C3.ai (NYSE:AI) Stock Price Breaks Above 200-Day Moving Average – Time to Sell?

C3.ai, Inc. (NYSE:AI)’s share price passed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $9.55 and traded as high as $10.54. C3.ai shares last traded at $10.3850, with a volume of 3,414,225 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on AI. Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a research report on Thursday, September 3rd. Morgan Stanley boosted their price target on shares of C3.ai from $6.00 to $7.00 and gave the company an “underweight” rating in a research report on Thursday, June 4th. DA Davidson restated an “underperform” rating and set a $7.00 price target on shares of C3.ai in a research note on Tuesday, September 1st. Citizens Jmp reaffirmed a “market perform” rating on shares of C3.ai in a report on Tuesday. Finally, KeyCorp reiterated an “underweight” rating on shares of C3.ai in a research note on Thursday, June 4th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and seven have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $8.70.

C3.ai Stock Performance

The firm has a 50 day simple moving average of $10.10 and a 200 day simple moving average of $9.56. The firm has a market cap of $1.77 billion, a P/E ratio of -3.58 and a beta of 2.10.

C3.ai (NYSE:AI) last posted its earnings results on Wednesday, September 2nd. The company reported ($0.20) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.06. C3.ai had a negative return on equity of 61.25% and a negative net margin of 192.10%.The business had revenue of $52.38 million during the quarter, compared to analyst estimates of $52.06 million. During the same quarter in the previous year, the firm earned ($0.37) EPS. The company’s quarterly revenue was down 25.4% compared to the same quarter last year. Sell-side analysts predict that C3.ai, Inc. will post -2.2 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Thomas Siebel sold 162,247 shares of the company’s stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $10.54, for a total transaction of $1,710,083.38. Following the sale, the chief executive officer owned 722,362 shares of the company’s stock, valued at approximately $7,613,695.48. This represents a 18.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Hitesh Lath sold 21,077 shares of the stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $10.48, for a total transaction of $220,886.96. Following the completion of the sale, the chief financial officer owned 371,036 shares in the company, valued at $3,888,457.28. This represents a 5.38% 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. Insiders have sold a total of 1,117,809 shares of company stock worth $11,724,230 in the last ninety days. 19.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On C3.ai

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Royal Bank of Canada raised its stake in C3.ai by 418.7% in the first quarter. Royal Bank of Canada now owns 177,527 shares of the company’s stock valued at $1,495,000 after purchasing an additional 143,303 shares in the last quarter. Renaissance Technologies LLC purchased a new position in C3.ai in the 1st quarter worth approximately $934,000. Bank of America Corp DE increased its holdings 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 buying an additional 1,166,302 shares during the last quarter. First Trust Advisors LP increased its holdings in shares of C3.ai by 67.3% in the 1st quarter. First Trust Advisors LP now owns 1,215,341 shares of the company’s stock worth $10,233,000 after buying an additional 488,710 shares during the last quarter. Finally, Edgestream Partners L.P. raised its position in shares of C3.ai by 247.5% during the 1st quarter. Edgestream Partners L.P. now owns 658,573 shares of the company’s stock valued at $5,545,000 after buying an additional 469,057 shares in the last quarter. Hedge funds and other 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.