Renaissance Technologies LLC Invests $934,000 in C3.ai, Inc. $AI

Renaissance Technologies LLC purchased a new stake in shares of C3.ai, Inc. (NYSE:AI) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 110,900 shares of the company’s stock, valued at approximately $934,000.

Several other hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of C3.ai by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 14,469,953 shares of the company’s stock worth $195,055,000 after acquiring an additional 108,011 shares in the last quarter. First Trust Advisors LP raised its stake 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 valued at $10,233,000 after acquiring an additional 488,710 shares in the last quarter. Zweig DiMenna Associates LLC bought a new position in shares of C3.ai in the 1st quarter valued at approximately $2,686,000. Atom Investors LP lifted its holdings in C3.ai by 498.4% in the 4th quarter. Atom Investors LP now owns 374,371 shares of the company’s stock worth $5,047,000 after purchasing an additional 311,813 shares during the last quarter. Finally, EVR Research LP lifted its holdings in C3.ai by 223.8% in the 4th quarter. EVR Research LP now owns 600,400 shares of the company’s stock worth $8,093,000 after purchasing an additional 415,000 shares during the last quarter. 38.96% of the stock is owned by institutional investors and hedge funds.

C3.ai Price Performance

Shares of AI stock opened at $9.89 on Friday. The stock’s fifty day simple moving average is $9.53 and its 200 day simple moving average is $9.56. C3.ai, Inc. has a one year low of $7.68 and a one year high of $20.22. The firm has a market cap of $1.54 billion, a price-to-earnings ratio of -2.96 and a beta of 2.08.

C3.ai (NYSE:AI) last announced 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 return on equity of 62.44% and a negative net margin of 187.95%.The business had revenue of $51.60 million for the quarter, compared to the consensus estimate of $51.60 million. During the same period in the previous year, the business earned ($0.16) EPS. C3.ai’s revenue was down 52.5% compared to the same quarter last year. On average, research analysts anticipate that C3.ai, Inc. will post -2.28 earnings per share for the current year.

Insider Activity

In other C3.ai news, CEO Thomas M. Siebel sold 472,005 shares of C3.ai stock in a transaction on Monday, June 15th. The shares were sold at an average price of $11.11, for a total value of $5,243,975.55. Following the sale, the chief executive officer directly owned 722,362 shares in the company, valued at approximately $8,025,441.82. The trade was a 39.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 Stephen Bradley Ehikian sold 50,542 shares of the stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $9.45, for a total value of $477,621.90. Following the completion of the sale, the chief executive officer directly owned 651,130 shares of the company’s stock, valued at approximately $6,153,178.50. The trade was a 7.20% decrease in their position. 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 have sold 1,371,124 shares of company stock valued at $14,250,218. 26.50% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on AI shares. Canaccord Genuity Group upped their target price on C3.ai from $8.00 to $10.00 and gave the stock a “hold” rating in a research report on Thursday, June 4th. UBS Group lifted their price target on shares of C3.ai from $9.00 to $12.00 and gave the company a “neutral” rating in a research report on Thursday, June 4th. Wedbush reaffirmed an “outperform” rating and set a $15.00 price objective on shares of C3.ai in a report on Thursday, June 4th. DA Davidson reiterated an “underperform” rating and issued a $7.00 target price on shares of C3.ai in a research note on Thursday, June 4th. Finally, Weiss Ratings upgraded shares of C3.ai from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, August 4th. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and six have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $10.09.

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.