Norges Bank Takes Position in Tempus AI, Inc. (NASDAQ:TEM)

Norges Bank bought a new position in shares of Tempus AI, Inc. (NASDAQ:TEM - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,027,284 shares of the company's stock, valued at approximately $34,681,000. Norges Bank owned about 0.65% of Tempus AI at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. ARK Investment Management LLC grew its stake in shares of Tempus AI by 132.1% in the fourth quarter. ARK Investment Management LLC now owns 5,519,644 shares of the company's stock valued at $186,343,000 after buying an additional 3,141,487 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Tempus AI by 166.0% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,239,093 shares of the company's stock valued at $109,352,000 after purchasing an additional 2,021,394 shares during the period. Nikko Asset Management Americas Inc. lifted its stake in shares of Tempus AI by 166.0% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 3,239,093 shares of the company's stock worth $109,352,000 after buying an additional 2,021,394 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Tempus AI by 86,947.2% during the 4th quarter. JPMorgan Chase & Co. now owns 1,653,896 shares of the company's stock worth $55,836,000 after buying an additional 1,651,996 shares during the period. Finally, Franklin Resources Inc. boosted its holdings in shares of Tempus AI by 1.0% during the 3rd quarter. Franklin Resources Inc. now owns 811,311 shares of the company's stock worth $45,920,000 after buying an additional 8,387 shares during the period. Institutional investors own 24.22% of the company's stock.

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Tempus AI Stock Down 8.7 %

Shares of TEM traded down $3.70 during mid-day trading on Tuesday, reaching $39.00. The company had a trading volume of 10,483,391 shares, compared to its average volume of 5,392,049. The company's 50 day simple moving average is $58.09 and its 200 day simple moving average is $51.40. Tempus AI, Inc. has a 1-year low of $22.89 and a 1-year high of $91.45. The company has a current ratio of 2.69, a quick ratio of 2.55 and a debt-to-equity ratio of 8.17.

Analyst Upgrades and Downgrades

TEM has been the subject of several research reports. TD Cowen restated a "buy" rating and set a $74.00 price objective (up from $58.00) on shares of Tempus AI in a research report on Wednesday, February 5th. Wolfe Research cut Tempus AI from a "strong-buy" rating to a "hold" rating in a report on Wednesday, February 26th. JPMorgan Chase & Co. lowered Tempus AI from an "overweight" rating to a "neutral" rating and upped their price objective for the company from $50.00 to $55.00 in a report on Tuesday, February 25th. Piper Sandler dropped their price objective on shares of Tempus AI from $70.00 to $55.00 and set a "neutral" rating for the company in a research note on Tuesday, March 4th. Finally, William Blair reaffirmed a "market perform" rating on shares of Tempus AI in a report on Tuesday, February 25th. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $61.18.

Insiders Place Their Bets

In related news, CEO Eric P. Lefkofsky sold 3,240,234 shares of the stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $58.75, for a total value of $190,363,747.50. Following the completion of the sale, the chief executive officer now directly owns 4,895,589 shares in the company, valued at $287,615,853.75. This represents a 39.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Wayne A.I. Frederick sold 3,000 shares of the firm's stock in a transaction on Monday, March 31st. The stock was sold at an average price of $45.54, for a total value of $136,620.00. Following the transaction, the director now directly owns 26,514 shares of the company's stock, valued at approximately $1,207,447.56. This represents a 10.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,581,969 shares of company stock valued at $316,538,582.

About Tempus AI

Tempus AI Inc is a technology company advancing precision medicine through the practical application of artificial intelligence principally in healthcare. The company provides AI-enabled precision medicine solutions to physicians to deliver personalized patient care and in parallel facilitates discovery, development and delivery of optimal therapeutics.