Mercer Global Advisors Inc. ADV Decreases Stake in C3.ai, Inc. (NYSE:AI)

Mercer Global Advisors Inc. ADV lessened its position in shares of C3.ai, Inc. (NYSE:AI) by 61.1% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,279 shares of the company’s stock after selling 8,288 shares during the period. Mercer Global Advisors Inc. ADV’s holdings in C3.ai were worth $153,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of AI. Principal Financial Group Inc. lifted its position in C3.ai by 11.7% during the 1st quarter. Principal Financial Group Inc. now owns 10,703 shares of the company’s stock worth $290,000 after acquiring an additional 1,119 shares during the period. Global Assets Advisory LLC grew its position in C3.ai by 2,547.8% in the 1st quarter. Global Assets Advisory LLC now owns 896,676 shares of the company’s stock valued at $24,273,000 after buying an additional 862,811 shares during the last quarter. B. Riley Wealth Advisors Inc. acquired a new position in C3.ai in the 4th quarter valued at $1,012,000. EverSource Wealth Advisors LLC raised its position in C3.ai by 4,860.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 31,946 shares of the company’s stock worth $865,000 after buying an additional 31,302 shares during the last quarter. Finally, GSA Capital Partners LLP acquired a new stake in shares of C3.ai in the 1st quarter worth $1,055,000. 38.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on AI shares. Piper Sandler dropped their price objective on C3.ai from $29.00 to $24.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. DA Davidson cut their price target on C3.ai from $30.00 to $20.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. Bank of America lowered their price objective on shares of C3.ai from $24.00 to $20.00 and set an “underperform” rating on the stock in a research note on Thursday, September 5th. Oppenheimer restated an “outperform” rating and set a $40.00 target price on shares of C3.ai in a research report on Thursday, September 5th. Finally, Morgan Stanley lowered their price target on shares of C3.ai from $23.00 to $21.00 and set an “underweight” rating on the stock in a research report on Thursday, September 5th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, C3.ai has a consensus rating of “Hold” and an average target price of $27.70.

C3.ai Trading Down 6.7 %

Shares of NYSE:AI opened at $22.61 on Wednesday. The firm’s 50 day moving average is $24.22 and its two-hundred day moving average is $25.75. The firm has a market capitalization of $2.82 billion, a P/E ratio of -9.66 and a beta of 1.81. C3.ai, Inc. has a 52 week low of $18.85 and a 52 week high of $38.30.

C3.ai (NYSE:AI) last issued its quarterly earnings data on Wednesday, September 4th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.08. C3.ai had a negative net margin of 85.47% and a negative return on equity of 31.28%. The business had revenue of $87.21 million for the quarter, compared to analysts’ expectations of $86.94 million. During the same period in the previous year, the business earned ($0.56) earnings per share. The company’s revenue was up 20.5% on a year-over-year basis. Analysts predict that C3.ai, Inc. will post -2.32 EPS for the current year.

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.