C3.ai (NYSE:AI) Shares Down 7.4% – Here’s Why

C3.ai, Inc. (NYSE:AI)’s share price traded down 7.4% on Thursday . The company traded as low as $8.60 and last traded at $8.6330. Approximately 1,104,829 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 6,423,717 shares. The stock had previously closed at $9.32.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on AI shares. UBS Group lifted their price objective on C3.ai from $9.00 to $12.00 and gave the stock a “neutral” rating in a report on Thursday, June 4th. Wedbush restated an “outperform” rating and issued a $15.00 target price on shares of C3.ai in a research report on Thursday, June 4th. DA Davidson reaffirmed an “underperform” rating and issued a $7.00 price target on shares of C3.ai in a research note on Thursday, June 4th. Morgan Stanley boosted their price target on C3.ai from $6.00 to $7.00 and gave the stock an “underweight” rating in a research report on Thursday, June 4th. Finally, Citizens Jmp reissued a “market perform” rating on shares of C3.ai in a research note on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, six have given a Hold rating and six have issued a Sell rating to the stock. Based on data from MarketBeat.com, C3.ai presently has an average rating of “Reduce” and an average target price of $12.92.

C3.ai Stock Performance

The company has a market cap of $1.29 billion, a PE ratio of -2.66 and a beta of 2.04. The firm’s 50 day moving average is $9.70 and its 200-day moving average is $10.73.

C3.ai (NYSE:AI) last issued its 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. The business had revenue of $51.60 million for the quarter, compared to analysts’ expectations of $51.60 million. C3.ai had a negative return on equity of 62.44% and a negative net margin of 187.95%.The business’s revenue for the quarter was down 52.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.16) EPS. On average, analysts predict that C3.ai, Inc. will post -2.28 EPS for the current year.

Insider Buying and Selling

In other news, CEO Stephen Bradley Ehikian sold 52,194 shares of the firm’s stock in a transaction that occurred on Tuesday, March 31st. The shares were sold at an average price of $8.22, for a total transaction of $429,034.68. Following the completion of the sale, the chief executive officer owned 721,485 shares in the company, valued at $5,930,606.70. This trade represents a 6.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Thomas M. Siebel sold 472,005 shares of C3.ai 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. The trade was a 39.52% decrease in their position. The SEC filing for this sale provides additional information. 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. Over the last 90 days, insiders have sold 1,599,644 shares of company stock worth $15,059,516. 26.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On C3.ai

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AI. Quantbot Technologies LP raised its holdings in C3.ai by 2,831.4% in the 3rd quarter. Quantbot Technologies LP now owns 554,472 shares of the company’s stock valued at $9,615,000 after buying an additional 535,557 shares during the period. Vanguard Group Inc. raised its stake in shares of C3.ai by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 14,469,953 shares of the company’s stock valued at $195,055,000 after acquiring an additional 108,011 shares during the period. Clare Market Investments LLC purchased a new stake in shares of C3.ai in the 3rd quarter valued at approximately $2,207,000. SG Americas Securities LLC lifted its holdings in shares of C3.ai by 115.0% in the 4th quarter. SG Americas Securities LLC now owns 384,486 shares of the company’s stock worth $5,183,000 after acquiring an additional 205,640 shares during the last quarter. Finally, Neo Ivy Capital Management acquired a new position in shares of C3.ai in the 3rd quarter worth approximately $2,010,000. Institutional investors and hedge funds own 38.96% of the company’s stock.

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.