C3.ai, Inc. $AI Stock Position Lifted by Royal Bank of Canada

Royal Bank of Canada lifted its position in C3.ai, Inc. (NYSE:AI) by 418.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 177,527 shares of the company’s stock after acquiring an additional 143,303 shares during the quarter. Royal Bank of Canada’s holdings in C3.ai were worth $1,495,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Larson Financial Group LLC raised its position in shares of C3.ai by 683.6% during the 3rd 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 in the last quarter. Parallel Advisors LLC boosted its holdings in C3.ai by 76.4% in the third quarter. Parallel Advisors LLC now owns 1,849 shares of the company’s stock worth $32,000 after purchasing an additional 801 shares during the period. Farther Finance Advisors LLC increased its stake in C3.ai by 66.1% during the fourth 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 during the last quarter. Comerica Bank raised its holdings in shares of C3.ai by 839.1% during the fourth quarter. Comerica Bank now owns 2,423 shares of the company’s stock worth $33,000 after purchasing an additional 2,165 shares during the period. Finally, NewEdge Advisors LLC raised its holdings in shares of C3.ai by 48.7% during the first quarter. NewEdge Advisors LLC now owns 2,442 shares of the company’s stock worth $51,000 after purchasing an additional 800 shares during the period. 38.96% of the stock is currently owned by institutional investors.

C3.ai Stock Performance

AI stock opened at $10.35 on Thursday. C3.ai, Inc. has a 1 year low of $7.68 and a 1 year high of $20.22. The stock has a market capitalization of $1.61 billion, a price-to-earnings ratio of -3.10 and a beta of 2.08. The stock’s fifty day moving average is $9.49 and its two-hundred day moving average is $9.48.

C3.ai (NYSE:AI) last released its quarterly 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. The business had revenue of $51.60 million during the quarter, compared to analyst estimates of $51.60 million. C3.ai had a negative net margin of 187.95% and a negative return on equity of 62.44%. The company’s quarterly revenue was down 52.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.16) earnings per share. As a group, analysts predict that C3.ai, Inc. will post -2.28 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on AI. Morgan Stanley raised their price target on shares of C3.ai from $6.00 to $7.00 and gave the stock an “underweight” rating in a research report on Thursday, June 4th. Citizens Jmp reiterated a “market perform” rating on shares of C3.ai in a research note on Thursday, June 4th. Needham & Company LLC reissued a “hold” rating on shares of C3.ai in a report on Thursday, June 4th. Weiss Ratings upgraded C3.ai from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, August 4th. Finally, Canaccord Genuity Group upped their target price on C3.ai from $8.00 to $10.00 and gave the company a “hold” rating in a report on Thursday, June 4th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and six have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, C3.ai has a consensus rating of “Reduce” and an average price target of $10.09.

Insiders Place Their Bets

In other news, CEO Stephen Bradley Ehikian sold 50,542 shares of C3.ai stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $9.45, for a total transaction of $477,621.90. Following the sale, the chief executive officer 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 of the company’s stock, valued at approximately $8,025,441.82. This represents a 39.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 1,259,110 shares of company stock worth $13,281,297. Insiders own 26.50% 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.