C3.ai (NYSE:AI) Shares Down 5.9% - Should You Sell?

C3.ai, Inc. (NYSE:AI - Get Free Report) shares fell 5.9% on Wednesday . The stock traded as low as $33.52 and last traded at $33.72. 1,876,377 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 3,968,153 shares. The stock had previously closed at $35.82.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on AI. StockNews.com raised C3.ai to a "sell" rating in a report on Tuesday, November 26th. Needham & Company LLC reaffirmed a "hold" rating on shares of C3.ai in a report on Tuesday, December 10th. Canaccord Genuity Group lifted their target price on C3.ai from $23.00 to $40.00 and gave the company a "hold" rating in a report on Wednesday, December 11th. JMP Securities lifted their target price on C3.ai from $40.00 to $55.00 and gave the company a "market outperform" rating in a report on Tuesday, December 10th. Finally, DA Davidson raised C3.ai to a "hold" rating in a report on Wednesday, December 18th. Five investment analysts have rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $35.00.

C3.ai Stock Performance

The stock has a 50-day moving average of $34.14 and a two-hundred day moving average of $28.57. The company has a market cap of $4.30 billion, a P/E ratio of -15.09 and a beta of 2.00.

Insider Buying and Selling

In other news, VP Merel Witteveen sold 11,132 shares of the stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $34.95, for a total transaction of $389,063.40. Following the completion of the sale, the vice president now owns 4,142 shares of the company's stock, valued at approximately $144,762.90. This represents a 72.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Richard C. Levin sold 12,000 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $34.80, for a total value of $417,600.00. Following the sale, the director now directly owns 161,664 shares of the company's stock, valued at approximately $5,625,907.20. This trade represents a 6.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 668,721 shares of company stock worth $28,425,151 in the last quarter. 33.54% of the stock is owned by insiders.

Hedge Funds Weigh In On C3.ai

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. American Century Companies Inc. raised its holdings 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 valued at $621,000 after acquiring an additional 432 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of C3.ai by 3.4% during the third quarter. Victory Capital Management Inc. now owns 14,078 shares of the company's stock valued at $341,000 after acquiring an additional 457 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of C3.ai by 4.3% during 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. Rhumbline Advisers raised its holdings in shares of C3.ai by 0.5% during the second quarter. Rhumbline Advisers now owns 125,344 shares of the company's stock valued at $3,630,000 after acquiring an additional 572 shares in the last quarter. Finally, EP Wealth Advisors LLC raised its holdings in shares of C3.ai by 5.9% during the second quarter. EP Wealth Advisors LLC now owns 10,840 shares of the company's stock valued at $314,000 after acquiring an additional 601 shares in the last quarter. Institutional investors own 38.96% of the company's stock.

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.