Analysts Set C3.ai, Inc. (NYSE:AI) Price Target at $8.70

C3.ai, Inc. (NYSE:AI) has been given an average recommendation of “Reduce” by the twelve ratings firms that are currently covering the company, Marketbeat reports. Seven equities research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and one has issued a buy recommendation on the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $8.70.

Several analysts have issued reports on the company. Wedbush restated an “outperform” rating and issued a $15.00 target price on shares of C3.ai in a report on Thursday, June 4th. Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a research note on Thursday, September 3rd. UBS Group restated an “underperform” rating on shares of C3.ai in a report on Tuesday, September 1st. Citizens Jmp reiterated a “market perform” rating on shares of C3.ai in a research note on Thursday, September 3rd. Finally, Morgan Stanley lifted their target price on shares of C3.ai from $6.00 to $7.00 and gave the company an “underweight” rating in a report on Thursday, June 4th.

Insider Buying and Selling at C3.ai

In other news, CFO Hitesh Lath sold 20,000 shares of the firm’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $10.00, for a total value of $200,000.00. Following the completion of the transaction, the chief financial officer owned 363,106 shares in the company, valued at $3,631,060. This trade represents a 5.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Thomas Siebel sold 16,890 shares of the firm’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $10.30, for a total transaction of $173,967.00. Following the transaction, the chief executive officer directly owned 738,208 shares of the company’s stock, valued at approximately $7,603,542.40. This trade represents a 2.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 728,865 shares of company stock valued at $7,382,903. Insiders own 19.80% of the company’s stock.

Institutional Trading of C3.ai

Institutional investors and hedge funds have recently made changes to their positions in the company. Comerica Bank increased its position in shares of C3.ai by 839.1% in the fourth quarter. Comerica Bank now owns 2,423 shares of the company’s stock worth $33,000 after acquiring an additional 2,165 shares in the last quarter. Western Wealth Management LLC bought a new stake in shares of C3.ai in the 1st quarter valued at approximately $26,000. AdvisorNet Financial Inc acquired a new stake in C3.ai during the first quarter worth about $34,000. Eurizon Capital SGR S.p.A. acquired a new stake in C3.ai in the fourth quarter worth $71,000. Finally, CoreCap Advisors LLC raised 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 valued at $56,000 after buying an additional 1,560 shares during the last quarter. 38.96% of the stock is currently owned by institutional investors and hedge funds.

C3.ai Stock Up 6.1%

C3.ai stock opened at $11.19 on Thursday. C3.ai has a 52 week low of $7.68 and a 52 week high of $20.22. The firm has a market cap of $1.74 billion, a price-to-earnings ratio of -3.63 and a beta of 2.10. The business’s 50-day moving average price is $9.72 and its 200 day moving average price is $9.44.

C3.ai (NYSE:AI) last released its quarterly earnings results on Wednesday, September 2nd. The company reported ($0.20) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.06. C3.ai had a negative return on equity of 61.25% and a negative net margin of 192.10%.The company had revenue of $52.38 million during the quarter, compared to analysts’ expectations of $52.06 million. During the same quarter in the prior year, the firm posted ($0.37) EPS. C3.ai’s quarterly revenue was down 25.4% compared to the same quarter last year. Equities analysts expect that C3.ai will post -2.22 EPS for the current year.

C3.ai Company Profile

C3.ai, Inc develops enterprise artificial intelligence software and applications for organizations in a range of industries. Its technology is designed to help businesses use data, machine learning and predictive analytics to address operational, financial and strategic challenges.

The company’s offerings include the C3 AI Platform, which provides tools for developing, deploying and operating AI applications, as well as prebuilt applications for use cases such as predictive maintenance, fraud detection, supply-chain optimization, customer engagement, energy management and regulatory compliance.