Cornerstone Advisory LLC Buys New Shares in C3.ai, Inc. (NYSE:AI)

Cornerstone Advisory LLC purchased a new stake in shares of C3.ai, Inc. (NYSE:AI) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 8,121 shares of the company’s stock, valued at approximately $256,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Brown Lisle Cummings Inc. increased its position in shares of C3.ai by 100.0% during the 4th quarter. Brown Lisle Cummings Inc. now owns 800 shares of the company’s stock valued at $28,000 after purchasing an additional 400 shares during the last quarter. R Squared Ltd bought a new position in C3.ai during the fourth quarter valued at approximately $29,000. Russell Investments Group Ltd. raised its stake in shares of C3.ai by 100.7% during 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 shares of C3.ai in the 4th quarter worth approximately $33,000. Finally, CENTRAL TRUST Co purchased a new stake in shares of C3.ai in the 4th quarter valued at $34,000. Institutional investors own 38.96% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. KeyCorp decreased their target price on shares of C3.ai from $21.00 to $17.00 and set an “underweight” rating on the stock in a research report on Thursday, April 17th. Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a report on Thursday, February 27th. Piper Sandler dropped their target price on C3.ai from $42.00 to $28.00 and set a “neutral” rating for the company in a report on Thursday, February 27th. DA Davidson reduced their price target on C3.ai from $25.00 to $18.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Finally, Morgan Stanley dropped their price objective on C3.ai from $30.00 to $20.00 and set an “underweight” rating for the company in a research note on Wednesday, April 16th. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $29.58.

Insider Buying and Selling at C3.ai

In other news, CEO Thomas M. Siebel sold 356,418 shares of the business’s stock in a transaction on Monday, April 14th. The shares were sold at an average price of $20.19, for a total transaction of $7,196,079.42. Following the sale, the chief executive officer now owns 241,768 shares in the company, valued at approximately $4,881,295.92. The trade was a 59.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Thomas M. Siebel sold 13,567 shares of the stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $19.47, for a total transaction of $264,149.49. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,529,051 shares of company stock valued at $34,028,030. 33.54% of the stock is currently owned by corporate insiders.

C3.ai Stock Performance

AI opened at $22.76 on Friday. C3.ai, Inc. has a 52-week low of $17.03 and a 52-week high of $45.08. The stock has a market capitalization of $3.02 billion, a PE ratio of -10.30 and a beta of 1.99. The stock’s 50 day moving average price is $21.67 and its 200-day moving average price is $28.42.

C3.ai (NYSE:AI) last released 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 net margin of 79.17% and a negative return on equity of 31.31%. The company had revenue of $98.78 million during the quarter, compared to the consensus estimate of $98.12 million. Research analysts forecast that C3.ai, Inc. will post -2.44 EPS for the current fiscal year.

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.