Hitesh Lath Sells 21,077 Shares of C3.ai (NYSE:AI) Stock

C3.ai, Inc. (NYSE:AI) CFO Hitesh Lath sold 21,077 shares of the stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $10.48, for a total transaction of $220,886.96. Following the completion of the sale, the chief financial officer owned 371,036 shares of the company’s stock, valued at approximately $3,888,457.28. The trade was a 5.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Hitesh Lath also recently made the following trade(s):

• On Tuesday, August 4th, Hitesh Lath sold 20,000 shares of C3.ai stock. The stock was sold at an average price of $10.00, for a total value of $200,000.00.
• On Tuesday, June 30th, Hitesh Lath sold 48,619 shares of C3.ai stock. The stock was sold at an average price of $8.77, for a total value of $426,388.63.

C3.ai Price Performance

Shares of AI traded up $0.21 during mid-day trading on Thursday, reaching $10.78. The stock had a trading volume of 2,933,672 shares, compared to its average volume of 5,246,809. C3.ai, Inc. has a 52-week low of $7.68 and a 52-week high of $20.22. The firm has a market cap of $1.67 billion, a price-to-earnings ratio of -3.50 and a beta of 2.10. The business’s fifty day moving average is $9.83 and its 200 day moving average is $9.47.

C3.ai (NYSE:AI) last posted its earnings results on Wednesday, September 2nd. The company reported ($0.20) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.06. C3.ai had a negative net margin of 192.10% and a negative return on equity of 61.25%. The company had revenue of $52.38 million for the quarter, compared to analyst estimates of $52.06 million. During the same period in the previous year, the business posted ($0.37) EPS. C3.ai’s revenue was down 25.4% on a year-over-year basis. As a group, sell-side analysts anticipate that C3.ai, Inc. will post -2.22 EPS for the current fiscal year.

Institutional Trading of C3.ai

Several hedge funds have recently bought and sold shares of the company. Bank of America Corp DE grew its holdings in C3.ai by 55.1% in the 1st quarter. Bank of America Corp DE now owns 3,282,183 shares of the company’s stock worth $27,636,000 after buying an additional 1,166,302 shares in the last quarter. First Trust Advisors LP lifted its stake in shares of C3.ai by 67.3% in the 1st quarter. First Trust Advisors LP now owns 1,215,341 shares of the company’s stock worth $10,233,000 after acquiring an additional 488,710 shares during the period. EVR Research LP increased its stake in shares of C3.ai by 223.8% during the fourth quarter. EVR Research LP now owns 600,400 shares of the company’s stock valued at $8,093,000 after acquiring an additional 415,000 shares during the period. Bank of New York Mellon Corp lifted its position in C3.ai by 0.8% in the first quarter. Bank of New York Mellon Corp now owns 690,694 shares of the company’s stock worth $5,816,000 after purchasing an additional 5,631 shares during the period. Finally, Edgestream Partners L.P. raised its stake in shares of C3.ai by 247.5% in the 1st quarter. Edgestream Partners L.P. now owns 658,573 shares of the company’s stock worth $5,545,000 after buying an additional 469,057 shares in the last quarter. 38.96% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

AI has been the topic of several research analyst reports. Morgan Stanley lifted their price objective on C3.ai from $6.00 to $7.00 and gave the company an “underweight” rating in a research note on Thursday, June 4th. Needham & Company LLC reaffirmed a “hold” rating on shares of C3.ai in a report on Thursday, September 3rd. Citizens Jmp reaffirmed a “market perform” rating on shares of C3.ai in a research report on Thursday, September 3rd. DA Davidson reaffirmed an “underperform” rating and issued a $7.00 target price on shares of C3.ai in a research report on Tuesday, September 1st. Finally, Citigroup reiterated a “market perform” rating on shares of C3.ai in a research note on Thursday, September 3rd. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and seven have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, C3.ai currently has an average rating of “Reduce” and an average target price of $8.70.

About C3.ai

C3.ai, Inc develops enterprise artificial intelligence software and applications for organizations in a range of industries. Its technology is designed to help businesses use data, machine learning and predictive analytics to address operational, financial and strategic challenges.

The company’s offerings include the C3 AI Platform, which provides tools for developing, deploying and operating AI applications, as well as prebuilt applications for use cases such as predictive maintenance, fraud detection, supply-chain optimization, customer engagement, energy management and regulatory compliance.