C3.ai’s (AI) Hold Rating Reiterated at Canaccord Genuity Group

C3.ai (NYSE:AI)‘s stock had its “hold” rating reissued by analysts at Canaccord Genuity Group in a research note issued to investors on Thursday,Benzinga reports. They currently have a $16.00 price objective on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 5.83% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on AI. UBS Group raised their target price on C3.ai from $16.00 to $17.00 and gave the company a “neutral” rating in a research note on Friday, September 12th. Northland Securities downgraded shares of C3.ai from an “outperform” rating to a “market perform” rating and set a $17.00 price objective on the stock. in a research report on Tuesday, August 12th. JMP Securities reduced their target price on shares of C3.ai from $30.00 to $24.00 and set a “market outperform” rating for the company in a research note on Thursday, September 4th. Wall Street Zen lowered shares of C3.ai from a “hold” rating to a “sell” rating in a research note on Saturday, August 16th. Finally, Northland Capmk cut C3.ai from a “strong-buy” rating to a “hold” rating in a report on Monday, August 11th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have assigned a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $21.92.

C3.ai Stock Up 0.7%

Shares of NYSE:AI traded up $0.11 during trading on Thursday, hitting $15.12. 5,988,254 shares of the company traded hands, compared to its average volume of 6,573,764. The stock has a market capitalization of $2.08 billion, a price-to-earnings ratio of -5.82 and a beta of 1.97. The business’s fifty day moving average is $16.52 and its 200-day moving average is $20.22. C3.ai has a one year low of $12.59 and a one year high of $45.08.

C3.ai (NYSE:AI) last announced its quarterly earnings results on Wednesday, December 3rd. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.33) by $0.08. C3.ai had a negative return on equity of 40.69% and a negative net margin of 92.08%.The business had revenue of $75.15 million for the quarter, compared to the consensus estimate of $74.86 million. During the same quarter last year, the business posted ($0.06) EPS. The business’s revenue was down 20.3% on a year-over-year basis. On average, analysts forecast that C3.ai will post -2.44 EPS for the current year.

Insider Buying and Selling at C3.ai

In other news, CFO Hitesh Lath sold 46,881 shares of the business’s stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $16.99, for a total transaction of $796,508.19. Following the transaction, the chief financial officer directly owned 209,154 shares in the company, valued at $3,553,526.46. The trade was a 18.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Thomas M. Siebel sold 17,000 shares of the company’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $14.21, for a total transaction of $241,570.00. Following the completion of the transaction, the chairman directly owned 15,736 shares in the company, valued at $223,608.56. This trade represents a 51.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 2,318,479 shares of company stock valued at $39,632,315 in the last quarter. Company insiders own 26.50% of the company’s stock.

Institutional Investors Weigh In On C3.ai

A number of hedge funds and other institutional investors have recently made changes to their positions in AI. Dimensional Fund Advisors LP lifted its holdings in shares of C3.ai by 77.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,804,188 shares of the company’s stock valued at $31,284,000 after buying an additional 785,508 shares during the last quarter. Two Sigma Investments LP bought a new position in C3.ai during the third quarter valued at approximately $13,379,000. Vident Advisory LLC lifted its stake in C3.ai by 3,935.9% in the first quarter. Vident Advisory LLC now owns 568,492 shares of the company’s stock valued at $11,967,000 after acquiring an additional 554,406 shares during the last quarter. Quantbot Technologies LP lifted its stake in C3.ai by 2,831.4% in the third quarter. Quantbot Technologies LP now owns 554,472 shares of the company’s stock valued at $9,615,000 after acquiring an additional 535,557 shares during the last quarter. Finally, Bank of America Corp DE grew its position in C3.ai by 358.9% in the third quarter. Bank of America Corp DE now owns 606,947 shares of the company’s stock worth $10,524,000 after acquiring an additional 474,698 shares in the last quarter. 38.96% of the stock is owned by hedge funds and other institutional investors.

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.