C3.ai (NYSE:AI) CFO Sells $374,599.50 in Stock

C3.ai, Inc. (NYSE:AI) CFO Hitesh Lath sold 34,210 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $10.95, for a total value of $374,599.50. Following the transaction, the chief financial officer 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

C3.ai Trading Up 0.0%

Shares of NYSE AI opened at $10.30 on Friday. C3.ai, Inc. has a twelve month low of $7.68 and a twelve month high of $30.11. The stock has a fifty day simple moving average of $9.65 and a 200-day simple moving average of $10.92. The stock has a market capitalization of $1.50 billion, a PE ratio of -3.09 and a beta of 2.04.

C3.ai (NYSE:AI) last posted its quarterly earnings data on Wednesday, June 3rd. The company reported ($0.33) earnings per share (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 for the quarter, compared to the consensus estimate of $51.60 million. During the same quarter in the previous year, the business earned ($0.16) EPS. The company’s quarterly revenue was down 52.5% compared to the same quarter last year. On average, equities analysts predict that C3.ai, Inc. will post -2.26 earnings per share for the current year.

Institutional Investors Weigh In On C3.ai

A number of hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE grew its position in shares of C3.ai by 55.1% during the first quarter. Bank of America Corp DE now owns 3,282,183 shares of the company’s stock worth $27,636,000 after buying an additional 1,166,302 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in C3.ai by 77.1% in the third quarter. Dimensional Fund Advisors LP now owns 1,804,188 shares of the company’s stock valued at $31,284,000 after acquiring an additional 785,508 shares in the last quarter. Two Sigma Investments LP purchased a new position in C3.ai in the third quarter worth approximately $13,379,000. Voloridge Investment Management LLC purchased a new position in C3.ai in the fourth quarter worth approximately $9,183,000. Finally, Federated Hermes Inc. grew its holdings in C3.ai by 93,578.8% during the 4th quarter. Federated Hermes Inc. now owns 675,424 shares of the company’s stock worth $9,105,000 after acquiring an additional 674,703 shares in the last quarter. Institutional investors and hedge funds own 38.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on AI shares. JPMorgan Chase & Co. reduced their price target on shares of C3.ai from $10.00 to $7.00 and set an “underweight” rating on the stock in a research report on Thursday, February 26th. Citizens Jmp restated a “market perform” rating on shares of C3.ai in a report on Thursday, June 4th. DA Davidson reaffirmed an “underperform” rating and set a $7.00 target price on shares of C3.ai in a research note on Thursday, June 4th. Wolfe Research reiterated an “underperform” rating and set a $6.00 target price on shares of C3.ai in a report on Thursday, February 26th. Finally, Morgan Stanley raised their price target 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. One investment 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 assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $12.92.

About C3.ai

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.