C3.ai (NYSE:AI) Stock Price Down 7.4% – Here’s Why

C3.ai, Inc. (NYSE:AI)’s share price traded down 7.4% during trading on Thursday . The stock traded as low as $8.60 and last traded at $8.6330. 1,104,829 shares changed hands during trading, a decline of 83% from the average session volume of 6,423,717 shares. The stock had previously closed at $9.32.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. decreased their target price on C3.ai from $10.00 to $7.00 and set an “underweight” rating for the company in a research note on Thursday, February 26th. Wolfe Research restated an “underperform” rating and set a $6.00 price target on shares of C3.ai in a report on Thursday, February 26th. Citizens Jmp reiterated a “market perform” rating on shares of C3.ai in a research note on Thursday, June 4th. Morgan Stanley boosted their target price on shares of C3.ai from $6.00 to $7.00 and gave the company an “underweight” rating in a research report on Thursday, June 4th. Finally, BMO Capital Markets set a $7.00 target price on shares of C3.ai in a research note on Thursday, February 26th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, six have assigned a Hold rating and six have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $12.92.

C3.ai Price Performance

The firm has a fifty day simple moving average of $9.71 and a 200-day simple moving average of $10.78. The firm has a market cap of $1.30 billion, a P/E ratio of -2.67 and a beta of 2.04.

C3.ai (NYSE:AI) last released its quarterly earnings data on Wednesday, June 3rd. The company reported ($0.33) EPS for the quarter, beating the consensus estimate of ($0.38) by $0.05. C3.ai had a negative return on equity of 60.20% and a negative net margin of 187.95%.The firm had revenue of $51.60 million during the quarter, compared to the consensus estimate of $51.60 million. During the same quarter in the previous year, the company posted ($0.16) earnings per share. The company’s quarterly revenue was down 52.5% on a year-over-year basis. On average, equities analysts predict that C3.ai, Inc. will post -2.26 earnings per share for the current year.

Insider Activity at C3.ai

In other news, CFO Hitesh Lath sold 34,210 shares of C3.ai stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $10.95, for a total transaction of $374,599.50. Following the completion of the transaction, the chief financial officer directly owned 233,106 shares in the company, valued at $2,552,510.70. This trade represents a 12.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Stephen Bradley Ehikian sold 52,194 shares of the business’s stock in a transaction dated Tuesday, March 31st. The stock was sold at an average price of $8.22, for a total transaction of $429,034.68. Following the sale, the chief executive officer directly owned 721,485 shares of the company’s stock, valued at approximately $5,930,606.70. The trade was a 6.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 1,599,644 shares of company stock valued at $15,059,516. 26.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On C3.ai

Hedge funds have recently added to or reduced their stakes in the stock. Western Wealth Management LLC bought a new stake in C3.ai during the 1st quarter worth approximately $26,000. Larson Financial Group LLC lifted its holdings in shares of C3.ai by 683.6% in the third quarter. Larson Financial Group LLC now owns 1,481 shares of the company’s stock valued at $26,000 after purchasing an additional 1,292 shares in the last quarter. Farther Finance Advisors LLC boosted its position in shares of C3.ai by 66.1% during the fourth quarter. Farther Finance Advisors LLC now owns 2,141 shares of the company’s stock valued at $29,000 after buying an additional 852 shares during the last quarter. Parallel Advisors LLC grew its holdings in C3.ai by 76.4% during the third quarter. Parallel Advisors LLC now owns 1,849 shares of the company’s stock worth $32,000 after buying an additional 801 shares in the last quarter. Finally, Comerica Bank grew its holdings in C3.ai by 839.1% during the fourth quarter. Comerica Bank now owns 2,423 shares of the company’s stock worth $33,000 after buying an additional 2,165 shares in the last quarter. Institutional investors and hedge funds own 38.96% of the company’s stock.

C3.ai Company Profile

C3.ai, Inc is a leading enterprise software provider focused on delivering scalable artificial intelligence (AI) and Internet of Things (IoT) solutions to large organizations. The company’s core offering, the C3 AI Suite, is a comprehensive, model-driven platform that unifies data ingestion, model development, and application deployment. Through its suite of tools, C3.ai enables customers to accelerate digital transformation initiatives by applying advanced machine learning, predictive analytics, and AI-driven insights across a broad range of business functions.

The C3 AI Suite provides a low-code environment for data scientists and application developers to rapidly design, test, and deploy enterprise-scale AI applications.