C3.ai (NYSE:AI) Sets New 12-Month Low Following Analyst Downgrade

C3.ai, Inc. (NYSE:AI - Get Free Report) shares reached a new 52-week low on Thursday after Canaccord Genuity Group lowered their price target on the stock from $30.00 to $23.00. Canaccord Genuity Group currently has a hold rating on the stock. C3.ai traded as low as $18.85 and last traded at $19.59, with a volume of 2720442 shares. The stock had previously closed at $23.01.

AI has been the subject of a number of other research reports. Northland Capmk raised shares of C3.ai from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 30th. Bank of America decreased their target price on C3.ai from $24.00 to $20.00 and set an "underperform" rating for the company in a research report on Thursday. Morgan Stanley dropped their price target on C3.ai from $23.00 to $21.00 and set an "underweight" rating on the stock in a research report on Thursday. DA Davidson decreased their price objective on C3.ai from $30.00 to $20.00 and set a "neutral" rating for the company in a research report on Thursday. Finally, Piper Sandler Companies reiterated a "neutral" rating and issued a $24.00 target price on shares of C3.ai in a report on Thursday. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $27.70.

Insider Activity

In other C3.ai news, CFO Hitesh Lath sold 3,005 shares of the company's stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $27.56, for a total transaction of $82,817.80. Following the completion of the sale, the chief financial officer now directly owns 7,390 shares in the company, valued at $203,668.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 34.00% of the company's stock.

Institutional Investors Weigh In On C3.ai

Hedge funds have recently made changes to their positions in the stock. Global Assets Advisory LLC raised its stake in shares of C3.ai by 2,547.8% in the 1st quarter. Global Assets Advisory LLC now owns 896,676 shares of the company's stock valued at $24,273,000 after buying an additional 862,811 shares in the last quarter. Coatue Management LLC increased its stake in C3.ai by 25.1% in the fourth quarter. Coatue Management LLC now owns 2,832,229 shares of the company's stock valued at $81,313,000 after acquiring an additional 568,369 shares during the period. Norges Bank acquired a new position in C3.ai in the fourth quarter worth about $10,879,000. Vanguard Group Inc. lifted its stake in C3.ai by 3.1% during the first quarter. Vanguard Group Inc. now owns 10,647,900 shares of the company's stock worth $288,239,000 after purchasing an additional 317,768 shares during the period. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of C3.ai during the 2nd quarter worth approximately $3,465,000. Institutional investors own 38.96% of the company's stock.

C3.ai Price Performance

The stock has a market capitalization of $2.64 billion, a price-to-earnings ratio of -8.62 and a beta of 1.83. The firm has a 50 day simple moving average of $26.46 and a 200-day simple moving average of $26.73.

C3.ai (NYSE:AI - Get Free Report) last posted its quarterly earnings data on Wednesday, September 4th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.08. The company had revenue of $87.21 million during the quarter, compared to analyst estimates of $86.94 million. C3.ai had a negative net margin of 93.36% and a negative return on equity of 30.95%. The company's revenue was up 20.5% on a year-over-year basis. During the same quarter last year, the business posted ($0.56) earnings per share. On average, sell-side analysts forecast that C3.ai, Inc. will post -2.35 earnings per share for the current fiscal year.

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.