C3.ai (NYSE:AI) Stock Price Down 4.3% After Analyst Downgrade

Shares of C3.ai, Inc. (NYSE:AI) traded down 4.3% during trading on Monday after DA Davidson lowered their price target on the stock from $25.00 to $18.00. DA Davidson currently has a neutral rating on the stock. C3.ai traded as low as $19.70 and last traded at $19.71. 2,942,408 shares traded hands during mid-day trading, a decline of 44% from the average session volume of 5,235,855 shares. The stock had previously closed at $20.59.

Several other equities analysts also recently weighed in on AI. Morgan Stanley cut their price target on shares of C3.ai from $32.00 to $30.00 and set an “underweight” rating on the stock in a report on Thursday, February 27th. Piper Sandler reduced their price target on C3.ai from $42.00 to $28.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. Needham & Company LLC reaffirmed a “hold” rating on shares of C3.ai in a research note on Thursday, February 27th. KeyCorp decreased their price objective on shares of C3.ai from $29.00 to $21.00 and set an “underweight” rating for the company in a research report on Thursday, February 27th. Finally, Canaccord Genuity Group reduced their price target on C3.ai from $40.00 to $30.00 and set a “hold” rating for the company in a report on Thursday, February 27th. Five equities research analysts have rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, C3.ai has an average rating of “Hold” and an average target price of $30.75.

Insiders Place Their Bets

In other news, Director Richard C. Levin sold 12,000 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $29.84, for a total transaction of $358,080.00. Following the sale, the director now owns 161,664 shares in the company, valued at $4,824,053.76. This trade represents a 6.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Thomas M. Siebel sold 409,831 shares of the firm’s stock in a transaction dated Tuesday, January 14th. The stock was sold at an average price of $30.97, for a total value of $12,692,466.07. Following the completion of the sale, the chief executive officer now directly owns 1,756,390 shares in the company, valued at approximately $54,395,398.30. The trade was a 18.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,486,813 shares of company stock worth $42,407,563. Corporate insiders own 33.54% of the company’s stock.

Institutional Investors Weigh In On C3.ai

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Brown Lisle Cummings Inc. increased its holdings in C3.ai by 100.0% in the 4th quarter. Brown Lisle Cummings Inc. now owns 800 shares of the company’s stock valued at $28,000 after purchasing an additional 400 shares in the last quarter. R Squared Ltd purchased a new stake in shares of C3.ai during the 4th quarter valued at about $29,000. Russell Investments Group Ltd. boosted its holdings in C3.ai by 100.7% in the 4th quarter. Russell Investments Group Ltd. now owns 909 shares of the company’s stock worth $31,000 after acquiring an additional 456 shares during the period. WealthTrak Capital Management LLC acquired a new stake in C3.ai in the fourth quarter valued at approximately $33,000. Finally, CENTRAL TRUST Co purchased a new stake in shares of C3.ai during the fourth quarter valued at approximately $34,000. 38.96% of the stock is currently owned by institutional investors and hedge funds.

C3.ai Price Performance

The firm has a market capitalization of $2.67 billion, a price-to-earnings ratio of -9.10 and a beta of 2.01. The business’s 50-day moving average price is $24.61 and its 200 day moving average price is $29.11.

C3.ai (NYSE:AI) last posted its quarterly earnings data on Wednesday, February 26th. The company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.37). The company had revenue of $98.78 million for the quarter, compared to the consensus estimate 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, sell-side analysts expect that C3.ai, Inc. will post -2.44 earnings per share for the current year.

About C3.ai

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.