C3.ai (NYSE:AI) Hits New 12-Month Low – Here’s Why

C3.ai, Inc. (NYSE:AI) hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $18.13 and last traded at $19.15, with a volume of 1986078 shares trading hands. The stock had previously closed at $20.29.

Analysts Set New Price Targets

Several analysts have weighed in on AI shares. JMP Securities lifted their price objective on C3.ai from $40.00 to $55.00 and gave the company a “market outperform” rating in a research report on Tuesday, December 10th. JPMorgan Chase & Co. lowered C3.ai from a “neutral” rating to an “underweight” rating and set a $28.00 price target on the stock. in a research report on Wednesday, December 11th. Morgan Stanley decreased their price objective on C3.ai from $32.00 to $30.00 and set an “underweight” rating for the company in a report on Thursday, February 27th. Piper Sandler dropped their target price on shares of C3.ai from $42.00 to $28.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a research note on Thursday, February 27th. Five analysts have rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, C3.ai presently has an average rating of “Hold” and a consensus target price of $31.33.

C3.ai Price Performance

The stock has a market cap of $2.51 billion, a PE ratio of -8.57 and a beta of 2.01. The company has a 50 day moving average price of $26.32 and a two-hundred day moving average price of $29.30.

C3.ai (NYSE:AI) last announced its earnings results on Wednesday, February 26th. The company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.37). The company had revenue of $98.78 million during the quarter, compared to the consensus estimate of $98.12 million. C3.ai had a negative return on equity of 31.31% and a negative net margin of 79.17%. As a group, equities analysts predict that C3.ai, Inc. will post -2.44 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, VP Merel Witteveen sold 1,133 shares of the stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $22.25, for a total transaction of $25,209.25. Following the completion of the sale, the vice president now owns 7,287 shares in the company, valued at approximately $162,135.75. This trade represents a 13.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Thomas M. Siebel sold 552,422 shares of the stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $33.04, for a total transaction of $18,252,022.88. Following the sale, the chief executive officer now directly owns 1,336,968 shares of the company’s stock, valued at approximately $44,173,422.72. This trade represents a 29.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,486,813 shares of company stock worth $42,407,563. Company insiders own 33.54% of the company’s stock.

Institutional Investors Weigh In On C3.ai

A number of hedge funds have recently made changes to their positions in the company. Brown Lisle Cummings Inc. grew its stake in shares of C3.ai by 100.0% in the 4th quarter. Brown Lisle Cummings Inc. now owns 800 shares of the company’s stock worth $28,000 after buying an additional 400 shares in the last quarter. R Squared Ltd bought a new position in shares of C3.ai in the 4th quarter valued at about $29,000. Russell Investments Group Ltd. grew its position in C3.ai by 100.7% in the fourth quarter. Russell Investments Group Ltd. now owns 909 shares of the company’s stock worth $31,000 after acquiring an additional 456 shares in the last quarter. WealthTrak Capital Management LLC bought a new stake in C3.ai during the fourth quarter worth approximately $33,000. Finally, CENTRAL TRUST Co purchased a new stake in C3.ai during the fourth quarter valued at approximately $34,000. 38.96% of the stock is currently owned by hedge funds and other 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.