C3.ai, Inc. (NYSE:AI - Get Free Report) gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $26.44, but opened at $24.95. C3.ai shares last traded at $24.28, with a volume of 3,244,143 shares traded.
The company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.37). The firm had revenue of $98.78 million for the quarter, compared to the consensus estimate of $98.12 million. C3.ai had a negative return on equity of 31.31% and a negative net margin of 79.17%.
Analyst Upgrades and Downgrades
AI has been the topic of a number of recent analyst reports. Piper Sandler decreased their target price on C3.ai from $42.00 to $28.00 and set a "neutral" rating on the stock in a report on Thursday. Northland Securities boosted their price target on C3.ai from $35.00 to $45.00 and gave the company an "outperform" rating in a research note on Tuesday, December 10th. DA Davidson lowered their price objective on C3.ai from $40.00 to $25.00 and set a "neutral" rating on the stock in a research report on Thursday. JPMorgan Chase & Co. cut shares of C3.ai from a "neutral" rating to an "underweight" rating and set a $28.00 target price on the stock. in a report on Wednesday, December 11th. Finally, StockNews.com upgraded shares of C3.ai to a "sell" rating in a research report on Tuesday, November 26th. Five investment analysts have rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $31.33.
Read Our Latest Analysis on AI
Insider Buying and Selling
In other C3.ai news, CFO Hitesh Lath sold 11,339 shares of the firm's stock in a transaction on Monday, December 9th. The stock was sold at an average price of $42.00, for a total value of $476,238.00. Following the sale, the chief financial officer now directly owns 851 shares in the company, valued at $35,742. This trade represents a 93.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stephen M. Ward, Jr. sold 125,000 shares of the company's stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $42.00, for a total value of $5,250,000.00. Following the completion of the sale, the director now directly owns 546,495 shares of the company's stock, valued at approximately $22,952,790. This trade represents a 18.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,643,311 shares of company stock worth $59,736,620. 33.54% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its holdings in C3.ai by 12.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 844,389 shares of the company's stock valued at $20,460,000 after acquiring an additional 92,280 shares during the last quarter. PDT Partners LLC acquired a new stake in C3.ai during the third quarter valued at approximately $1,624,000. Janney Montgomery Scott LLC grew its holdings in shares of C3.ai by 70.9% during the fourth quarter. Janney Montgomery Scott LLC now owns 55,339 shares of the company's stock valued at $1,905,000 after purchasing an additional 22,949 shares during the last quarter. Strategic Financial Concepts LLC acquired a new stake in shares of C3.ai in the fourth quarter valued at approximately $2,015,000. Finally, Friedenthal Financial acquired a new position in shares of C3.ai during the fourth quarter valued at approximately $757,000. Institutional investors and hedge funds own 38.96% of the company's stock.
C3.ai Stock Performance
The company's 50 day moving average price is $32.39 and its 200-day moving average price is $29.61. The company has a market cap of $2.85 billion, a price-to-earnings ratio of -9.98 and a beta of 1.98.
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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