C3.ai (NYSE:AI) Lowered to Underweight Rating by JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of C3.ai (NYSE:AI) from a neutral rating to an underweight rating in a research note released on Wednesday, MarketBeat.com reports. They currently have $28.00 price target on the stock.

A number of other equities research analysts have also recently commented on AI. Canaccord Genuity Group decreased their price objective on C3.ai from $30.00 to $23.00 and set a “hold” rating for the company in a research note on Thursday, September 5th. Piper Sandler Companies restated a “neutral” rating and set a $24.00 target price on shares of C3.ai in a research report on Thursday, September 5th. Piper Sandler increased their price target on shares of C3.ai from $24.00 to $42.00 and gave the company a “neutral” rating in a research report on Tuesday. Northland Securities boosted their price objective on shares of C3.ai from $35.00 to $45.00 and gave the company an “outperform” rating in a report on Tuesday. Finally, Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a report on Tuesday. Four research analysts have rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $35.55.

C3.ai Stock Performance

Shares of AI stock opened at $39.46 on Wednesday. The firm’s 50 day moving average price is $30.08 and its two-hundred day moving average price is $27.54. C3.ai has a 52-week low of $18.85 and a 52-week high of $45.08. The stock has a market cap of $5.01 billion, a PE ratio of -17.91 and a beta of 2.00.

Insider Transactions at C3.ai

In related news, CFO Hitesh Lath sold 11,339 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $42.00, for a total transaction of $476,238.00. Following the sale, the chief financial officer now owns 851 shares in the company, valued at approximately $35,742. This represents a 93.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Stephen M. Ward, Jr. sold 125,000 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $42.00, for a total value of $5,250,000.00. Following the completion of the transaction, the director now owns 546,495 shares of the company’s stock, valued at approximately $22,952,790. This represents a 18.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 33.54% of the stock is owned by insiders.

Institutional Investors Weigh In On C3.ai

A number of institutional investors and hedge funds have recently made changes to their positions in AI. Geode Capital Management LLC lifted its stake in C3.ai by 8.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,216,925 shares of the company’s stock valued at $53,728,000 after purchasing an additional 178,870 shares during the last quarter. State Street Corp lifted its position in shares of C3.ai by 1.8% in the third quarter. State Street Corp now owns 2,121,391 shares of the company’s stock valued at $51,401,000 after buying an additional 38,185 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of C3.ai by 12.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 844,389 shares of the company’s stock worth $20,460,000 after acquiring an additional 92,280 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of C3.ai by 0.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 771,540 shares of the company’s stock worth $22,344,000 after acquiring an additional 1,929 shares during the last quarter. Finally, Raymond James & Associates raised its stake in C3.ai by 11.5% in the 2nd quarter. Raymond James & Associates now owns 201,262 shares of the company’s stock valued at $5,829,000 after acquiring an additional 20,753 shares during the period. Institutional investors own 38.96% of the company’s stock.

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.