Traders Purchase Large Volume of C3.ai Call Options (NYSE:AI)

C3.ai, Inc. (NYSE:AI - Get Free Report) was the recipient of some unusual options trading activity on Wednesday. Stock traders acquired 82,331 call options on the company. This represents an increase of 71% compared to the typical daily volume of 48,145 call options.

Institutional Trading of C3.ai

A number of hedge funds and other institutional investors have recently modified their holdings of AI. Vanguard Group Inc. increased its position in C3.ai by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 10,647,900 shares of the company's stock valued at $288,239,000 after buying an additional 317,768 shares in the last quarter. Coatue Management LLC boosted its stake in C3.ai by 25.1% in the 4th quarter. Coatue Management LLC now owns 2,832,229 shares of the company's stock worth $81,313,000 after purchasing an additional 568,369 shares in the last quarter. Global Assets Advisory LLC grew its position in C3.ai by 2,547.8% during the 1st quarter. Global Assets Advisory LLC now owns 896,676 shares of the company's stock valued at $24,273,000 after purchasing an additional 862,811 shares during the last quarter. Bank of New York Mellon Corp increased its stake in C3.ai by 0.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 771,540 shares of the company's stock valued at $22,344,000 after purchasing an additional 1,929 shares in the last quarter. Finally, Raymond James & Associates raised its holdings in C3.ai by 11.5% in the second quarter. Raymond James & Associates now owns 201,262 shares of the company's stock worth $5,829,000 after buying an additional 20,753 shares during the last quarter. 38.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on AI. DA Davidson dropped their target price on C3.ai from $30.00 to $20.00 and set a "neutral" rating on the stock in a research report on Thursday, September 5th. Piper Sandler dropped their price objective on C3.ai from $29.00 to $24.00 and set a "neutral" rating on the stock in a report on Thursday, September 5th. Needham & Company LLC reaffirmed a "hold" rating on shares of C3.ai in a report on Thursday, September 5th. Piper Sandler Companies reissued a "neutral" rating and issued a $24.00 price target on shares of C3.ai in a report on Thursday, September 5th. Finally, Bank of America decreased their target price on shares of C3.ai from $24.00 to $20.00 and set an "underperform" rating on the stock in a report on Thursday, September 5th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $27.70.

C3.ai Stock Up 6.7 %

Shares of NYSE:AI traded up $1.64 during midday trading on Wednesday, hitting $26.09. 5,369,557 shares of the stock traded hands, compared to its average volume of 5,656,479. The business's 50 day moving average is $23.77 and its two-hundred day moving average is $25.54. The stock has a market capitalization of $3.26 billion, a PE ratio of -10.99 and a beta of 1.81. C3.ai has a one year low of $18.85 and a one year high of $38.30.

C3.ai (NYSE:AI - Get Free Report) last posted its earnings results on Wednesday, September 4th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.08. The firm had revenue of $87.21 million for the quarter, compared to analysts' expectations of $86.94 million. C3.ai had a negative return on equity of 31.28% and a negative net margin of 85.47%. The business's revenue was up 20.5% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.56) earnings per share. As a group, sell-side analysts forecast that C3.ai will post -2.32 earnings per share for the current 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.