Mirae Asset Global Investments Co. Ltd. Trims Holdings in C3.ai, Inc. (NYSE:AI)

Mirae Asset Global Investments Co. Ltd. lessened its position in shares of C3.ai, Inc. (NYSE:AI - Free Report) by 27.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,752 shares of the company's stock after selling 13,354 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in C3.ai were worth $1,242,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of AI. Charles Schwab Investment Management Inc. raised 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 acquiring an additional 92,280 shares during the period. PDT Partners LLC acquired a new position in C3.ai during the third quarter worth $1,624,000. Janney Montgomery Scott LLC raised its position in C3.ai by 70.9% during the fourth quarter. Janney Montgomery Scott LLC now owns 55,339 shares of the company's stock worth $1,905,000 after acquiring an additional 22,949 shares during the period. Friedenthal Financial acquired a new position in C3.ai during the fourth quarter worth $757,000. Finally, McGuire Investment Group LLC acquired a new position in C3.ai during the fourth quarter worth $316,000. Hedge funds and other institutional investors own 38.96% of the company's stock.

C3.ai Stock Performance

AI stock traded down $1.31 during midday trading on Friday, reaching $31.60. 4,246,412 shares of the company were exchanged, compared to its average volume of 4,364,987. C3.ai, Inc. has a 1-year low of $18.85 and a 1-year high of $45.08. The stock's 50-day simple moving average is $34.74 and its 200 day simple moving average is $29.35. The company has a market cap of $4.08 billion, a price-to-earnings ratio of -14.30 and a beta of 1.98.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on AI. DA Davidson upgraded shares of C3.ai to a "hold" rating in a research report on Wednesday, December 18th. StockNews.com upgraded shares of C3.ai to a "sell" rating in a research report on Tuesday, November 26th. JPMorgan Chase & Co. cut shares of C3.ai from a "neutral" rating to an "underweight" rating and set a $28.00 target price for the company. in a research report on Wednesday, December 11th. Canaccord Genuity Group increased their target price on shares of C3.ai from $23.00 to $40.00 and gave the company a "hold" rating in a research report on Wednesday, December 11th. Finally, Morgan Stanley upped their price objective on shares of C3.ai from $21.00 to $32.00 and gave the company an "underweight" rating in a report on Tuesday, December 10th. Five investment analysts have rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $35.00.

Insiders Place Their Bets

In related news, CEO Thomas M. Siebel sold 552,422 shares of the company's stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $33.04, for a total value of $18,252,022.88. Following the completion of the sale, the chief executive officer now owns 1,336,968 shares in the company, valued at $44,173,422.72. This represents a 29.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Merel Witteveen sold 11,132 shares of the company's stock in a transaction on Monday, December 30th. The shares were 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 trade represents a 72.88 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,642,974 shares of company stock valued at $59,727,720. 33.54% of the stock is owned by corporate insiders.

C3.ai 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.