C3.ai’s (AI) Outperform Rating Reiterated at Wedbush

C3.ai (NYSE:AI)‘s stock had its “outperform” rating reaffirmed by Wedbush in a report issued on Thursday,Benzinga reports. They currently have a $20.00 target price on the stock. Wedbush’s price target indicates a potential upside of 32.88% from the company’s previous close.

Several other equities analysts have also commented on the stock. Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a research report on Thursday. Wall Street Zen downgraded shares of C3.ai from a “hold” rating to a “sell” rating in a report on Saturday, August 16th. DA Davidson reiterated an “underperform” rating and issued a $13.00 price target (down previously from $25.00) on shares of C3.ai in a research report on Monday, August 11th. Northland Capmk downgraded C3.ai from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 11th. Finally, Oppenheimer reaffirmed a “market perform” rating on shares of C3.ai in a research note on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, seven have issued a Hold rating and five have given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average target price of $21.92.

C3.ai Stock Up 4.7%

AI opened at $15.05 on Thursday. The company has a market capitalization of $2.07 billion, a PE ratio of -5.79 and a beta of 1.97. The firm has a 50-day simple moving average of $16.52 and a two-hundred day simple moving average of $20.22. C3.ai has a 52 week low of $12.59 and a 52 week high of $45.08.

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

Insider Transactions at C3.ai

In other news, Chairman Thomas M. Siebel sold 566,125 shares of the business’s stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $17.23, for a total transaction of $9,754,333.75. Following the transaction, the chairman owned 2,510,102 shares of the company’s stock, valued at approximately $43,249,057.46. The trade was a 18.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Robert David Schilling sold 470,420 shares of C3.ai stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $17.29, for a total transaction of $8,133,561.80. Following the sale, the executive vice president directly owned 1,011,327 shares in the company, valued at approximately $17,485,843.83. The trade was a 31.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 2,318,479 shares of company stock worth $39,632,315 in the last quarter. Company insiders own 26.50% of the company’s stock.

Hedge Funds Weigh In On C3.ai

Several large investors have recently made changes to their positions in AI. Liontrust Investment Partners LLP raised its holdings in shares of C3.ai by 203.2% in the 1st quarter. Liontrust Investment Partners LLP now owns 144,288 shares of the company’s stock valued at $3,037,000 after buying an additional 96,695 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of C3.ai during the first quarter worth about $668,000. Geode Capital Management LLC grew its holdings in shares of C3.ai by 5.9% in the second quarter. Geode Capital Management LLC now owns 2,813,233 shares of the company’s stock valued at $69,129,000 after purchasing an additional 156,925 shares in the last quarter. 111 Capital acquired a new position in shares of C3.ai in the second quarter worth $714,000. Finally, Vanguard Group Inc. increased its position in shares of C3.ai by 3.6% during the first quarter. Vanguard Group Inc. now owns 13,407,490 shares of the company’s stock worth $282,228,000 after acquiring an additional 471,521 shares during the period. 38.96% of the stock is currently owned by institutional investors and hedge funds.

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.