Canaccord Genuity Group Lowers C3.ai (NYSE:AI) Price Target to $23.00

C3.ai (NYSE:AI - Free Report) had its price target trimmed by Canaccord Genuity Group from $30.00 to $23.00 in a research note published on Thursday, Benzinga reports. The firm currently has a hold rating on the stock.

AI has been the subject of a number of other reports. Piper Sandler reduced their target price on shares of C3.ai from $29.00 to $24.00 and set a neutral rating for the company in a research report on Thursday. Bank of America reduced their target price on shares of C3.ai from $24.00 to $20.00 and set an underperform rating for the company in a research report on Thursday. Needham & Company LLC restated a hold rating on shares of C3.ai in a research report on Thursday. Northland Securities upgraded shares of C3.ai from a market perform rating to an outperform rating and set a $35.00 price objective for the company in a research report on Thursday, May 30th. Finally, Wedbush cut their price objective on shares of C3.ai from $40.00 to $30.00 and set an outperform rating for the company in a research report on Thursday. Three 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 issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $27.70.

C3.ai Trading Down 8.2 %

NYSE:AI traded down $1.89 during trading hours on Thursday, reaching $21.12. 25,751,520 shares of the company were exchanged, compared to its average volume of 5,952,191. The stock's 50-day moving average is $26.46 and its 200-day moving average is $26.73. The firm has a market cap of $2.64 billion, a PE ratio of -8.62 and a beta of 1.83. C3.ai has a twelve month low of $18.85 and a twelve month high of $38.30.

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 analysts' consensus estimates of ($0.13) by $0.08. The company had revenue of $87.21 million during the quarter, compared to analysts' expectations of $86.94 million. C3.ai had a negative net margin of 93.36% and a negative return on equity of 30.95%. The firm's revenue for the quarter was up 20.5% on a year-over-year basis. During the same period in the prior year, the business posted ($0.56) earnings per share. As a group, research analysts anticipate that C3.ai will post -2.35 EPS for the current year.

Insiders Place Their Bets

In other C3.ai news, CFO Hitesh Lath sold 3,005 shares of the 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 transaction, the chief financial officer now owns 7,390 shares of the company's stock, valued at $203,668.40. The sale was disclosed in a legal filing with the SEC, which is available at this link. 34.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in AI. New York State Common Retirement Fund boosted its stake in shares of C3.ai by 32.6% in the fourth quarter. New York State Common Retirement Fund now owns 33,135 shares of the company's stock valued at $951,000 after purchasing an additional 8,141 shares during the period. Atria Wealth Solutions Inc. purchased a new position in C3.ai in the fourth quarter worth approximately $202,000. Victory Capital Management Inc. lifted its stake in C3.ai by 26.1% in the fourth quarter. Victory Capital Management Inc. now owns 13,637 shares of the company's stock worth $392,000 after acquiring an additional 2,820 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in C3.ai in the fourth quarter worth approximately $350,000. Finally, Amalgamated Bank lifted its stake in C3.ai by 25.8% in the fourth quarter. Amalgamated Bank now owns 10,336 shares of the company's stock worth $297,000 after acquiring an additional 2,121 shares during the last quarter. 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.