C3.ai (NYSE:AI) CEO Sells $3,223,121.28 in Stock

C3.ai, Inc. (NYSE:AI) CEO Thomas Siebel sold 369,624 shares of the business’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $8.72, for a total transaction of $3,223,121.28. Following the completion of the transaction, the chief executive officer owned 722,362 shares of the company’s stock, valued at $6,298,996.64. The trade was a 33.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

C3.ai Trading Up 0.3%

Shares of NYSE:AI opened at $9.31 on Friday. The firm has a 50 day moving average of $8.83 and a 200-day moving average of $11.50. The stock has a market capitalization of $1.35 billion, a PE ratio of -2.95 and a beta of 2.00. C3.ai, Inc. has a 12 month low of $7.68 and a 12 month high of $30.24.

C3.ai (NYSE:AI) last issued its earnings results on Wednesday, February 25th. The company reported ($0.40) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.11). The firm had revenue of $53.26 million during the quarter, compared to analyst estimates of $75.91 million. C3.ai had a negative net margin of 141.35% and a negative return on equity of 55.40%. C3.ai’s quarterly revenue was down 46.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.12) earnings per share. On average, research analysts predict that C3.ai, Inc. will post -3.22 EPS for the current fiscal year.

Hedge Funds Weigh In On C3.ai

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Western Wealth Management LLC acquired a new position in shares of C3.ai in the first quarter worth approximately $26,000. Bank of America Corp DE lifted its stake in shares of C3.ai by 55.1% in the first quarter. Bank of America Corp DE now owns 3,282,183 shares of the company’s stock worth $27,636,000 after acquiring an additional 1,166,302 shares during the period. Edgestream Partners L.P. lifted its stake in shares of C3.ai by 247.5% in the first quarter. Edgestream Partners L.P. now owns 658,573 shares of the company’s stock worth $5,545,000 after acquiring an additional 469,057 shares during the period. California State Teachers Retirement System lifted its stake in shares of C3.ai by 39.0% in the first quarter. California State Teachers Retirement System now owns 168,943 shares of the company’s stock worth $1,422,000 after acquiring an additional 47,391 shares during the period. Finally, Royal Bank of Canada increased its position in shares of C3.ai by 418.7% during the first quarter. Royal Bank of Canada now owns 177,527 shares of the company’s stock worth $1,495,000 after buying an additional 143,303 shares during the period. 38.96% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting C3.ai

Here are the key news stories impacting C3.ai this week:

• Positive Sentiment: C3.ai announced that a Delaware jury unanimously found Cummins liable for misappropriating C3.ai trade secrets, a legal win that may improve investor confidence in the company’s technology and licensing position. Cummins Inc. Liable for Misappropriation of C3 AI Trade Secrets
• Positive Sentiment: Retail-trader enthusiasm has also helped the stock, with commentary noting AI shares have been rebounding as speculation grows that the selloff may have bottomed. Forget C3.ai…
• Neutral Sentiment: Founder Thomas Siebel returned as CEO, which could help with leadership stability, but it also signals the company is still working through operational challenges. C3.ai Recently Announced Incredible News for Investors. Is It Time to Buy the Stock?
• Negative Sentiment: Siebel also sold 112,014 shares in a pre-arranged trading plan, and another report cited a separate sale of 369,624 shares, which may weigh on sentiment because insider selling can be read as a cautious signal. Thomas Siebel Sells 112,014 Shares of C3.ai (NYSE:AI) Stock
• Negative Sentiment: Broader bearish coverage continues to highlight weak fundamentals, including cash burn and heavy losses, reminding investors that C3.ai’s turnaround is still not proven. Forget C3.ai…

Wall Street Analyst Weigh In

AI has been the topic of a number of research analyst reports. KeyCorp reduced their target price on C3.ai from $10.00 to $6.00 and set an “underweight” rating on the stock in a report on Thursday, February 26th. JPMorgan Chase & Co. lowered their target price on C3.ai from $10.00 to $7.00 and set an “underweight” rating for the company in a research note on Thursday, February 26th. Wolfe Research reissued an “underperform” rating and set a $6.00 target price on shares of C3.ai in a research note on Thursday, February 26th. Weiss Ratings downgraded C3.ai from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, May 4th. Finally, Bank of America set a $10.00 target price on C3.ai in a research note on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, seven have assigned a Hold rating and six have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $15.93.

C3.ai Company Profile

C3.ai, Inc is a leading enterprise software provider focused on delivering scalable artificial intelligence (AI) and Internet of Things (IoT) solutions to large organizations. The company’s core offering, the C3 AI Suite, is a comprehensive, model-driven platform that unifies data ingestion, model development, and application deployment. Through its suite of tools, C3.ai enables customers to accelerate digital transformation initiatives by applying advanced machine learning, predictive analytics, and AI-driven insights across a broad range of business functions.

The C3 AI Suite provides a low-code environment for data scientists and application developers to rapidly design, test, and deploy enterprise-scale AI applications.