C3.ai (NYSE:AI) Downgraded by JPMorgan Chase & Co. to Underweight

C3.ai (NYSE:AI - Get Free Report) was downgraded by JPMorgan Chase & Co. from a "neutral" rating to an "underweight" rating in a note issued to investors on Wednesday, Marketbeat Ratings reports. They presently have a $28.00 price objective on the stock. JPMorgan Chase & Co.'s target price suggests a potential downside of 26.66% from the company's previous close.

A number of other equities research analysts have also weighed in on AI. JMP Securities lifted their target price on shares of C3.ai from $40.00 to $55.00 and gave the company a "market outperform" rating in a research note on Tuesday. DA Davidson upped their target price on C3.ai from $20.00 to $35.00 and gave the stock a "neutral" rating in a report on Thursday, December 5th. Piper Sandler increased their target price on C3.ai from $24.00 to $42.00 and gave the stock a "neutral" rating in a research report on Tuesday. Northland Securities upped their price target on C3.ai from $35.00 to $45.00 and gave the stock an "outperform" rating in a research note on Tuesday. Finally, Morgan Stanley increased their price objective on C3.ai from $21.00 to $32.00 and gave the stock an "underweight" rating in a report on Tuesday. Four investment analysts have rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $35.55.

C3.ai Price Performance

C3.ai stock traded down $3.55 during trading hours on Wednesday, reaching $38.18. The stock had a trading volume of 20,123,240 shares, compared to its average volume of 5,897,648. The company has a fifty day simple moving average of $29.47 and a 200-day simple moving average of $27.39. C3.ai has a 52 week low of $18.85 and a 52 week high of $45.08. The stock has a market cap of $4.85 billion, a PE ratio of -17.72 and a beta of 1.99.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of AI. Charles Schwab Investment Management Inc. boosted its holdings in C3.ai by 12.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 844,389 shares of the company's stock worth $20,460,000 after buying an additional 92,280 shares during the period. PDT Partners LLC purchased a new position in C3.ai during the third quarter valued at $1,624,000. Global Assets Advisory LLC bought a new stake in C3.ai in the 3rd quarter valued at $743,000. Janney Montgomery Scott LLC purchased a new stake in shares of C3.ai in the third quarter worth about $785,000. Finally, Intech Investment Management LLC purchased a new position in C3.ai during the 3rd quarter valued at approximately $859,000. Hedge funds and other 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.