C3.ai’s (AI) Underperform Rating Reaffirmed at DA Davidson

C3.ai (NYSE:AI)‘s stock had its “underperform” rating reaffirmed by equities research analysts at DA Davidson in a report issued on Tuesday, Benzinga reports. They presently have a $7.00 price objective on the stock. DA Davidson’s price target would indicate a potential downside of 35.72% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a report on Thursday, June 4th. Weiss Ratings raised C3.ai from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, August 4th. Morgan Stanley increased their target price on shares of 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 research report on Thursday, June 4th. Finally, UBS Group lifted their target price on shares of C3.ai from $9.00 to $12.00 and gave the company a “neutral” rating in a report on Thursday, June 4th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $10.09.

C3.ai Trading Up 3.4%

NYSE:AI opened at $10.89 on Tuesday. The company’s 50-day moving average is $9.43 and its two-hundred day moving average is $9.43. The firm has a market cap of $1.69 billion, a price-to-earnings ratio of -3.26 and a beta of 2.08. C3.ai has a 12-month low of $7.68 and a 12-month high of $20.22.

C3.ai (NYSE:AI) last released its earnings results on Wednesday, June 3rd. The company reported ($0.33) EPS 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 firm had revenue of $51.60 million during the quarter, compared to analysts’ expectations of $51.60 million. During the same period in the previous year, the company earned ($0.16) EPS. C3.ai’s revenue for the quarter was down 52.5% on a year-over-year basis. On average, equities research analysts forecast that C3.ai will post -2.28 earnings per share for the current fiscal year.

Insider Activity at C3.ai

In other C3.ai news, CFO Hitesh Lath sold 20,000 shares of C3.ai stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $10.00, for a total value of $200,000.00. Following the completion of the transaction, the chief financial officer owned 363,106 shares of the company’s stock, valued at $3,631,060. The trade was a 5.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Stephen Bradley Ehikian sold 50,542 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 651,130 shares of the company’s stock, valued at $6,153,178.50. This trade represents a 7.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 1,241,760 shares of company stock valued at $13,084,895 over the last ninety days. Corporate insiders own 26.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of C3.ai by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 14,469,953 shares of the company’s stock valued at $195,055,000 after purchasing an additional 108,011 shares in the last quarter. Morgan Stanley lifted its stake in shares of C3.ai by 1.9% in the 4th quarter. Morgan Stanley now owns 4,824,499 shares of the company’s stock worth $65,034,000 after acquiring an additional 91,802 shares during the period. Bank of America Corp DE boosted its holdings in shares of C3.ai by 55.1% in the first quarter. Bank of America Corp DE now owns 3,282,183 shares of the company’s stock valued at $27,636,000 after acquiring an additional 1,166,302 shares in the last quarter. State Street Corp increased its stake in shares of C3.ai by 3.3% during the fourth quarter. State Street Corp now owns 2,976,389 shares of the company’s stock valued at $40,122,000 after acquiring an additional 94,086 shares during the period. Finally, Geode Capital Management LLC raised its holdings in C3.ai by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 2,868,578 shares of the company’s stock worth $38,675,000 after purchasing an additional 21,451 shares in the last quarter. 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.