C3.ai (NYSE:AI) PT Lowered to $30.00

C3.ai (NYSE:AI) had its price target cut by Wedbush from $40.00 to $30.00 in a research report report published on Thursday, Benzinga reports. They currently have an outperform rating on the stock.

A number of other equities research analysts also recently issued reports on AI. Canaccord Genuity Group reduced their price target on shares of C3.ai from $31.00 to $30.00 and set a hold rating on the stock in a research note on Thursday, May 30th. Northland Securities raised shares of C3.ai from a market perform rating to an outperform rating and set a $35.00 price target on the stock in a research note on Thursday, May 30th. Morgan Stanley reduced their price target on shares of C3.ai from $23.00 to $21.00 and set an underweight rating on the stock in a research note on Thursday. Needham & Company LLC reissued a hold rating on shares of C3.ai in a research note on Thursday. Finally, Northland Capmk raised shares of C3.ai from a hold rating to a strong-buy rating in a research note on Thursday, May 30th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, C3.ai presently has an average rating of Hold and an average price target of $27.70.

C3.ai Price Performance

NYSE:AI opened at $21.30 on Thursday. The firm has a market capitalization of $2.66 billion, a price-to-earnings ratio of -9.10 and a beta of 1.81. The company’s 50-day moving average is $26.16 and its two-hundred day moving average is $26.64. C3.ai has a 1-year low of $18.85 and a 1-year high of $38.30.

C3.ai (NYSE:AI) last posted its earnings results on Wednesday, September 4th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.08. The company had revenue of $87.21 million for the quarter, compared to analyst estimates of $86.94 million. C3.ai had a negative net margin of 93.36% and a negative return on equity of 30.95%. C3.ai’s revenue was up 20.5% on a year-over-year basis. During the same period in the previous year, the business posted ($0.56) EPS. As a group, equities analysts anticipate that C3.ai will post -2.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In other C3.ai news, CFO Hitesh Lath sold 3,005 shares of the stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $27.56, for a total value of $82,817.80. Following the sale, the chief financial officer now directly owns 7,390 shares of the company’s stock, valued at approximately $203,668.40. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 34.00% of the stock is owned by insiders.

Institutional Investors Weigh In On C3.ai

A number of large investors have recently modified their holdings of the company. Sanctuary Advisors LLC purchased a new stake in shares of C3.ai in the 2nd quarter valued at approximately $373,000. Cetera Investment Advisers increased its position in shares of C3.ai by 16.4% in the 2nd quarter. Cetera Investment Advisers now owns 57,341 shares of the company’s stock valued at $1,661,000 after purchasing an additional 8,094 shares during the last quarter. Truist Financial Corp increased its position in shares of C3.ai by 5.1% in the 2nd quarter. Truist Financial Corp now owns 21,211 shares of the company’s stock valued at $614,000 after purchasing an additional 1,023 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of C3.ai in the 2nd quarter valued at approximately $513,000. Finally, EP Wealth Advisors LLC increased its position in shares of C3.ai by 5.9% in the 2nd quarter. EP Wealth Advisors LLC now owns 10,840 shares of the company’s stock valued at $314,000 after purchasing an additional 601 shares during the last quarter. 38.96% of the stock is owned by hedge funds and other institutional investors.

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.