C3.ai (NYSE:AI) Sets New 52-Week Low on Analyst Downgrade

Shares of C3.ai, Inc. (NYSE:AI) hit a new 52-week low during trading on Thursday after Canaccord Genuity Group lowered their price target on the stock from $30.00 to $23.00. Canaccord Genuity Group currently has a hold rating on the stock. C3.ai traded as low as $18.85 and last traded at $19.59, with a volume of 2720442 shares traded. The stock had previously closed at $23.01.

A number of other research analysts have also issued reports on AI. Northland Securities upgraded C3.ai from a “market perform” rating to an “outperform” rating and set a $35.00 price target for the company in a research report on Thursday, May 30th. DA Davidson decreased their price target on C3.ai from $30.00 to $20.00 and set a “neutral” rating for the company in a research note on Thursday. Needham & Company LLC restated a “hold” rating on shares of C3.ai in a research report on Thursday. Bank of America dropped their target price on shares of C3.ai from $24.00 to $20.00 and set an “underperform” rating on the stock in a report on Thursday. Finally, Wedbush decreased their target price on C3.ai from $40.00 to $30.00 and set an “outperform” rating on the stock in a report on Thursday. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $27.70.

Insider Activity

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

Institutional Investors Weigh In On C3.ai

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of C3.ai by 3.1% during the first quarter. Vanguard Group Inc. now owns 10,647,900 shares of the company’s stock worth $288,239,000 after purchasing an additional 317,768 shares during the last quarter. Coatue Management LLC raised its position in C3.ai by 25.1% in the 4th quarter. Coatue Management LLC now owns 2,832,229 shares of the company’s stock worth $81,313,000 after purchasing an additional 568,369 shares during the last quarter. Global Assets Advisory LLC lifted its holdings in C3.ai by 2,547.8% during the 1st quarter. Global Assets Advisory LLC now owns 896,676 shares of the company’s stock worth $24,273,000 after buying an additional 862,811 shares in the last quarter. Bank of New York Mellon Corp boosted its position in C3.ai by 0.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 771,540 shares of the company’s stock valued at $22,344,000 after buying an additional 1,929 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of C3.ai by 10.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 706,677 shares of the company’s stock valued at $20,289,000 after buying an additional 66,701 shares during the period. Institutional investors own 38.96% of the company’s stock.

C3.ai Price Performance

The firm has a 50 day moving average price of $26.16 and a 200-day moving average price of $26.64. The firm has a market cap of $2.66 billion, a price-to-earnings ratio of -9.10 and a beta of 1.83.

C3.ai (NYSE:AI) last released its 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. The firm had revenue of $87.21 million during the quarter, compared to analyst estimates of $86.94 million. C3.ai had a negative net margin of 93.36% and a negative return on equity of 30.95%. The business’s quarterly revenue was up 20.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.56) EPS. On average, sell-side analysts expect that C3.ai, Inc. will post -2.35 EPS for the current fiscal year.

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.