C3.ai (NYSE:AI) Price Target Cut to $30.00 by Analysts at Wedbush

C3.ai (NYSE:AI) had its target price cut by Wedbush from $40.00 to $30.00 in a report released on Thursday, Benzinga reports. They currently have an outperform rating on the stock.

A number of other equities research analysts have also recently weighed in on the stock. Needham & Company LLC restated a hold rating on shares of C3.ai in a research note on Thursday. Piper Sandler Companies restated a neutral rating and set a $24.00 price target on shares of C3.ai in a research report on Thursday. Canaccord Genuity Group decreased their price objective on shares of C3.ai from $31.00 to $30.00 and set a hold rating for the company in a report on Thursday, May 30th. Northland Capmk upgraded shares of C3.ai from a hold rating to a strong-buy rating in a research note on Thursday, May 30th. Finally, Northland Securities upgraded C3.ai from a market perform rating to an outperform rating and set a $35.00 target price for the company in a research report on Thursday, May 30th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average price target of $27.70.

C3.ai Trading Down 8.2 %

Shares of C3.ai stock opened at $21.12 on Thursday. C3.ai has a twelve month low of $18.85 and a twelve month high of $38.30. The business’s 50 day simple moving average is $26.31 and its 200-day simple moving average is $26.69. The stock has a market capitalization of $2.64 billion, a price-to-earnings ratio of -9.03 and a beta of 1.83.

C3.ai (NYSE:AI) last posted 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. The firm had revenue of $87.21 million during the quarter, compared to analysts’ expectations of $86.94 million. C3.ai had a negative net margin of 93.36% and a negative return on equity of 30.95%. C3.ai’s quarterly revenue was up 20.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.56) EPS. Sell-side analysts predict that C3.ai will post -2.35 earnings per share for the current year.

Insider Transactions at C3.ai

In related news, CFO Hitesh Lath sold 3,005 shares of C3.ai stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $27.56, for a total value of $82,817.80. Following the transaction, the chief financial officer now directly owns 7,390 shares in the company, valued at approximately $203,668.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 34.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. ICA Group Wealth Management LLC acquired a new stake in shares of C3.ai during the fourth quarter valued at approximately $29,000. Toth Financial Advisory Corp boosted its stake in C3.ai by 900.0% in the 1st quarter. Toth Financial Advisory Corp now owns 1,000 shares of the company’s stock worth $27,000 after purchasing an additional 900 shares during the period. Hobbs Group Advisors LLC purchased a new position in C3.ai during the 2nd quarter worth approximately $29,000. Unique Wealth Strategies LLC acquired a new stake in C3.ai during the 2nd quarter valued at $28,000. Finally, Blue Trust Inc. raised its stake in C3.ai by 148.9% during the 2nd quarter. Blue Trust Inc. now owns 1,028 shares of the company’s stock valued at $28,000 after purchasing an additional 615 shares during the period. 38.96% of the stock is currently owned by institutional investors and hedge funds.

About C3.ai

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.