C3.ai (NYSE:AI) CFO Hitesh Lath Sells 15,042 Shares

C3.ai, Inc. (NYSE:AI) CFO Hitesh Lath sold 15,042 shares of the company’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $14.38, for a total value of $216,303.96. Following the transaction, the chief financial officer owned 223,120 shares of the company’s stock, valued at approximately $3,208,465.60. This represents a 6.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

C3.ai Price Performance

C3.ai stock traded down $0.44 during mid-day trading on Wednesday, reaching $14.05. 4,422,924 shares of the company traded hands, compared to its average volume of 5,848,336. The firm’s 50 day moving average price is $15.92 and its 200 day moving average price is $19.62. The firm has a market capitalization of $1.94 billion, a price-to-earnings ratio of -4.96 and a beta of 1.97. C3.ai, Inc. has a 52-week low of $12.59 and a 52-week high of $44.34.

C3.ai (NYSE:AI) last posted its earnings results on Wednesday, December 3rd. The company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.33) by $0.08. The firm had revenue of $75.15 million during the quarter, compared to analysts’ expectations of $74.86 million. C3.ai had a negative net margin of 108.06% and a negative return on equity of 46.51%. During the same period last year, the company posted ($0.06) EPS. The company’s quarterly revenue was down 20.3% compared to the same quarter last year. On average, sell-side analysts anticipate that C3.ai, Inc. will post -2.44 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in AI. CIBC Private Wealth Group LLC lifted its holdings in shares of C3.ai by 22.1% during the third quarter. CIBC Private Wealth Group LLC now owns 24,607 shares of the company’s stock valued at $427,000 after purchasing an additional 4,446 shares in the last quarter. CIBC Bancorp USA Inc. purchased a new position in shares of C3.ai during the 3rd quarter valued at about $227,000. Mayport LLC purchased a new position in C3.ai during the third quarter valued at approximately $191,000. XTX Topco Ltd bought a new position in shares of C3.ai in the third quarter worth about $1,702,000. Finally, Nomura Holdings Inc. boosted its stake in C3.ai by 36.1% in the 3rd quarter. Nomura Holdings Inc. now owns 32,943 shares of the company’s stock worth $571,000 after purchasing an additional 8,733 shares during the period. Institutional investors own 38.96% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on AI. JMP Securities cut their price objective on C3.ai from $30.00 to $24.00 and set a “market outperform” rating on the stock in a research report on Thursday, September 4th. Weiss Ratings restated a “sell (d-)” rating on shares of C3.ai in a research note on Wednesday, October 8th. DA Davidson restated an “underperform” rating and set a $13.00 price target on shares of C3.ai in a research report on Thursday, December 4th. UBS Group increased their price objective on C3.ai from $16.00 to $17.00 and gave the stock a “neutral” rating in a report on Friday, September 12th. Finally, Morgan Stanley lowered their price objective on C3.ai from $22.00 to $11.00 and set an “underweight” rating for the company in a research report on Tuesday, September 9th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, seven have issued a Hold rating and five have given a Sell rating to the company. According to MarketBeat, C3.ai presently has a consensus rating of “Reduce” and an average price target of $21.92.

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.