Analysts Set C3.ai, Inc. (NYSE:AI) Price Target at $10.67

Shares of C3.ai, Inc. (NYSE:AI) have been given a consensus rating of “Reduce” by the thirteen brokerages that are presently covering the firm, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a sell recommendation, six have given a hold recommendation and one has assigned 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 $10.6667.

A number of brokerages have recently commented on AI. Weiss Ratings lowered shares of C3.ai from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, June 16th. Needham & Company LLC reaffirmed a “hold” rating on shares of C3.ai in a report on Thursday, June 4th. Citizens Jmp reiterated a “market perform” rating on shares of C3.ai in a research report on Thursday, June 4th. Wedbush reissued an “outperform” rating and issued a $15.00 price target on shares of C3.ai in a research note on Thursday, June 4th. Finally, Canaccord Genuity Group raised their price objective on C3.ai from $8.00 to $10.00 and gave the stock a “hold” rating in a research report on Thursday, June 4th.

C3.ai Trading Up 0.4%

NYSE:AI opened at $8.19 on Wednesday. The stock’s 50-day moving average is $9.61 and its 200-day moving average is $9.92. C3.ai has a 1-year low of $7.68 and a 1-year high of $26.59. The stock has a market cap of $1.27 billion, a P/E ratio of -2.45 and a beta of 2.06.

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

Insider Buying and Selling at C3.ai

In other news, CFO Hitesh Lath sold 48,619 shares of the company’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $8.77, for a total value of $426,388.63. Following the sale, the chief financial officer directly owned 383,106 shares of the company’s stock, valued at approximately $3,359,839.62. This represents a 11.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available 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 stock in a transaction on Monday, June 15th. The stock was sold at an average price of $11.11, for a total transaction of $5,243,975.55. Following the sale, the chief executive officer owned 722,362 shares of the company’s stock, valued at approximately $8,025,441.82. This trade represents a 39.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. In the last 90 days, insiders sold 1,155,144 shares of company stock valued at $11,420,651. 26.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On C3.ai

Several hedge funds and other institutional investors have recently bought and sold shares of the company. NewEdge Advisors LLC grew its holdings in C3.ai by 48.7% during the 1st quarter. NewEdge Advisors LLC now owns 2,442 shares of the company’s stock worth $51,000 after acquiring an additional 800 shares during the period. Parallel Advisors LLC lifted its stake in shares of C3.ai by 76.4% in the 3rd quarter. Parallel Advisors LLC now owns 1,849 shares of the company’s stock valued at $32,000 after purchasing an additional 801 shares during the period. BOKF NA lifted its stake in shares of C3.ai by 20.7% in the 3rd quarter. BOKF NA now owns 4,709 shares of the company’s stock valued at $82,000 after purchasing an additional 809 shares during the period. Farther Finance Advisors LLC boosted its position in shares of C3.ai by 66.1% during the 4th quarter. Farther Finance Advisors LLC now owns 2,141 shares of the company’s stock valued at $29,000 after purchasing an additional 852 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its position in shares of C3.ai by 29.6% during the 4th quarter. Geneos Wealth Management Inc. now owns 4,373 shares of the company’s stock valued at $59,000 after purchasing an additional 1,000 shares in the last quarter. Institutional investors and hedge funds own 38.96% of the company’s stock.

C3.ai Company Profile

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.