Canaccord Genuity Group Has Lowered Expectations for C3.ai (NYSE:AI) Stock Price

C3.ai (NYSE:AI - Free Report) had its price objective cut by Canaccord Genuity Group from $40.00 to $30.00 in a report released on Thursday morning,Benzinga reports. They currently have a hold rating on the stock.

A number of other brokerages also recently issued reports on AI. DA Davidson reduced their price target on shares of C3.ai from $40.00 to $25.00 and set a "neutral" rating on the stock in a report on Thursday. JPMorgan Chase & Co. downgraded C3.ai from a "neutral" rating to an "underweight" rating and set a $28.00 target price on the stock. in a research report on Wednesday, December 11th. Needham & Company LLC reissued a "hold" rating on shares of C3.ai in a research note on Thursday. StockNews.com raised C3.ai to a "sell" rating in a research note on Tuesday, November 26th. Finally, JMP Securities increased their target price on C3.ai from $40.00 to $55.00 and gave the company a "market outperform" rating in a research report on Tuesday, December 10th. Five research analysts have rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, C3.ai currently has an average rating of "Hold" and an average price target of $31.33.

C3.ai Price Performance

Shares of NYSE:AI traded down $1.40 during trading on Thursday, hitting $22.05. 6,285,123 shares of the company's stock were exchanged, compared to its average volume of 5,235,080. The business's 50-day simple moving average is $32.13 and its 200 day simple moving average is $29.58. The company has a market cap of $2.85 billion, a price-to-earnings ratio of -9.98 and a beta of 1.98. C3.ai has a 52-week low of $18.85 and a 52-week high of $45.08.

C3.ai (NYSE:AI - Get Free Report) last announced its quarterly earnings data on Wednesday, February 26th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.37). C3.ai had a negative net margin of 79.17% and a negative return on equity of 31.31%. The company had revenue of $98.78 million for the quarter, compared to analysts' expectations of $98.12 million. On average, sell-side analysts anticipate that C3.ai will post -2.44 EPS for the current fiscal year.

Insider Activity

In other news, Director Stephen M. Ward, Jr. sold 125,000 shares of the company's stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $42.00, for a total transaction of $5,250,000.00. Following the transaction, the director now owns 546,495 shares of the company's stock, valued at approximately $22,952,790. This represents a 18.62 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Hitesh Lath sold 3,949 shares of the firm's stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $42.36, for a total value of $167,279.64. Following the sale, the chief financial officer now directly owns 851 shares of the company's stock, valued at $36,048.36. This represents a 82.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,643,311 shares of company stock valued at $59,736,620. 33.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in AI. Creative Planning lifted its holdings in C3.ai by 7.0% during the 3rd quarter. Creative Planning now owns 56,573 shares of the company's stock valued at $1,371,000 after buying an additional 3,712 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of C3.ai by 21.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 4,745 shares of the company's stock valued at $115,000 after acquiring an additional 839 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of C3.ai in the third quarter valued at approximately $10,560,000. Pathway Financial Advisers LLC grew its stake in C3.ai by 2,501.2% in the third quarter. Pathway Financial Advisers LLC now owns 8,844 shares of the company's stock worth $214,000 after purchasing an additional 8,504 shares in the last quarter. Finally, Focus Financial Network Inc. increased its holdings in C3.ai by 34.5% during the 3rd quarter. Focus Financial Network Inc. now owns 45,293 shares of the company's stock worth $1,097,000 after purchasing an additional 11,617 shares during the period. 38.96% of the stock is currently owned by 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.