C3.ai, Inc. (NYSE:AI) Short Interest Down 5.1% in October

C3.ai, Inc. (NYSE:AI) was the target of a significant decline in short interest in October. As of October 15th, there was short interest totalling 24,560,000 shares, a decline of 5.1% from the September 30th total of 25,870,000 shares. Based on an average daily trading volume, of 3,700,000 shares, the days-to-cover ratio is presently 6.6 days.

C3.ai Stock Performance

AI opened at $25.02 on Friday. The company has a market cap of $3.18 billion, a PE ratio of -10.97 and a beta of 1.81. The stock has a 50-day moving average of $24.12 and a 200-day moving average of $25.61. C3.ai has a 52-week low of $18.85 and a 52-week high of $38.30.

C3.ai (NYSE:AI) last posted its quarterly earnings data on Wednesday, September 4th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $87.21 million during the quarter, compared to analysts’ expectations of $86.94 million. During the same quarter 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. On average, research analysts predict that C3.ai will post -2.31 earnings per share for the current year.

Hedge Funds Weigh In On C3.ai

Several large investors have recently made changes to their positions in the business. Principal Financial Group Inc. raised its holdings in C3.ai by 11.7% in the 1st quarter. Principal Financial Group Inc. now owns 10,703 shares of the company’s stock valued at $290,000 after acquiring an additional 1,119 shares in the last quarter. Global Assets Advisory LLC acquired a new position in C3.ai in the 3rd quarter valued at approximately $743,000. Susquehanna Fundamental Investments LLC acquired a new position in C3.ai in the 2nd quarter valued at approximately $3,465,000. EverSource Wealth Advisors LLC raised its holdings in C3.ai by 4,860.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 31,946 shares of the company’s stock valued at $865,000 after acquiring an additional 31,302 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new position in C3.ai in the 3rd quarter valued at approximately $10,560,000. Institutional investors and hedge funds own 38.96% of the company’s stock.

Analyst Upgrades and Downgrades

AI has been the topic of a number of research analyst reports. Piper Sandler lowered their price target on C3.ai from $29.00 to $24.00 and set a “neutral” rating on the stock in a report on Thursday, September 5th. DA Davidson lowered their price target on C3.ai from $30.00 to $20.00 and set a “neutral” rating on the stock in a report on Thursday, September 5th. Piper Sandler Companies restated a “neutral” rating and issued a $24.00 target price on shares of C3.ai in a research note on Thursday, September 5th. Morgan Stanley lowered their target price on C3.ai from $23.00 to $21.00 and set an “underweight” rating on the stock in a research note on Thursday, September 5th. Finally, JMP Securities restated a “market outperform” rating and issued a $40.00 target price on shares of C3.ai in a research note on Thursday, September 5th. 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 issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $27.70.

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.