Cane Capital Partners LLC Sells 71,966 Shares of C3.ai, Inc. $AI

Cane Capital Partners LLC cut its holdings in shares of C3.ai, Inc. (NYSE:AI) by 82.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,825 shares of the company’s stock after selling 71,966 shares during the period. Cane Capital Partners LLC’s holdings in C3.ai were worth $133,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. AQR Capital Management LLC raised its stake in shares of C3.ai by 267.9% during the first quarter. AQR Capital Management LLC now owns 181,354 shares of the company’s stock worth $3,788,000 after buying an additional 132,056 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in C3.ai by 48.7% during the first quarter. NewEdge Advisors LLC now owns 2,442 shares of the company’s stock worth $51,000 after buying an additional 800 shares during the last quarter. Woodline Partners LP bought a new position in C3.ai during the first quarter worth about $346,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of C3.ai by 4.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 242,784 shares of the company’s stock worth $5,111,000 after buying an additional 10,675 shares during the period. Finally, Focus Partners Wealth grew its position in shares of C3.ai by 2.6% during the 1st quarter. Focus Partners Wealth now owns 59,004 shares of the company’s stock worth $1,242,000 after buying an additional 1,503 shares during the period. Institutional investors own 38.96% of the company’s stock.

C3.ai Stock Performance

NYSE AI opened at $9.44 on Thursday. C3.ai, Inc. has a 52 week low of $7.68 and a 52 week high of $30.11. The stock’s 50 day moving average price is $9.69 and its two-hundred day moving average price is $10.55. The stock has a market capitalization of $1.37 billion, a price-to-earnings ratio of -2.82 and a beta of 2.06.

C3.ai (NYSE:AI) last issued its quarterly earnings results on Wednesday, June 3rd. The company reported ($0.33) earnings per share for the quarter, topping the consensus estimate of ($0.38) by $0.05. C3.ai had a negative net margin of 187.95% and a negative return on equity of 62.44%. The company had revenue of $51.60 million during the quarter, compared to analysts’ expectations of $51.60 million. During the same period last year, the business earned ($0.16) EPS. The business’s quarterly revenue was down 52.5% on a year-over-year basis. On average, equities research analysts forecast that C3.ai, Inc. will post -2.28 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on AI. DA Davidson reiterated an “underperform” rating and issued a $7.00 price target on shares of C3.ai in a research report on Thursday, June 4th. KeyCorp reissued an “underweight” rating on shares of C3.ai in a research note on Thursday, June 4th. UBS Group increased their price target on C3.ai from $9.00 to $12.00 and gave the stock a “neutral” rating in a report on Thursday, June 4th. Weiss Ratings lowered C3.ai from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, June 16th. Finally, Citizens Jmp reiterated a “market perform” rating on shares of C3.ai in a report on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, six have assigned a Hold rating and six have given a Sell rating to the stock. According to MarketBeat.com, C3.ai has a consensus rating of “Reduce” and a consensus price target of $12.92.

Insiders Place Their Bets

In related news, CEO Thomas M. Siebel sold 472,005 shares of the firm’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $11.11, for a total value of $5,243,975.55. Following the completion of the transaction, the chief executive officer owned 722,362 shares of the company’s stock, valued at approximately $8,025,441.82. This trade represents a 39.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Hitesh Lath sold 48,619 shares of C3.ai stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $8.77, for a total transaction of $426,388.63. Following the completion of the sale, the chief financial officer owned 383,106 shares in the company, valued at $3,359,839.62. The trade was a 11.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 1,596,069 shares of company stock valued at $15,056,870. 26.50% of the stock is owned by insiders.

About C3.ai

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.