C3.ai, Inc. (NYSE:AI – Get Free Report) was down 4.5% on Wednesday after an insider sold shares in the company. The stock traded as low as $10.52 and last traded at $10.4350. 1,418,434 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 6,437,732 shares. The stock had previously closed at $10.93.
Specifically, CFO Hitesh Lath sold 34,210 shares of the company’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $10.95, for a total transaction of $374,599.50. Following the transaction, the chief financial officer directly owned 233,106 shares in the company, valued at approximately $2,552,510.70. This represents a 12.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Thomas M. Siebel sold 23,570 shares of the stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $10.92, for a total transaction of $257,384.40. Following the completion of the transaction, the chief executive officer directly owned 743,559 shares of the company’s stock, valued at approximately $8,119,664.28. This trade represents a 3.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 other news, CEO Thomas M. Siebel sold 472,005 shares of C3.ai stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $11.11, for a total transaction of $5,243,975.55. Following the completion of the sale, the chief executive officer directly owned 722,362 shares in the company, valued at approximately $8,025,441.82. This trade represents a 39.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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.
Analyst Ratings Changes
A number of equities research analysts recently weighed in on AI shares. Wolfe Research restated an “underperform” rating and issued a $6.00 price target on shares of C3.ai in a report on Thursday, February 26th. Weiss Ratings downgraded C3.ai from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday. KeyCorp reissued an “underweight” rating on shares of C3.ai in a report on Thursday, June 4th. Canaccord Genuity Group raised their price target on C3.ai from $8.00 to $10.00 and gave the company a “hold” rating in a research report on Thursday, June 4th. Finally, UBS Group lifted their price target on C3.ai from $9.00 to $12.00 and gave the stock a “neutral” rating in a research note on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, six have given a Hold rating and six have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $12.92.
C3.ai Price Performance
The firm has a 50-day simple moving average of $9.62 and a two-hundred day simple moving average of $10.92. The company has a market cap of $1.50 billion, a PE ratio of -3.09 and a beta of 2.04.
C3.ai (NYSE:AI – Get Free Report) last released its quarterly earnings results on Wednesday, June 3rd. The company reported ($0.33) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.05. C3.ai had a negative return on equity of 60.20% and a negative net margin of 187.95%.The company had revenue of $51.60 million during the quarter, compared to analysts’ expectations of $51.60 million. During the same period in the previous year, the firm posted ($0.16) earnings per share. The business’s revenue for the quarter was down 52.5% compared to the same quarter last year. Equities research analysts forecast that C3.ai, Inc. will post -2.26 EPS for the current year.
Institutional Inflows and Outflows
Several institutional investors have recently added to or reduced their stakes in AI. AQR Capital Management LLC boosted its stake in shares of C3.ai by 267.9% during the 1st quarter. AQR Capital Management LLC now owns 181,354 shares of the company’s stock worth $3,788,000 after purchasing an additional 132,056 shares during the last quarter. NewEdge Advisors LLC raised its position in shares of C3.ai by 48.7% in the first quarter. NewEdge Advisors LLC now owns 2,442 shares of the company’s stock valued at $51,000 after buying an additional 800 shares during the last quarter. Woodline Partners LP acquired a new position in shares of C3.ai in the first quarter valued at approximately $346,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of C3.ai by 4.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 242,784 shares of the company’s stock valued at $5,111,000 after buying an additional 10,675 shares during the period. Finally, Focus Partners Wealth lifted its stake in shares of C3.ai by 2.6% during the first quarter. Focus Partners Wealth now owns 59,004 shares of the company’s stock valued at $1,242,000 after buying an additional 1,503 shares during the period. Institutional investors and hedge funds own 38.96% of the company’s stock.
About C3.ai
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.
Featured Articles
- Five stocks we like better than C3.ai
- How to Invest in the Biggest European Defense Surge in Decades
- The Netflix-Lionsgate Rumor Exposed a Bigger Shift in Media M&A
- Credo Technologies Accelerates AI—Its Stock Price Will Follow
- Qualcomm Goes All-In: The $10B Bet to Crush NVIDIA
Receive News & Ratings for C3.ai Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for C3.ai and related companies with MarketBeat.com's FREE daily email newsletter.
