C3.ai (NYSE:AI) Stock Price Down 2.3% - Here's Why

Shares of C3.ai, Inc. (NYSE:AI - Get Free Report) were down 2.3% on Tuesday . The company traded as low as $35.19 and last traded at $36.09. Approximately 1,820,104 shares were traded during trading, a decline of 52% from the average daily volume of 3,771,784 shares. The stock had previously closed at $36.93.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on AI. JPMorgan Chase & Co. lowered shares of C3.ai from a "neutral" rating to an "underweight" rating and set a $28.00 price objective on the stock. in a research report on Wednesday, December 11th. DA Davidson raised shares of C3.ai to a "hold" rating in a research report on Wednesday, December 18th. JMP Securities raised their target price on shares of C3.ai from $40.00 to $55.00 and gave the stock a "market outperform" rating in a research report on Tuesday, December 10th. Morgan Stanley boosted their price target on C3.ai from $21.00 to $32.00 and gave the company an "underweight" rating in a report on Tuesday, December 10th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of C3.ai in a research report on Tuesday, December 10th. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $35.00.

C3.ai Stock Down 3.4 %

The company's 50 day simple moving average is $33.96 and its two-hundred day simple moving average is $28.51. The company has a market capitalization of $4.61 billion, a price-to-earnings ratio of -16.15 and a beta of 2.00.

Insider Buying and Selling

In other news, Director Richard C. Levin sold 12,000 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $34.80, for a total value of $417,600.00. Following the transaction, the director now directly owns 161,664 shares of the company's stock, valued at approximately $5,625,907.20. This represents a 6.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Hitesh Lath sold 11,339 shares of C3.ai stock in a transaction dated 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 of the company's stock, valued at $35,742. This trade represents a 93.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 668,721 shares of company stock worth $28,425,151 in the last ninety days. 33.54% of the stock is owned by insiders.

Institutional Investors Weigh In On C3.ai

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its stake in shares of C3.ai by 8.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,216,925 shares of the company's stock worth $53,728,000 after purchasing an additional 178,870 shares during the period. Susquehanna Fundamental Investments LLC purchased a new stake in shares of C3.ai during the 2nd quarter worth about $3,465,000. Charles Schwab Investment Management Inc. boosted its position in C3.ai by 12.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 844,389 shares of the company's stock worth $20,460,000 after purchasing an additional 92,280 shares in the last quarter. Hodges Capital Management Inc. acquired a new stake in C3.ai in the 3rd quarter valued at $1,955,000. Finally, Hsbc Holdings PLC grew its position in shares of C3.ai by 679.8% in the second quarter. Hsbc Holdings PLC now owns 87,092 shares of the company's stock valued at $2,500,000 after purchasing an additional 75,923 shares during the period. 38.96% of the stock is 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.