C3.ai (NYSE:AI) Lowered to Underweight Rating by KeyCorp

C3.ai (NYSE:AI) was downgraded by analysts at KeyCorp from a “sector weight” rating to an “underweight” rating in a research report issued on Thursday,Finviz reports. They currently have a $29.00 price objective on the stock. KeyCorp’s price objective indicates a potential downside of 26.93% from the stock’s previous close.

Several other analysts also recently issued reports on AI. JPMorgan Chase & Co. downgraded C3.ai from a “neutral” rating to an “underweight” rating and set a $28.00 price target for the company. in a research note on Wednesday, December 11th. Canaccord Genuity Group upped their price target on shares of C3.ai from $23.00 to $40.00 and gave the company a “hold” rating in a research note on Wednesday, December 11th. DA Davidson raised their price target on shares of C3.ai from $20.00 to $35.00 and gave the stock a “neutral” rating in a research report on Thursday, December 5th. Morgan Stanley boosted their price objective on shares of C3.ai from $21.00 to $32.00 and gave the company an “underweight” rating in a report on Tuesday, December 10th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $40.00 target price on shares of C3.ai in a report on Thursday, September 5th. Five investment analysts have rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $35.00.

C3.ai Stock Down 7.4 %

AI opened at $39.69 on Thursday. The stock has a market cap of $5.04 billion, a price-to-earnings ratio of -17.96 and a beta of 2.00. C3.ai has a 12-month low of $18.85 and a 12-month high of $45.08. The business has a 50 day moving average of $31.41 and a 200-day moving average of $27.98.

Insiders Place Their Bets

In other C3.ai news, Director John E. Hyten sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $38.37, for a total transaction of $191,850.00. Following the completion of the transaction, the director now owns 263,843 shares in the company, valued at approximately $10,123,655.91. This trade represents a 1.86 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Hitesh Lath sold 3,949 shares of the company’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $42.36, for a total transaction of $167,279.64. Following the completion of the sale, the chief financial officer now directly owns 851 shares in the company, valued at approximately $36,048.36. This represents a 82.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 145,288 shares of company stock valued at $6,085,368 in the last ninety days. 33.54% of the stock is currently owned by insiders.

Institutional Investors Weigh In On C3.ai

Several large investors have recently added to or reduced their stakes in AI. Geode Capital Management LLC grew its holdings in C3.ai by 8.8% in the third quarter. Geode Capital Management LLC now owns 2,216,925 shares of the company’s stock worth $53,728,000 after purchasing an additional 178,870 shares during the period. State Street Corp boosted its position in shares of C3.ai by 1.8% during the 3rd quarter. State Street Corp now owns 2,121,391 shares of the company’s stock worth $51,401,000 after purchasing an additional 38,185 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of C3.ai by 12.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 844,389 shares of the company’s stock valued at $20,460,000 after buying an additional 92,280 shares during the period. Bank of New York Mellon Corp increased its position in C3.ai by 0.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 771,540 shares of the company’s stock valued at $22,344,000 after buying an additional 1,929 shares in the last quarter. Finally, Raymond James & Associates raised its stake in C3.ai by 11.5% during the 2nd quarter. Raymond James & Associates now owns 201,262 shares of the company’s stock worth $5,829,000 after buying an additional 20,753 shares during the period. Institutional investors and hedge funds own 38.96% of the company’s stock.

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.