C3.ai, Inc. (NYSE:AI) CFO Sells $146,107.60 in Stock

C3.ai, Inc. (NYSE:AI) CFO Hitesh Lath sold 6,040 shares of the stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $24.19, for a total value of $146,107.60. Following the completion of the sale, the chief financial officer now directly owns 6,218 shares in the company, valued at $150,413.42. This represents a 49.27% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Hitesh Lath also recently made the following trade(s):

• On Thursday, May 29th, Hitesh Lath sold 4,368 shares of C3.ai stock. The stock was sold at an average price of $29.45, for a total value of $128,637.60.

C3.ai Trading Down 1.8%

NYSE:AI opened at $24.01 on Wednesday. The firm has a market cap of $3.19 billion, a P/E ratio of -10.72 and a beta of 2.04. The stock’s 50 day simple moving average is $22.93 and its 200-day simple moving average is $27.60. C3.ai, Inc. has a 12-month low of $17.03 and a 12-month high of $45.08.

C3.ai (NYSE:AI) last released its earnings results on Wednesday, May 28th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.04. The business had revenue of $108.72 million for the quarter, compared to analyst estimates of $107.85 million. C3.ai had a negative return on equity of 33.25% and a negative net margin of 74.21%. The company’s revenue for the quarter was up 25.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.11) earnings per share. Research analysts forecast that C3.ai, Inc. will post -2.44 EPS for the current fiscal year.

Institutional Trading of C3.ai

A number of institutional investors have recently modified their holdings of the business. Strs Ohio purchased a new stake in shares of C3.ai in the first quarter valued at approximately $177,000. Acadian Asset Management LLC purchased a new stake in shares of C3.ai in the first quarter valued at approximately $2,983,000. Intech Investment Management LLC boosted its stake in shares of C3.ai by 75.7% in the first quarter. Intech Investment Management LLC now owns 88,507 shares of the company’s stock valued at $1,863,000 after buying an additional 38,135 shares in the last quarter. Focus Partners Wealth boosted its stake in shares of C3.ai by 2.6% in 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 in the last quarter. Finally, Bayforest Capital Ltd boosted its stake in shares of C3.ai by 870.9% in the first quarter. Bayforest Capital Ltd now owns 8,709 shares of the company’s stock valued at $183,000 after buying an additional 7,812 shares in the last quarter. 38.96% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on AI. Morgan Stanley lifted their price target on C3.ai from $20.00 to $22.00 and gave the stock an “underweight” rating in a research report on Thursday, May 29th. Canaccord Genuity Group cut their price target on C3.ai from $30.00 to $28.00 and set a “hold” rating on the stock in a research report on Thursday, May 29th. JPMorgan Chase & Co. cut their price target on C3.ai from $27.00 to $23.00 and set an “underweight” rating on the stock in a research report on Thursday, May 29th. Piper Sandler cut their price target on C3.ai from $28.00 to $27.00 and set a “neutral” rating on the stock in a research report on Thursday, May 29th. Finally, KeyCorp reaffirmed a “mixed” rating on shares of C3.ai in a research report on Thursday, May 29th. Five analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $29.46.

About C3.ai

C3.ai, Inc operates as an enterprise artificial intelligence (AI) software company in North America, Europe, the Middle East, Africa, the Asia Pacific, and internationally. The company provides C3 AI platform, an application development and runtime environment that enables customers to design, develop, and deploy enterprise AI applications; C3 AI Ex Machina for analysis-ready data; C3 AI CRM, an industry specific customer relationship management solution; and C3 Generative AI Product Suite that enables to locate, retrieve, and present information.