C3.ai (NYSE:AI) Shares Down 0.3% on Insider Selling

C3.ai, Inc. (NYSE:AI) fell 0.3% during trading on Monday after an insider sold shares in the company. The stock traded as low as $28.62 and last traded at $28.87. 627,115 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 6,706,736 shares. The stock had previously closed at $28.96.

Specifically, CFO Hitesh Lath sold 3,005 shares of the firm’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $27.56, for a total value of $82,817.80. Following the sale, the chief financial officer now owns 7,390 shares of the company’s stock, valued at approximately $203,668.40. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 34.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Canaccord Genuity Group decreased their target price on C3.ai from $31.00 to $30.00 and set a “hold” rating for the company in a report on Thursday, May 30th. Northland Capmk raised shares of C3.ai from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 30th. Northland Securities upgraded shares of C3.ai from a “market perform” rating to an “outperform” rating and set a $35.00 price target on the stock in a research report on Thursday, May 30th. Piper Sandler lowered their price objective on shares of C3.ai from $33.00 to $29.00 and set a “neutral” rating for the company in a report on Thursday, May 30th. Finally, Morgan Stanley lifted their price objective on C3.ai from $21.00 to $23.00 and gave the company an “underweight” rating in a research report on Thursday, May 30th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $31.30.

C3.ai Price Performance

The stock has a 50 day simple moving average of $26.55 and a 200-day simple moving average of $27.13. The firm has a market cap of $3.57 billion, a PE ratio of -12.23 and a beta of 1.83.

C3.ai (NYSE:AI) last released its quarterly earnings data on Wednesday, May 29th. The company reported ($0.59) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.77) by $0.18. The business had revenue of $86.59 million for the quarter, compared to analysts’ expectations of $84.45 million. C3.ai had a negative return on equity of 30.95% and a negative net margin of 93.36%. As a group, equities analysts predict that C3.ai, Inc. will post -2.35 EPS for the current fiscal year.

Institutional Investors Weigh In On C3.ai

A number of hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC increased its holdings in C3.ai by 4,860.6% during the first quarter. EverSource Wealth Advisors LLC now owns 31,946 shares of the company’s stock valued at $865,000 after buying an additional 31,302 shares during the last quarter. Pathway Financial Advisers LLC purchased a new stake in shares of C3.ai during the first quarter worth about $38,000. Cetera Advisors LLC purchased a new stake in C3.ai during the 1st quarter valued at approximately $465,000. Virtu Financial LLC increased its holdings in C3.ai by 541.6% in the 1st quarter. Virtu Financial LLC now owns 108,720 shares of the company’s stock valued at $2,943,000 after acquiring an additional 91,774 shares during the last quarter. Finally, Montchanin Asset Management LLC purchased a new stake in shares of C3.ai during the 1st quarter worth approximately $297,000. 38.96% of the stock is currently owned by hedge funds and other institutional investors.

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.