Canaccord Genuity Group Has Lowered Expectations for C3.ai (NYSE:AI) Stock Price

C3.ai (NYSE:AI) had its target price decreased by equities research analysts at Canaccord Genuity Group from $40.00 to $30.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “hold” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 27.58% from the stock’s previous close.

AI has been the topic of a number of other research reports. KeyCorp dropped their price target on C3.ai from $29.00 to $21.00 and set an “underweight” rating on the stock in a research report on Thursday. StockNews.com raised shares of C3.ai to a “sell” rating in a research note on Tuesday, November 26th. Morgan Stanley decreased their price objective on shares of C3.ai from $32.00 to $30.00 and set an “underweight” rating on the stock in a report on Thursday. Needham & Company LLC reaffirmed a “hold” rating on shares of C3.ai in a report on Thursday. Finally, JPMorgan Chase & Co. downgraded 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. Five analysts have rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $31.33.

C3.ai Stock Down 11.1 %

AI traded down $2.93 during midday trading on Thursday, reaching $23.51. 12,692,377 shares of the company’s stock were exchanged, compared to its average volume of 5,077,881. The business has a 50-day simple moving average of $32.88 and a two-hundred day simple moving average of $29.59. C3.ai has a one year low of $18.85 and a one year high of $45.08. The firm has a market capitalization of $3.03 billion, a price-to-earnings ratio of -10.65 and a beta of 1.98.

C3.ai (NYSE:AI) last posted its quarterly earnings data 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). The company had revenue of $98.78 million during the quarter, compared to analyst estimates of $98.12 million. C3.ai had a negative net margin of 79.17% and a negative return on equity of 31.31%. As a group, research analysts anticipate that C3.ai will post -2.44 EPS for the current fiscal year.

Insider Activity

In other news, CEO Thomas M. Siebel sold 552,422 shares of the stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $33.04, for a total value of $18,252,022.88. Following the completion of the sale, the chief executive officer now owns 1,336,968 shares of the company’s stock, valued at approximately $44,173,422.72. This represents a 29.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Hitesh Lath sold 11,339 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $42.00, for a total value of $476,238.00. Following the transaction, the chief financial officer now owns 851 shares of the company’s stock, valued at $35,742. This trade represents a 93.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,643,311 shares of company stock valued at $59,736,620. 33.54% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Creative Planning lifted its holdings in C3.ai by 7.0% in the third quarter. Creative Planning now owns 56,573 shares of the company’s stock valued at $1,371,000 after buying an additional 3,712 shares during the period. Allspring Global Investments Holdings LLC raised its position in shares of C3.ai by 21.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 4,745 shares of the company’s stock worth $115,000 after acquiring an additional 839 shares in the last quarter. International Assets Investment Management LLC acquired a new position in shares of C3.ai in the 3rd quarter valued at about $10,560,000. Pathway Financial Advisers LLC boosted its position in shares of C3.ai by 2,501.2% during the 3rd quarter. Pathway Financial Advisers LLC now owns 8,844 shares of the company’s stock valued at $214,000 after purchasing an additional 8,504 shares in the last quarter. Finally, Focus Financial Network Inc. grew its stake in C3.ai by 34.5% during the third quarter. Focus Financial Network Inc. now owns 45,293 shares of the company’s stock worth $1,097,000 after purchasing an additional 11,617 shares during the period. Institutional investors own 38.96% of the company’s stock.

C3.ai Company Profile

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.