Point72 Asset Management L.P. Acquires New Position in C3.ai, Inc. (NYSE:AI)

Point72 Asset Management L.P. bought a new position in shares of C3.ai, Inc. (NYSE:AI) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 17,706 shares of the company’s stock, valued at approximately $513,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its holdings 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 in the last quarter. Global Assets Advisory LLC grew its stake in shares of C3.ai by 2,547.8% during the first quarter. Global Assets Advisory LLC now owns 896,676 shares of the company’s stock worth $24,273,000 after purchasing an additional 862,811 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in C3.ai in the second quarter valued at $3,465,000. EverSource Wealth Advisors LLC raised its stake in C3.ai by 4,860.6% in 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 in the last quarter. Finally, B. Riley Wealth Advisors Inc. purchased a new stake in C3.ai during the 4th quarter worth about $1,012,000. Hedge funds and other institutional investors own 38.96% of the company’s stock.

C3.ai Trading Up 4.5 %

AI stock opened at $24.07 on Friday. The company has a market cap of $3.00 billion, a price-to-earnings ratio of -10.29 and a beta of 1.81. The firm has a 50 day moving average of $23.88 and a 200-day moving average of $25.63. C3.ai, Inc. has a 12-month low of $18.85 and a 12-month high of $38.30.

C3.ai (NYSE:AI) last posted its earnings results on Wednesday, September 4th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.08. The company had revenue of $87.21 million for the quarter, compared to analyst estimates of $86.94 million. C3.ai had a negative return on equity of 31.28% and a negative net margin of 85.47%. C3.ai’s revenue was up 20.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.56) earnings per share. Sell-side analysts forecast that C3.ai, Inc. will post -2.32 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on AI shares. Piper Sandler decreased their target price 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. 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. Wedbush reduced their price target on shares of C3.ai from $40.00 to $30.00 and set an “outperform” rating for the company in a research report on Thursday, September 5th. Canaccord Genuity Group cut their target price on C3.ai from $30.00 to $23.00 and set a “hold” rating on the stock in a research report on Thursday, September 5th. Finally, DA Davidson decreased their target price on C3.ai from $30.00 to $20.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target 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.