C3.ai (NYSE:AI) Issues Quarterly Earnings Results, Beats Estimates By $0.08 EPS

C3.ai (NYSE:AI) released its earnings results on Wednesday. The company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.08, FiscalAI reports. C3.ai had a negative net margin of 92.08% and a negative return on equity of 40.69%. The business had revenue of $75.15 million during the quarter, compared to the consensus estimate of $74.86 million. During the same quarter last year, the firm earned ($0.06) earnings per share. The firm’s revenue for the quarter was down 20.3% compared to the same quarter last year.

C3.ai Price Performance

C3.ai stock traded up $0.68 during trading hours on Wednesday, hitting $15.05. The company had a trading volume of 9,507,941 shares, compared to its average volume of 6,580,504. The firm has a 50-day moving average of $16.52 and a 200 day moving average of $20.22. The firm has a market cap of $2.07 billion, a PE ratio of -5.79 and a beta of 1.97. C3.ai has a one year low of $12.59 and a one year high of $45.08.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Oppenheimer restated a “market perform” rating on shares of C3.ai in a report on Tuesday, August 12th. DA Davidson restated an “underperform” rating and issued a $13.00 price target (down from $25.00) on shares of C3.ai in a research note on Monday, August 11th. Northland Capmk lowered C3.ai from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 11th. Wall Street Zen cut C3.ai from a “hold” rating to a “sell” rating in a research note on Saturday, August 16th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of C3.ai in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, seven have assigned a Hold rating and five have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $22.09.

Insider Activity

In related news, Chairman Thomas M. Siebel sold 566,125 shares of C3.ai stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $17.23, for a total transaction of $9,754,333.75. Following the completion of the sale, the chairman directly owned 2,510,102 shares of the company’s stock, valued at approximately $43,249,057.46. This trade represents a 18.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Hitesh Lath sold 46,881 shares of the company’s stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $16.99, for a total value of $796,508.19. Following the completion of the transaction, the chief financial officer directly owned 209,154 shares in the company, valued at approximately $3,553,526.46. This represents a 18.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 2,318,479 shares of company stock valued at $39,632,315. 26.50% of the stock is owned by insiders.

Institutional Trading of C3.ai

Several large investors have recently bought and sold shares of the business. Prudential Financial Inc. acquired a new position in shares of C3.ai during the second quarter worth $376,000. Focus Partners Wealth grew its position in C3.ai by 2.6% during the 1st quarter. Focus Partners Wealth now owns 59,004 shares of the company’s stock worth $1,242,000 after acquiring an additional 1,503 shares during the last quarter. Woodline Partners LP acquired a new position in C3.ai in the 1st quarter worth about $346,000. Nebula Research & Development LLC acquired a new position in C3.ai in the 2nd quarter worth about $234,000. Finally, Mercer Global Advisors Inc. ADV bought a new position in C3.ai in the third quarter valued at about $229,000. 38.96% of the stock is owned by institutional investors and hedge funds.

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.