C3.ai (NYSE:AI) Shares Gap Up - Time to Buy?

C3.ai, Inc. (NYSE:AI - Get Free Report) shares gapped up before the market opened on Tuesday . The stock had previously closed at $26.54, but opened at $27.46. C3.ai shares last traded at $29.88, with a volume of 6,019,059 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. StockNews.com upgraded C3.ai to a "sell" rating in a report on Tuesday, November 12th. Needham & Company LLC reiterated a "hold" rating on shares of C3.ai in a report on Thursday, September 5th. Oppenheimer restated an "outperform" rating and set a $40.00 target price on shares of C3.ai in a report on Thursday, September 5th. JMP Securities restated a "market outperform" rating and issued a $40.00 price target on shares of C3.ai in a research report on Thursday, September 5th. Finally, Piper Sandler Companies reiterated a "neutral" rating and set a $24.00 price objective on shares of C3.ai in a research report on Thursday, September 5th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $27.70.

C3.ai Stock Performance

The stock has a market cap of $4.20 billion, a PE ratio of -14.49 and a beta of 1.80. The stock's 50-day moving average is $25.03 and its two-hundred day moving average is $26.04.

C3.ai (NYSE:AI - Get Free Report) last posted its quarterly earnings data on Wednesday, September 4th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.08. C3.ai had a negative return on equity of 31.28% and a negative net margin of 85.47%. The firm had revenue of $87.21 million for the quarter, compared to the consensus estimate of $86.94 million. During the same quarter in the previous year, the business earned ($0.56) EPS. The company's quarterly revenue was up 20.5% compared to the same quarter last year. Analysts forecast that C3.ai, Inc. will post -2.31 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of AI. American Century Companies Inc. increased its stake in shares of C3.ai by 2.1% during the second quarter. American Century Companies Inc. now owns 21,447 shares of the company's stock worth $621,000 after buying an additional 432 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of C3.ai by 3.4% in the 3rd quarter. Victory Capital Management Inc. now owns 14,078 shares of the company's stock valued at $341,000 after buying an additional 457 shares in the last quarter. Principal Financial Group Inc. boosted its stake in C3.ai by 4.3% in the second quarter. Principal Financial Group Inc. now owns 11,165 shares of the company's stock valued at $323,000 after acquiring an additional 462 shares in the last quarter. Forum Financial Management LP lifted its holdings in shares of C3.ai by 4.4% in the 2nd quarter. Forum Financial Management LP now owns 12,893 shares of the company's stock valued at $373,000 after purchasing an additional 539 shares during the last quarter. Finally, Rhumbline Advisers increased its position 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. 38.96% of the stock is currently owned by hedge funds and other institutional investors.

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.