C3.ai (NYSE:AI) Trading 8.8% Higher – Here’s Why

C3.ai, Inc. (NYSE:AI)’s stock price rose 8.8% on Monday . The stock traded as high as $8.85 and last traded at $8.8650. Approximately 2,885,328 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 6,288,835 shares. The stock had previously closed at $8.15.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on AI. Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a research note on Thursday, June 4th. DA Davidson restated an “underperform” rating and issued a $7.00 price objective on shares of C3.ai in a report on Thursday, June 4th. Weiss Ratings cut shares of C3.ai from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, June 16th. Citizens Jmp reaffirmed a “market perform” rating on shares of C3.ai in a research report on Thursday, June 4th. Finally, Wedbush reiterated an “outperform” rating and set a $15.00 target price on shares of C3.ai in a research note on Thursday, June 4th. One investment analyst has rated the stock with a Buy rating, six have issued a Hold rating and six have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $10.67.

C3.ai Price Performance

The company’s 50 day simple moving average is $9.61 and its 200 day simple moving average is $9.92. The company has a market capitalization of $1.38 billion, a PE ratio of -2.67 and a beta of 2.06.

C3.ai (NYSE:AI) last issued its quarterly earnings data 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 business had revenue of $51.60 million during the quarter, compared to the consensus estimate of $51.60 million. During the same quarter in the previous year, the firm earned ($0.16) EPS. The company’s revenue was down 52.5% compared to the same quarter last year. On average, equities analysts forecast that C3.ai, Inc. will post -2.28 EPS for the current year.

Insider Activity at C3.ai

In other C3.ai news, CEO Stephen Bradley Ehikian sold 50,542 shares of the company’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $9.45, for a total value of $477,621.90. Following the completion of the transaction, the chief executive officer owned 651,130 shares in the company, valued at $6,153,178.50. This represents a 7.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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 the firm’s stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $8.77, for a total value of $426,388.63. Following the transaction, the chief financial officer directly owned 383,106 shares in the company, valued at approximately $3,359,839.62. The trade was a 11.26% 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. Insiders sold a total of 1,155,144 shares of company stock valued at $11,420,651 over the last ninety days. Insiders own 26.50% of the company’s stock.

Institutional Investors Weigh In On C3.ai

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AI. AQR Capital Management LLC grew its position 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 acquiring an additional 132,056 shares during the last quarter. NewEdge Advisors LLC grew 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 acquiring an additional 800 shares during the period. Woodline Partners LP acquired a new position in C3.ai during the first quarter worth $346,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in C3.ai by 4.6% in the first 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 acquiring an additional 10,675 shares in the last quarter. Finally, Focus Partners Wealth lifted its holdings in C3.ai by 2.6% in the first quarter. Focus Partners Wealth now owns 59,004 shares of the company’s stock valued at $1,242,000 after acquiring an additional 1,503 shares during the period. Hedge funds and other institutional investors 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.