C3.ai (NYSE:AI) Stock Price Down 4.5% Following Insider Selling

C3.ai, Inc. (NYSE:AI) shares dropped 4.5% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $10.52 and last traded at $10.4350. Approximately 1,418,434 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 6,437,732 shares. The stock had previously closed at $10.93.

Specifically, CFO Hitesh Lath sold 34,210 shares of C3.ai stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $10.95, for a total value of $374,599.50. Following the completion of the transaction, the chief financial officer owned 233,106 shares in the company, valued at $2,552,510.70. This trade represents a 12.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Thomas M. Siebel sold 23,570 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $10.92, for a total transaction of $257,384.40. Following the completion of the sale, the chief executive officer directly owned 743,559 shares in the company, valued at approximately $8,119,664.28. This trade represents a 3.07% decrease in their position. 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 related news, CEO Thomas M. Siebel sold 472,005 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $11.11, for a total transaction of $5,243,975.55. Following the sale, the chief executive officer directly owned 722,362 shares in the company, valued at approximately $8,025,441.82. This represents a 39.52% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed 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.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Citizens Jmp reiterated a “market perform” rating on shares of C3.ai in a research note on Thursday, June 4th. Morgan Stanley increased their target price on C3.ai from $6.00 to $7.00 and gave the stock an “underweight” rating in a research report on Thursday, June 4th. KeyCorp reaffirmed an “underweight” rating on shares of C3.ai in a report on Thursday, June 4th. BMO Capital Markets set a $7.00 price target on C3.ai in a research report on Thursday, February 26th. Finally, JPMorgan Chase & Co. reduced their price target on C3.ai from $10.00 to $7.00 and set an “underweight” rating for the company in a research report on Thursday, February 26th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, six have given a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat, C3.ai currently has an average rating of “Reduce” and an average price target of $12.92.

C3.ai Price Performance

The firm’s 50 day moving average is $9.62 and its 200 day moving average is $10.92. The company has a market cap of $1.50 billion, a PE ratio of -3.09 and a beta of 2.04.

C3.ai (NYSE:AI) last posted its earnings results on Wednesday, June 3rd. The company reported ($0.33) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.05. C3.ai had a negative net margin of 187.95% and a negative return on equity of 60.20%. The business had revenue of $51.60 million for the quarter, compared to analyst estimates of $51.60 million. During the same quarter in the prior year, the firm posted ($0.16) EPS. C3.ai’s revenue was down 52.5% on a year-over-year basis. As a group, analysts anticipate that C3.ai, Inc. will post -2.26 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Western Wealth Management LLC purchased a new stake in shares of C3.ai in the first quarter worth $26,000. Larson Financial Group LLC increased its stake in C3.ai by 683.6% in the 3rd quarter. Larson Financial Group LLC now owns 1,481 shares of the company’s stock worth $26,000 after acquiring an additional 1,292 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in shares of C3.ai by 66.1% in the 4th quarter. Farther Finance Advisors LLC now owns 2,141 shares of the company’s stock valued at $29,000 after acquiring an additional 852 shares in the last quarter. Parallel Advisors LLC boosted its position in shares of C3.ai by 76.4% during the 3rd quarter. Parallel Advisors LLC now owns 1,849 shares of the company’s stock valued at $32,000 after acquiring an additional 801 shares during the last quarter. Finally, Comerica Bank grew its holdings in shares of C3.ai by 839.1% during the fourth quarter. Comerica Bank now owns 2,423 shares of the company’s stock worth $33,000 after purchasing an additional 2,165 shares in the last quarter. 38.96% of the stock is currently owned by hedge funds and other institutional investors.

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.