C3.ai (NYSE:AI) Shares Gap Down - Here's What Happened

Shares of C3.ai, Inc. (NYSE:AI - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $39.69, but opened at $38.86. C3.ai shares last traded at $38.05, with a volume of 2,311,619 shares traded.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Needham & Company LLC reiterated a "hold" rating on shares of C3.ai in a report on Tuesday, December 10th. StockNews.com raised shares of C3.ai to a "sell" rating in a research note on Tuesday, November 26th. JPMorgan Chase & Co. cut shares of C3.ai from a "neutral" rating to an "underweight" rating and set a $28.00 target price for the company. in a report on Wednesday, December 11th. Piper Sandler raised their target price on shares of C3.ai from $24.00 to $42.00 and gave the company a "neutral" rating in a research report on Tuesday, December 10th. Finally, Wedbush cut their price target on shares of C3.ai from $40.00 to $30.00 and set an "outperform" rating on the stock in a research report on Thursday, September 5th. Five research analysts have rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, C3.ai has a consensus rating of "Hold" and an average target price of $35.00.

C3.ai Stock Performance

The firm has a market cap of $4.50 billion, a price-to-earnings ratio of -16.04 and a beta of 2.00. The firm has a fifty day simple moving average of $31.41 and a 200-day simple moving average of $27.98.

Insider Transactions at C3.ai

In other news, Director Jim H. Snabe sold 499,700 shares of the stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $43.05, for a total transaction of $21,512,085.00. Following the transaction, the director now owns 10,000 shares in the company, valued at approximately $430,500. This trade represents a 98.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Stephen M. Ward, Jr. sold 125,000 shares of the business's stock in a transaction on 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 owns 546,495 shares of the company's stock, valued at $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. In the last 90 days, insiders sold 644,988 shares of company stock worth $27,597,453. 33.54% of the stock is owned by insiders.

Hedge Funds Weigh In On C3.ai

Several institutional investors and hedge funds have recently modified their holdings of AI. JTC Employer Solutions Trustee Ltd bought a new position in C3.ai during the 3rd quarter worth $25,000. Blue Trust Inc. grew its holdings in shares of C3.ai by 148.9% during the 2nd quarter. Blue Trust Inc. now owns 1,028 shares of the company's stock worth $28,000 after purchasing an additional 615 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of C3.ai by 311.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,050 shares of the company's stock worth $30,000 after purchasing an additional 795 shares during the period. Quest Partners LLC raised its stake in C3.ai by 9,033.3% in the third quarter. Quest Partners LLC now owns 1,644 shares of the company's stock valued at $40,000 after purchasing an additional 1,626 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in C3.ai during the second quarter worth about $41,000. 38.96% of the stock is currently owned by institutional investors and hedge funds.

About C3.ai

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.