C3.ai, Inc. $AI Stock: Philadelphia Trust Co. Lowers Holdings

Philadelphia Trust Co. cut its stake in shares of C3.ai, Inc. (NYSE:AI) by 41.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 62,120 shares of the company’s stock after selling 44,170 shares during the quarter. Philadelphia Trust Co.’s holdings in C3.ai were worth $683,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Arizona State Retirement System increased its holdings in shares of C3.ai by 3.7% in the second quarter. Arizona State Retirement System now owns 37,168 shares of the company’s stock valued at $338,000 after purchasing an additional 1,310 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its stake in shares of C3.ai by 12.7% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 13,776 shares of the company’s stock worth $116,000 after purchasing an additional 1,548 shares during the last quarter. CoreCap Advisors LLC lifted its holdings in shares of C3.ai by 34.0% during the second quarter. CoreCap Advisors LLC now owns 6,145 shares of the company’s stock worth $56,000 after purchasing an additional 1,560 shares during the period. Western Wealth Management LLC acquired a new stake in shares of C3.ai during the first quarter worth about $26,000. Finally, Allworth Financial LP lifted its holdings in shares of C3.ai by 13.6% during the second quarter. Allworth Financial LP now owns 26,660 shares of the company’s stock worth $242,000 after purchasing an additional 3,185 shares during the period. Hedge funds and other institutional investors own 38.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on AI shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of C3.ai in a report on Monday, November 2nd. Wall Street Zen upgraded shares of C3.ai from a “sell” rating to a “hold” rating in a research note on Sunday, October 11th. Canaccord Genuity Group reaffirmed a “hold” rating and issued a $10.00 price objective on shares of C3.ai in a report on Thursday, September 3rd. Needham & Company LLC restated a “hold” rating on shares of C3.ai in a research report on Thursday, September 3rd. Finally, Northland Securities raised shares of C3.ai from a “market perform” rating to an “outperform” rating and upped their price target for the company from $10.00 to $16.00 in a report on Monday, October 12th. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and seven have given a Sell rating to the stock. According to MarketBeat, C3.ai presently has an average rating of “Reduce” and an average target price of $9.62.

Insiders Place Their Bets

In related news, CEO Thomas Siebel sold 435,363 shares of the firm’s stock in a transaction on Tuesday, October 13th. The shares were sold at an average price of $11.82, for a total transaction of $5,145,990.66. Following the sale, the chief executive officer owned 722,362 shares in the company, valued at approximately $8,538,318.84. This trade represents a 37.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Hitesh Lath sold 20,000 shares of C3.ai stock in a transaction on Monday, October 12th. The shares were sold at an average price of $12.37, for a total transaction of $247,400.00. Following the completion of the transaction, the chief financial officer directly owned 305,250 shares of the company’s stock, valued at $3,775,942.50. The trade was a 6.15% decrease in their position. 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. Insiders have sold 960,358 shares of company stock worth $10,812,696 over the last three months. 19.80% of the stock is currently owned by insiders.

C3.ai Trading Down 1.4%

Shares of AI stock opened at $11.84 on Wednesday. C3.ai, Inc. has a twelve month low of $7.68 and a twelve month high of $16.40. The stock has a market cap of $1.90 billion, a P/E ratio of -3.84 and a beta of 2.17. The stock has a 50 day moving average of $11.27 and a 200 day moving average of $10.03.

C3.ai (NYSE:AI) last issued its quarterly earnings data on Wednesday, September 2nd. The company reported ($0.20) EPS for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.06. The business had revenue of $52.38 million for the quarter, compared to analysts’ expectations of $52.06 million. C3.ai had a negative net margin of 192.10% and a negative return on equity of 61.25%. The business’s revenue was down 25.4% on a year-over-year basis. During the same quarter last year, the company earned ($0.37) EPS. On average, research analysts predict that C3.ai, Inc. will post -2.20 earnings per share for the current fiscal year.

About C3.ai

C3.ai, Inc. is an enterprise software company that develops artificial intelligence applications and tools for businesses and government organizations. Its offerings are designed to help customers use data to address operational and analytical needs across industries including energy, manufacturing, financial services, healthcare and defense. The company’s products include the C3 AI Platform, which provides tools for developing, deploying and operating AI applications using enterprise data, as well as ready-made applications for use cases such as predictive maintenance, supply chain management and fraud detection.