Bank of America Trims C3.ai (NYSE:AI) Target Price to $20.00

C3.ai (NYSE:AI) had its target price reduced by Bank of America from $24.00 to $20.00 in a report issued on Thursday morning, Benzinga reports. Bank of America currently has an underperform rating on the stock.

Several other equities research analysts have also recently commented on the stock. Piper Sandler Companies reissued a neutral rating and set a $24.00 price target on shares of C3.ai in a research report on Thursday. DA Davidson dropped their target price on C3.ai from $30.00 to $20.00 and set a neutral rating on the stock in a report on Thursday. Needham & Company LLC restated a hold rating on shares of C3.ai in a research note on Thursday. Northland Securities raised C3.ai from a market perform rating to an outperform rating and set a $35.00 price target on the stock in a research report on Thursday, May 30th. Finally, Canaccord Genuity Group cut their price objective on C3.ai from $31.00 to $30.00 and set a hold rating for the company in a report on Thursday, May 30th. Three analysts have rated the stock with a sell rating, five have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $27.70.

C3.ai Price Performance

AI stock opened at $21.30 on Thursday. The business has a 50-day moving average of $26.16 and a 200-day moving average of $26.64. C3.ai has a fifty-two week low of $18.85 and a fifty-two week high of $38.30. The stock has a market capitalization of $2.66 billion, a P/E ratio of -9.10 and a beta of 1.81.

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

Insider Activity at C3.ai

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Global Assets Advisory LLC boosted its holdings in shares of C3.ai by 2,547.8% during the first quarter. Global Assets Advisory LLC now owns 896,676 shares of the company’s stock worth $24,273,000 after acquiring an additional 862,811 shares during the period. Coatue Management LLC lifted its holdings in C3.ai by 25.1% during the 4th quarter. Coatue Management LLC now owns 2,832,229 shares of the company’s stock worth $81,313,000 after purchasing an additional 568,369 shares during the last quarter. Norges Bank bought a new stake in C3.ai in the 4th quarter valued at $10,879,000. Vanguard Group Inc. grew its holdings in C3.ai by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 10,647,900 shares of the company’s stock valued at $288,239,000 after buying an additional 317,768 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new position in C3.ai during the 2nd quarter worth $3,465,000. Institutional investors and hedge funds own 38.96% of the company’s stock.

C3.ai Company Profile

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.