C3.ai, Inc. (NYSE:AI) Given Consensus Recommendation of “Reduce” by Brokerages

Shares of C3.ai, Inc. (NYSE:AI) have been assigned a consensus recommendation of “Reduce” from the fourteen research firms that are presently covering the stock, MarketBeat.com reports. Six investment analysts have rated the stock with a sell recommendation, six have issued a hold recommendation, one has given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $12.9231.

Several research analysts have weighed in on AI shares. Weiss Ratings downgraded C3.ai from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 16th. DA Davidson reaffirmed an “underperform” rating and set a $7.00 price target on shares of C3.ai in a report on Thursday, June 4th. Morgan Stanley boosted their price objective on shares of C3.ai from $6.00 to $7.00 and gave the company an “underweight” rating in a research note on Thursday, June 4th. KeyCorp restated an “underweight” rating on shares of C3.ai in a research report on Thursday, June 4th. Finally, UBS Group raised their target price on shares of C3.ai from $9.00 to $12.00 and gave the stock a “neutral” rating in a research note on Thursday, June 4th.

Insider Activity

In other C3.ai news, CFO Hitesh Lath sold 48,619 shares of C3.ai stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $8.77, for a total value of $426,388.63. Following the sale, the chief financial officer owned 383,106 shares of the company’s stock, valued at approximately $3,359,839.62. The trade was a 11.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Thomas M. Siebel sold 472,005 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $11.11, for a total value of $5,243,975.55. Following the transaction, the chief executive officer owned 722,362 shares in the company, valued at $8,025,441.82. The trade was a 39.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 1,596,069 shares of company stock valued at $15,056,870 over the last three months. 26.50% of the stock is currently owned by corporate insiders.

Institutional Trading of C3.ai

Several hedge funds have recently modified their holdings of the business. Western Wealth Management LLC acquired a new position in C3.ai during the first quarter worth $26,000. Larson Financial Group LLC lifted its holdings in C3.ai by 683.6% in the third quarter. Larson Financial Group LLC now owns 1,481 shares of the company’s stock valued at $26,000 after acquiring an additional 1,292 shares during the period. Farther Finance Advisors LLC lifted its holdings in C3.ai by 66.1% in the fourth quarter. Farther Finance Advisors LLC now owns 2,141 shares of the company’s stock valued at $29,000 after acquiring an additional 852 shares during the period. Parallel Advisors LLC boosted its position in shares of C3.ai by 76.4% during the 3rd quarter. Parallel Advisors LLC now owns 1,849 shares of the company’s stock worth $32,000 after purchasing an additional 801 shares in the last quarter. Finally, Comerica Bank boosted its position in shares of C3.ai by 839.1% during the 4th quarter. Comerica Bank now owns 2,423 shares of the company’s stock worth $33,000 after purchasing an additional 2,165 shares in the last quarter. 38.96% of the stock is owned by institutional investors and hedge funds.

C3.ai Stock Performance

Shares of NYSE:AI opened at $9.44 on Friday. C3.ai has a one year low of $7.68 and a one year high of $30.11. The stock has a market capitalization of $1.37 billion, a price-to-earnings ratio of -2.82 and a beta of 2.06. The company has a 50-day simple moving average of $9.69 and a 200-day simple moving average of $10.55.

C3.ai (NYSE:AI) last released its quarterly earnings results on Wednesday, June 3rd. The company reported ($0.33) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.05. The firm had revenue of $51.60 million for the quarter, compared to analyst estimates of $51.60 million. C3.ai had a negative return on equity of 62.44% and a negative net margin of 187.95%.The business’s revenue was down 52.5% on a year-over-year basis. During the same quarter last year, the company posted ($0.16) earnings per share. As a group, research analysts forecast that C3.ai will post -2.28 EPS for the current fiscal year.

About C3.ai

C3.ai, Inc is a leading enterprise software provider focused on delivering scalable artificial intelligence (AI) and Internet of Things (IoT) solutions to large organizations. The company’s core offering, the C3 AI Suite, is a comprehensive, model-driven platform that unifies data ingestion, model development, and application deployment. Through its suite of tools, C3.ai enables customers to accelerate digital transformation initiatives by applying advanced machine learning, predictive analytics, and AI-driven insights across a broad range of business functions.

The C3 AI Suite provides a low-code environment for data scientists and application developers to rapidly design, test, and deploy enterprise-scale AI applications.