C3.ai (NYSE:AI) Shares Down 5.1% – Here’s What Happened

C3.ai, Inc. (NYSE:AI)’s share price dropped 5.1% on Friday . The stock traded as low as $31.35 and last traded at $31.60. Approximately 1,868,383 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 4,160,399 shares. The stock had previously closed at $33.30.

Wall Street Analysts Forecast Growth

AI has been the subject of several analyst reports. JMP Securities upped their price target on shares of C3.ai from $40.00 to $55.00 and gave the company a “market outperform” rating in a research report on Tuesday, December 10th. Northland Securities lifted their price target on C3.ai from $35.00 to $45.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 10th. JPMorgan Chase & Co. downgraded C3.ai from a “neutral” rating to an “underweight” rating and set a $28.00 price objective for the company. in a research report on Wednesday, December 11th. Needham & Company LLC reaffirmed a “hold” rating on shares of C3.ai in a research note on Tuesday, December 10th. Finally, KeyCorp cut shares of C3.ai from a “sector weight” rating to an “underweight” rating and set a $29.00 price target for the company. in a research report on Thursday, December 19th. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $35.00.

C3.ai Trading Down 2.6 %

The stock has a market cap of $4.19 billion, a PE ratio of -14.67 and a beta of 2.00. The business has a fifty day simple moving average of $34.61 and a two-hundred day simple moving average of $28.67.

Insider Buying and Selling

In other C3.ai news, CFO Hitesh Lath sold 11,339 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $42.00, for a total transaction of $476,238.00. Following the completion of the sale, the chief financial officer now directly owns 851 shares in the company, valued at approximately $35,742. This trade represents a 93.02 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John E. Hyten sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $38.37, for a total transaction of $191,850.00. Following the completion of the transaction, the director now owns 263,843 shares in the company, valued at approximately $10,123,655.91. This represents a 1.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 668,721 shares of company stock valued at $28,425,151 over the last ninety days. Company insiders own 33.54% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC increased its holdings in C3.ai by 28.1% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 14,400 shares of the company’s stock worth $496,000 after buying an additional 3,161 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of C3.ai by 8.8% during the third quarter. Geode Capital Management LLC now owns 2,216,925 shares of the company’s stock valued at $53,728,000 after purchasing an additional 178,870 shares during the last quarter. Hodges Capital Management Inc. bought a new position in C3.ai during the third quarter valued at approximately $1,955,000. State Street Corp boosted its holdings in C3.ai by 1.8% in the third quarter. State Street Corp now owns 2,121,391 shares of the company’s stock worth $51,401,000 after purchasing an additional 38,185 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in shares of C3.ai by 21.3% during the 3rd quarter. Janus Henderson Group PLC now owns 52,182 shares of the company’s stock valued at $1,265,000 after buying an additional 9,160 shares during the period. Hedge funds and other 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.