C3.ai (NYSE:AI) Shares Down 6.8% - What's Next?

C3.ai, Inc. (NYSE:AI - Get Free Report)'s share price dropped 6.8% on Tuesday . The company traded as low as $32.46 and last traded at $32.72. Approximately 3,088,509 shares traded hands during mid-day trading, a decline of 32% from the average daily volume of 4,569,901 shares. The stock had previously closed at $35.09.

Analyst Ratings Changes

AI has been the topic of a number of analyst reports. Morgan Stanley lifted their price target on C3.ai from $21.00 to $32.00 and gave the company an "underweight" rating in a research note on Tuesday, December 10th. JPMorgan Chase & Co. downgraded C3.ai from a "neutral" rating to an "underweight" rating and set a $28.00 price target on the stock. in a research note on Wednesday, December 11th. JMP Securities boosted their target price on C3.ai from $40.00 to $55.00 and gave the stock a "market outperform" rating in a research report on Tuesday, December 10th. Piper Sandler boosted their target price on C3.ai from $24.00 to $42.00 and gave the stock a "neutral" rating in a research report on Tuesday, December 10th. Finally, StockNews.com upgraded C3.ai to a "sell" rating in a research report on Tuesday, November 26th. Five analysts have rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $35.00.

C3.ai Stock Down 4.0 %

The company has a market capitalization of $4.08 billion, a price-to-earnings ratio of -14.30 and a beta of 1.98. The stock has a fifty day moving average price of $34.74 and a two-hundred day moving average price of $29.35.

Insider Activity at C3.ai

In related news, Director Richard C. Levin sold 12,000 shares of the company's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $29.84, for a total value of $358,080.00. Following the completion of the transaction, the director now directly owns 161,664 shares in the company, valued at approximately $4,824,053.76. This represents a 6.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Jim H. Snabe sold 499,700 shares of the company's stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $43.05, for a total value of $21,512,085.00. Following the completion of the transaction, the director now owns 10,000 shares of the company's stock, valued at $430,500. The trade was a 98.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,642,974 shares of company stock worth $59,727,720. 33.54% of the stock is currently owned by insiders.

Institutional Investors Weigh In On C3.ai

Several institutional investors and hedge funds have recently added to or reduced their stakes in AI. AQR Capital Management LLC acquired a new stake in C3.ai during the second quarter worth about $249,000. Sanctuary Advisors LLC purchased a new stake in shares of C3.ai in the second quarter worth about $373,000. Creative Planning boosted its position in shares of C3.ai by 7.0% in the third quarter. Creative Planning now owns 56,573 shares of the company's stock worth $1,371,000 after buying an additional 3,712 shares during the period. Probity Advisors Inc. boosted its position in shares of C3.ai by 9.5% in the third quarter. Probity Advisors Inc. now owns 15,192 shares of the company's stock worth $368,000 after buying an additional 1,312 shares during the period. Finally, JTC Employer Solutions Trustee Ltd purchased a new stake in shares of C3.ai in the third quarter worth about $25,000. 38.96% of the stock is currently owned by institutional investors and hedge funds.

C3.ai Company Profile

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.