Meridian Wealth Management LLC Takes $914,000 Position in C3.ai, Inc. (NYSE:AI)

Meridian Wealth Management LLC bought a new stake in C3.ai, Inc. (NYSE:AI - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 26,554 shares of the company's stock, valued at approximately $914,000.

Several other large investors have also modified their holdings of the stock. SBI Securities Co. Ltd. acquired a new stake in C3.ai during the fourth quarter valued at approximately $3,996,000. Jones Financial Companies Lllp increased its holdings in shares of C3.ai by 70.3% in the 4th quarter. Jones Financial Companies Lllp now owns 4,616 shares of the company's stock valued at $159,000 after acquiring an additional 1,906 shares during the last quarter. Versor Investments LP raised its position in shares of C3.ai by 16.4% during the 4th quarter. Versor Investments LP now owns 14,900 shares of the company's stock valued at $513,000 after acquiring an additional 2,100 shares in the last quarter. Amalgamated Bank lifted its stake in C3.ai by 30.1% during the fourth quarter. Amalgamated Bank now owns 3,773 shares of the company's stock worth $130,000 after purchasing an additional 873 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in C3.ai by 1.3% during the fourth quarter. Bank of New York Mellon Corp now owns 695,893 shares of the company's stock valued at $23,960,000 after purchasing an additional 8,772 shares during the last quarter. Institutional investors own 38.96% of the company's stock.

C3.ai Trading Up 4.9 %

AI traded up $1.06 on Friday, reaching $22.56. The company had a trading volume of 4,710,132 shares, compared to its average volume of 5,205,874. C3.ai, Inc. has a one year low of $18.85 and a one year high of $45.08. The company has a market capitalization of $2.91 billion, a P/E ratio of -10.21 and a beta of 2.03. The company has a fifty day moving average of $31.01 and a 200-day moving average of $29.43.

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C3.ai (NYSE:AI - Get Free Report) last posted its quarterly earnings data on Wednesday, February 26th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $98.12 million. Research analysts predict that C3.ai, Inc. will post -2.44 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on AI shares. Morgan Stanley dropped their target price on shares of C3.ai from $32.00 to $30.00 and set an "underweight" rating on the stock in a report on Thursday, February 27th. 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 report on Tuesday, December 10th. DA Davidson dropped their price target on C3.ai from $40.00 to $25.00 and set a "neutral" rating on the stock in a research report on Thursday, February 27th. Needham & Company LLC reissued a "hold" rating on shares of C3.ai in a report on Thursday, February 27th. Finally, JPMorgan Chase & Co. downgraded C3.ai from a "neutral" rating to an "underweight" rating and set a $28.00 price objective for the company. in a research note on Wednesday, December 11th. Five investment analysts have rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $31.33.

Insider Activity

In related news, Director Jim H. Snabe sold 499,700 shares of the firm's stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $43.05, for a total transaction of $21,512,085.00. Following the completion of the sale, the director now directly owns 10,000 shares in the company, valued at approximately $430,500. This trade represents a 98.04 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Hitesh Lath sold 11,339 shares of C3.ai 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 $476,238.00. Following the completion of the transaction, the chief financial officer now owns 851 shares in the company, valued at approximately $35,742. This trade represents a 93.02 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,643,311 shares of company stock worth $59,736,620. 33.54% of the stock is owned by company insiders.

About C3.ai

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.