20. This trade represents a 6.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 668,721 shares of company stock worth $28,425,151 in the last ninety days. 33.54% of the stock is owned by insiders.

Hedge Funds Weigh In On C3.ai

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its stake in shares of C3.ai by 4.3% in the second quarter. Principal Financial Group Inc. now owns 11,165 shares of the company’s stock worth $323,000 after purchasing an additional 462 shares during the last quarter. Rhumbline Advisers raised its position in C3.ai by 0.5% during the 2nd quarter. Rhumbline Advisers now owns 125,344 shares of the company’s stock worth $3,630,000 after buying an additional 572 shares during the last quarter. Arizona State Retirement System lifted its stake in C3.ai by 9.9% during the 2nd quarter. Arizona State Retirement System now owns 29,869 shares of the company’s stock valued at $865,000 after acquiring an additional 2,686 shares during the period. PFG Investments LLC boosted its holdings in shares of C3.ai by 46.8% in the 2nd quarter. PFG Investments LLC now owns 17,868 shares of the company’s stock valued at $517,000 after acquiring an additional 5,695 shares during the last quarter. Finally, LGT Group Foundation acquired a new stake in shares of C3.ai in the second quarter worth $1,425,000. Hedge funds and other 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.