C3.ai, Inc. (NYSE:AI) Stock Now Rated “Reduce” by Wall Street Brokerages

C3.ai, Inc. (NYSE:AI) has earned a consensus rating of “Reduce” from the twelve analysts that are covering the stock, Marketbeat reports. Seven analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and one has given a buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $8.70.

AI has been the subject of several recent analyst reports. Canaccord Genuity Group reiterated a “hold” rating and set a $10.00 price target on shares of C3.ai in a research note on Thursday, September 3rd. Weiss Ratings raised C3.ai from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, August 4th. Wall Street Zen raised C3.ai from a “sell” rating to a “hold” rating in a research note on Sunday. Citigroup restated a “market perform” rating on shares of C3.ai in a report on Thursday, September 3rd. Finally, Citizens Jmp reaffirmed a “market perform” rating on shares of C3.ai in a research report on Tuesday, September 29th.

Insider Buying and Selling

In related news, CFO Hitesh Lath sold 21,077 shares of the company’s stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $10.48, for a total transaction of $220,886.96. Following the completion of the sale, the chief financial officer directly owned 371,036 shares of the company’s stock, valued at approximately $3,888,457.28. This represents a 5.38% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Thomas M. Siebel sold 453,314 shares of the company’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $10.51, for a total transaction of $4,764,330.14. Following the sale, the chief executive officer directly owned 722,362 shares of the company’s stock, valued at approximately $7,592,024.62. This represents a 38.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 1,117,809 shares of company stock worth $11,724,230. Insiders own 19.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Bank of America Corp DE lifted its position in C3.ai by 55.1% during the 1st quarter. Bank of America Corp DE now owns 3,282,183 shares of the company’s stock worth $27,636,000 after acquiring an additional 1,166,302 shares during the last quarter. First Trust Advisors LP grew its position in shares of C3.ai by 67.3% in the first quarter. First Trust Advisors LP now owns 1,215,341 shares of the company’s stock valued at $10,233,000 after purchasing an additional 488,710 shares during the last quarter. EVR Research LP grew its position in shares of C3.ai by 223.8% in the fourth quarter. EVR Research LP now owns 600,400 shares of the company’s stock valued at $8,093,000 after purchasing an additional 415,000 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of C3.ai by 0.8% in the first quarter. Bank of New York Mellon Corp now owns 690,694 shares of the company’s stock worth $5,816,000 after purchasing an additional 5,631 shares during the period. Finally, Edgestream Partners L.P. increased its stake in shares of C3.ai by 247.5% in the first quarter. Edgestream Partners L.P. now owns 658,573 shares of the company’s stock worth $5,545,000 after purchasing an additional 469,057 shares during the period. Institutional investors own 38.96% of the company’s stock.

C3.ai Trading Down 0.1%

C3.ai stock opened at $11.52 on Monday. The company has a market capitalization of $1.85 billion, a P/E ratio of -3.74 and a beta of 2.11. The firm’s fifty day simple moving average is $10.51 and its 200-day simple moving average is $9.70. C3.ai has a 1-year low of $7.68 and a 1-year high of $19.80.

C3.ai (NYSE:AI) last released its quarterly earnings data on Wednesday, September 2nd. The company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.26) by $0.06. The business had revenue of $52.38 million during the quarter, compared to analyst estimates of $52.06 million. C3.ai had a negative net margin of 192.10% and a negative return on equity of 61.25%. C3.ai’s quarterly revenue was down 25.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.37) EPS. On average, equities research analysts predict that C3.ai will post -2.21 earnings per share for the current year.

About C3.ai

C3.ai, Inc is an enterprise artificial intelligence software company that develops applications and tools designed to help organizations use AI and machine learning to analyze data, automate processes and support business decision-making. The company’s offerings are intended for large commercial enterprises, government agencies and other organizations managing complex operational and data environments.

Its product portfolio includes the C3 AI Platform, which provides capabilities for developing, deploying and operating AI applications, as well as prebuilt enterprise applications.