Shares of C3.ai, Inc. (NYSE:AI - Get Free Report) dropped 4.3% during trading on Friday . The stock traded as low as $35.08 and last traded at $35.70. Approximately 2,267,579 shares were traded during trading, a decline of 62% from the average daily volume of 6,039,990 shares. The stock had previously closed at $37.32.
Wall Street Analyst Weigh In
A number of equities research analysts have issued reports on the company. JPMorgan Chase & Co. lowered C3.ai from a "neutral" rating to an "underweight" rating and set a $28.00 price target for the company. in a research note on Wednesday, December 11th. Oppenheimer restated an "outperform" rating and issued a $40.00 price target on shares of C3.ai in a research note on Thursday, September 5th. Needham & Company LLC restated a "hold" rating on shares of C3.ai in a research report on Tuesday, December 10th. Morgan Stanley raised their price objective on C3.ai from $21.00 to $32.00 and gave the company an "underweight" rating in a research report on Tuesday, December 10th. Finally, Northland Securities raised their price target on C3.ai from $35.00 to $45.00 and gave the company an "outperform" rating in a report on Tuesday, December 10th. Five analysts have rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $35.00.
View Our Latest Stock Report on AI
C3.ai Stock Performance
The stock has a market cap of $4.61 billion, a P/E ratio of -16.17 and a beta of 2.00. The company's fifty day moving average price is $32.54 and its 200-day moving average price is $28.25.
Insiders Place Their Bets
In other news, CFO Hitesh Lath sold 3,949 shares of C3.ai stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $42.36, for a total transaction of $167,279.64. Following the completion of the sale, the chief financial officer now directly owns 851 shares in the company, valued at approximately $36,048.36. This trade represents a 82.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Stephen M. Ward, Jr. sold 125,000 shares of the company's stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $42.00, for a total transaction of $5,250,000.00. Following the completion of the transaction, the director now owns 546,495 shares in the company, valued at approximately $22,952,790. The trade was a 18.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 644,988 shares of company stock valued at $27,597,453 over the last 90 days. Insiders own 33.54% of the company's stock.
Institutional Trading of C3.ai
Several institutional investors and hedge funds have recently modified their holdings of AI. American Century Companies Inc. lifted its stake in C3.ai by 2.1% in the second quarter. American Century Companies Inc. now owns 21,447 shares of the company's stock worth $621,000 after acquiring an additional 432 shares during the period. Victory Capital Management Inc. boosted its stake in shares of C3.ai by 3.4% during the third quarter. Victory Capital Management Inc. now owns 14,078 shares of the company's stock valued at $341,000 after purchasing an additional 457 shares in the last quarter. Principal Financial Group Inc. increased its holdings in C3.ai by 4.3% during the second quarter. Principal Financial Group Inc. now owns 11,165 shares of the company's stock valued at $323,000 after buying an additional 462 shares during the period. Forum Financial Management LP raised its stake in C3.ai by 4.4% in the second quarter. Forum Financial Management LP now owns 12,893 shares of the company's stock worth $373,000 after buying an additional 539 shares in the last quarter. Finally, Rhumbline Advisers lifted its holdings in C3.ai by 0.5% during the second quarter. Rhumbline Advisers now owns 125,344 shares of the company's stock worth $3,630,000 after buying an additional 572 shares during the period. Institutional investors own 38.96% of the company's stock.
About C3.ai
(
Get Free Report)
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.
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