C3.ai (NYSE:AI) Shares Up 3.6%

C3.ai, Inc. (NYSE:AI - Get Free Report)'s stock price rose 3.6% during mid-day trading on Friday . The stock traded as high as $22.22 and last traded at $21.87. Approximately 2,976,254 shares changed hands during trading, a decline of 50% from the average daily volume of 5,932,533 shares. The stock had previously closed at $21.12.

Analyst Upgrades and Downgrades

AI has been the topic of several research reports. Bank of America reduced their price objective on C3.ai from $24.00 to $20.00 and set an "underperform" rating on the stock in a report on Thursday. Needham & Company LLC reiterated a "hold" rating on shares of C3.ai in a research report on Thursday. Canaccord Genuity Group dropped their target price on shares of C3.ai from $30.00 to $23.00 and set a "hold" rating for the company in a research report on Thursday. Wedbush dropped their target price 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. Finally, JMP Securities reiterated a "market outperform" rating and set a $40.00 target price on shares of C3.ai in a research report on Thursday. Three equities research 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $27.70.

C3.ai Price Performance

The company's 50-day simple moving average is $26.31 and its 200-day simple moving average is $26.69. The stock has a market capitalization of $2.66 billion, a price-to-earnings ratio of -9.03 and a beta of 1.83.

C3.ai (NYSE:AI - Get Free Report) last announced its earnings results on Wednesday, September 4th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.08. C3.ai had a negative net margin of 93.36% and a negative return on equity of 30.95%. The company had revenue of $87.21 million for the quarter, compared to analysts' expectations of $86.94 million. During the same period last year, the firm earned ($0.56) earnings per share. The business's revenue for the quarter was up 20.5% on a year-over-year basis. Research analysts expect that C3.ai, Inc. will post -2.35 earnings per share for the current year.

Insider Activity at C3.ai

In related news, CFO Hitesh Lath sold 3,005 shares of C3.ai stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $27.56, for a total value of $82,817.80. Following the transaction, the chief financial officer now directly owns 7,390 shares of the company's stock, valued at $203,668.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 34.00% of the stock is currently owned by insiders.

Institutional Trading of C3.ai

A number of hedge funds have recently added to or reduced their stakes in AI. American Century Companies Inc. lifted its holdings in shares of C3.ai by 2.1% during the second quarter. American Century Companies Inc. now owns 21,447 shares of the company's stock worth $621,000 after purchasing an additional 432 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of C3.ai by 4.3% during the second quarter. Principal Financial Group Inc. now owns 11,165 shares of the company's stock worth $323,000 after purchasing an additional 462 shares during the period. Forum Financial Management LP lifted its holdings in shares of C3.ai by 4.4% during the second quarter. Forum Financial Management LP now owns 12,893 shares of the company's stock worth $373,000 after purchasing an additional 539 shares during the period. Rhumbline Advisers lifted its holdings in shares of C3.ai by 0.5% during the second quarter. Rhumbline Advisers now owns 125,344 shares of the company's stock worth $3,630,000 after purchasing an additional 572 shares during the period. Finally, EP Wealth Advisors LLC lifted its holdings in shares of C3.ai by 6.2% during the first quarter. EP Wealth Advisors LLC now owns 10,239 shares of the company's stock worth $277,000 after purchasing an additional 600 shares during the period. Institutional investors and hedge funds 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.