C3.ai (NYSE:AI) Sets New 52-Week High on Analyst Upgrade

C3.ai, Inc. (NYSE:AI)’s stock price hit a new 52-week high during mid-day trading on Friday after DA Davidson raised their price target on the stock from $20.00 to $35.00. DA Davidson currently has a neutral rating on the stock. C3.ai traded as high as $40.41 and last traded at $40.03, with a volume of 4808984 shares traded. The stock had previously closed at $37.49.

Several other research analysts have also recently issued reports on the company. Bank of America dropped their target price on C3.ai from $24.00 to $20.00 and set an “underperform” rating on the stock in a research report on Thursday, September 5th. Canaccord Genuity Group dropped 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. Piper Sandler Companies reissued a “neutral” rating and issued a $24.00 target price on shares of C3.ai in a research report on Thursday, September 5th. Piper Sandler dropped their target price on C3.ai from $29.00 to $24.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. Finally, Morgan Stanley dropped their target price on 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 given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $29.20.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in AI. Geode Capital Management LLC lifted its position in shares of C3.ai by 8.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,216,925 shares of the company’s stock valued at $53,728,000 after buying an additional 178,870 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in C3.ai in the 2nd quarter worth approximately $3,465,000. Charles Schwab Investment Management Inc. lifted its holdings in C3.ai by 12.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 844,389 shares of the company’s stock worth $20,460,000 after purchasing an additional 92,280 shares in the last quarter. Hodges Capital Management Inc. purchased a new position in C3.ai in the 3rd quarter worth approximately $1,955,000. Finally, Hsbc Holdings PLC lifted its holdings in C3.ai by 679.8% in the 2nd quarter. Hsbc Holdings PLC now owns 87,092 shares of the company’s stock worth $2,500,000 after purchasing an additional 75,923 shares in the last quarter. 38.96% of the stock is owned by hedge funds and other institutional investors.

C3.ai Stock Performance

The stock has a fifty day moving average of $28.74 and a 200 day moving average of $27.12. The company has a market capitalization of $5.15 billion, a PE ratio of -17.77 and a beta of 2.00.

C3.ai (NYSE:AI) last posted its quarterly earnings results on Wednesday, September 4th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.08. C3.ai had a negative return on equity of 31.28% and a negative net margin of 85.47%. The company 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 firm earned ($0.56) EPS. The firm’s revenue was up 20.5% compared to the same quarter last year. As a group, equities analysts predict that C3.ai, Inc. will post -2.31 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.