C3.ai, Inc. (NYSE:AI) Shares Sold by ProShare Advisors LLC

ProShare Advisors LLC cut its holdings in shares of C3.ai, Inc. (NYSE:AI) by 30.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,684 shares of the company’s stock after selling 5,106 shares during the quarter. ProShare Advisors LLC’s holdings in C3.ai were worth $338,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Global Assets Advisory LLC raised its holdings in shares of 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 purchasing an additional 862,811 shares in the last quarter. Coatue Management LLC raised its holdings in shares of C3.ai by 25.1% in the 4th quarter. Coatue Management LLC now owns 2,832,229 shares of the company’s stock valued at $81,313,000 after purchasing an additional 568,369 shares in the last quarter. Norges Bank acquired a new stake in shares of C3.ai in the 4th quarter valued at $10,879,000. Vanguard Group Inc. grew its position in shares of C3.ai by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 10,647,900 shares of the company’s stock valued at $288,239,000 after buying an additional 317,768 shares during the last quarter. Finally, Virtu Financial LLC grew its position in shares of 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 buying an additional 91,774 shares during the last quarter. 38.96% of the stock is currently owned by institutional investors and hedge funds.

C3.ai Stock Performance

AI stock opened at $22.88 on Thursday. C3.ai, Inc. has a one year low of $18.85 and a one year high of $38.30. The stock has a market capitalization of $2.86 billion, a PE ratio of -9.78 and a beta of 1.81. The company has a fifty day moving average of $24.03 and a 200-day moving average of $25.69.

C3.ai (NYSE:AI) last released its earnings results on Wednesday, September 4th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate 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 company had revenue of $87.21 million during the quarter, compared to analysts’ expectations of $86.94 million. During the same quarter last year, the business earned ($0.56) EPS. The business’s revenue was up 20.5% on a year-over-year basis. Equities analysts forecast that C3.ai, Inc. will post -2.32 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on AI. Oppenheimer reaffirmed an “outperform” rating and issued a $40.00 target price on shares of C3.ai in a research report on Thursday, September 5th. Piper Sandler Companies reaffirmed a “neutral” rating and issued a $24.00 target price on shares of C3.ai in a research report on Thursday, September 5th. Morgan Stanley dropped their target price 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. DA Davidson dropped their target price on shares of C3.ai from $30.00 to $20.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $40.00 target price on shares of C3.ai in a research report on Thursday, September 5th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, C3.ai currently has an average rating of “Hold” and an average target price of $27.70.

C3.ai 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.