KeyCorp Forecasts Strong Price Appreciation for C3.ai (NYSE:AI) Stock

C3.ai (NYSE:AI) had its price objective upped by research analysts at KeyCorp from $17.00 to $18.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. KeyCorp’s price objective indicates a potential downside of 39.30% from the stock’s previous close.

A number of other analysts have also weighed in on the company. Canaccord Genuity Group cut their price objective on C3.ai from $30.00 to $28.00 and set a “hold” rating on the stock in a research report on Thursday. Needham & Company LLC reaffirmed a “hold” rating on shares of C3.ai in a research report on Thursday. DA Davidson lowered their target price on shares of C3.ai from $25.00 to $18.00 and set a “neutral” rating for the company in a research note on Monday, April 14th. Morgan Stanley lowered their target price on shares of C3.ai from $30.00 to $20.00 and set an “underweight” rating for the company in a research note on Wednesday, April 16th. Finally, UBS Group reiterated a “neutral” rating on shares of C3.ai in a research note on Thursday. Five research analysts have rated the stock with a sell rating, six have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $29.50.

C3.ai Stock Performance

Shares of NYSE AI traded up $6.64 during midday trading on Thursday, reaching $29.66. 10,666,460 shares of the stock were exchanged, compared to its average volume of 5,224,669. The company has a 50 day simple moving average of $21.72 and a 200 day simple moving average of $28.30. The stock has a market capitalization of $3.94 billion, a P/E ratio of -13.17 and a beta of 1.99. C3.ai has a twelve month low of $17.03 and a twelve month high of $45.08.

C3.ai (NYSE:AI) last announced its earnings results on Wednesday, May 28th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.04. The company had revenue of $108.72 million for the quarter, compared to analyst estimates of $107.85 million. C3.ai had a negative return on equity of 31.31% and a negative net margin of 79.17%. The firm’s quarterly revenue was up 25.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.11) earnings per share. On average, research analysts expect that C3.ai will post -2.44 earnings per share for the current year.

Insider Buying and Selling

In other C3.ai news, VP Merel Witteveen sold 5,719 shares of the stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $23.32, for a total value of $133,367.08. Following the completion of the transaction, the vice president now directly owns 12,066 shares of the company’s stock, valued at approximately $281,379.12. This trade represents a 32.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Thomas M. Siebel sold 294,116 shares of the stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $21.50, for a total transaction of $6,323,494.00. Following the completion of the transaction, the chief executive officer now directly owns 943,151 shares of the company’s stock, valued at approximately $20,277,746.50. This trade represents a 23.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,529,519 shares of company stock valued at $34,038,096 over the last ninety days. Corporate insiders own 33.54% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of C3.ai by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 13,407,490 shares of the company’s stock worth $282,228,000 after purchasing an additional 471,521 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of C3.ai by 14.1% during the 4th quarter. Geode Capital Management LLC now owns 2,529,991 shares of the company’s stock worth $87,128,000 after purchasing an additional 313,066 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of C3.ai by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,157,303 shares of the company’s stock worth $45,414,000 after purchasing an additional 91,923 shares in the last quarter. Two Sigma Investments LP purchased a new position in shares of C3.ai during the 4th quarter worth approximately $42,306,000. Finally, Man Group plc purchased a new position in shares of C3.ai during the 4th quarter worth approximately $38,455,000. 38.96% of the stock is owned by hedge funds and other institutional investors.

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.