C3.ai, Inc. (NYSE:AI) Receives $8.70 Consensus Target Price from Brokerages

C3.ai, Inc. (NYSE:AI) has been given a consensus rating of “Reduce” by the twelve ratings firms that are covering the stock, Marketbeat reports. Seven analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and one has given a buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $8.70.

A number of brokerages have weighed in on AI. Wall Street Zen raised C3.ai from a “sell” rating to a “hold” rating in a research report on Sunday. Wedbush reissued an “outperform” rating and set a $15.00 price target on shares of C3.ai in a research report on Thursday, June 4th. Canaccord Genuity Group restated a “hold” rating and set a $10.00 price target on shares of C3.ai in a research note on Thursday, September 3rd. DA Davidson restated an “underperform” rating and issued a $7.00 price objective on shares of C3.ai in a report on Tuesday, September 1st. Finally, Citigroup reaffirmed a “market perform” rating on shares of C3.ai in a research note on Thursday, September 3rd.

C3.ai Stock Performance

Shares of NYSE:AI opened at $10.52 on Thursday. The firm has a market cap of $1.64 billion, a PE ratio of -3.42 and a beta of 2.10. The firm’s 50 day simple moving average is $9.79 and its 200-day simple moving average is $9.45. C3.ai has a one year low of $7.68 and a one year high of $20.22.

C3.ai (NYSE:AI) last posted its quarterly earnings results on Wednesday, September 2nd. The company reported ($0.20) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.06. The firm had revenue of $52.38 million during the quarter, compared to the consensus estimate of $52.06 million. C3.ai had a negative net margin of 192.10% and a negative return on equity of 61.25%. The company’s revenue was down 25.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.37) earnings per share. Equities research analysts predict that C3.ai will post -2.22 EPS for the current fiscal year.

Insider Activity

In other news, CFO Hitesh Lath sold 20,000 shares of the stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $10.00, for a total transaction of $200,000.00. Following the transaction, the chief financial officer directly owned 363,106 shares in the company, valued at approximately $3,631,060. This trade represents a 5.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Thomas M. Siebel sold 22,780 shares of C3.ai stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $10.56, for a total transaction of $240,556.80. Following the transaction, the chief executive officer directly owned 744,348 shares in the company, valued at approximately $7,860,314.88. The trade was a 2.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 751,645 shares of company stock worth $7,623,459. 19.80% of the stock is currently owned by corporate insiders.

Institutional Trading of C3.ai

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE raised its position in shares of C3.ai by 55.1% in the 1st quarter. Bank of America Corp DE now owns 3,282,183 shares of the company’s stock worth $27,636,000 after acquiring an additional 1,166,302 shares in the last quarter. First Trust Advisors LP boosted its position in C3.ai by 67.3% during the first quarter. First Trust Advisors LP now owns 1,215,341 shares of the company’s stock valued at $10,233,000 after purchasing an additional 488,710 shares in the last quarter. EVR Research LP boosted its position in C3.ai by 223.8% during the fourth quarter. EVR Research LP now owns 600,400 shares of the company’s stock valued at $8,093,000 after purchasing an additional 415,000 shares in the last quarter. Bank of New York Mellon Corp boosted its position in C3.ai by 0.8% during the first quarter. Bank of New York Mellon Corp now owns 690,694 shares of the company’s stock valued at $5,816,000 after purchasing an additional 5,631 shares in the last quarter. Finally, Edgestream Partners L.P. grew its stake in C3.ai by 247.5% in the first quarter. Edgestream Partners L.P. now owns 658,573 shares of the company’s stock valued at $5,545,000 after purchasing an additional 469,057 shares during the last quarter. Institutional investors own 38.96% of the company’s stock.

C3.ai Company Profile

C3.ai, Inc develops enterprise artificial intelligence software and applications for organizations in a range of industries. Its technology is designed to help businesses use data, machine learning and predictive analytics to address operational, financial and strategic challenges.

The company’s offerings include the C3 AI Platform, which provides tools for developing, deploying and operating AI applications, as well as prebuilt applications for use cases such as predictive maintenance, fraud detection, supply-chain optimization, customer engagement, energy management and regulatory compliance.