C3.ai (NYSE:AI) Shares Up 2.5% – Time to Buy?

Shares of C3.ai, Inc. (NYSE:AI) rose 2.5% during trading on Thursday . The company traded as high as $37.09 and last traded at $36.60. Approximately 1,479,690 shares were traded during trading, a decline of 75% from the average daily volume of 6,037,916 shares. The stock had previously closed at $35.71.

Wall Street Analyst Weigh In

A number of research firms have weighed in on AI. Bank of America cut their price target on C3.ai from $24.00 to $20.00 and set an “underperform” rating on the stock in a research note on Thursday, September 5th. Morgan Stanley boosted their target price on C3.ai from $21.00 to $32.00 and gave the stock an “underweight” rating in a research note on Tuesday, December 10th. Wedbush lowered their price target on C3.ai from $40.00 to $30.00 and set an “outperform” rating for the company in a report on Thursday, September 5th. Piper Sandler boosted their price objective on shares of C3.ai from $24.00 to $42.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Finally, Canaccord Genuity Group increased their target price on shares of C3.ai from $23.00 to $40.00 and gave the company a “hold” rating in a research report on Wednesday, December 11th. Five research analysts have rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $35.00.

C3.ai Stock Down 4.3 %

The stock has a market cap of $4.61 billion, a PE ratio of -16.17 and a beta of 2.00. The stock has a fifty day moving average of $32.74 and a 200-day moving average of $28.28.

Insiders Place Their Bets

In related news, Director Stephen M. Ward, Jr. sold 125,000 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $42.00, for a total transaction of $5,250,000.00. Following the completion of the transaction, the director now directly owns 546,495 shares of the company’s stock, valued at $22,952,790. This represents a 18.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Jim H. Snabe sold 499,700 shares of C3.ai stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $43.05, for a total value of $21,512,085.00. Following the completion of the sale, the director now directly owns 10,000 shares in the company, valued at $430,500. This represents a 98.04 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 644,988 shares of company stock valued at $27,597,453. 33.54% of the stock is owned by company insiders.

Institutional Trading of C3.ai

A number of institutional investors have recently modified their holdings of AI. JTC Employer Solutions Trustee Ltd acquired a new position in shares of C3.ai during the 3rd quarter worth $25,000. Northwestern Mutual Wealth Management Co. grew its position in C3.ai by 311.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,050 shares of the company’s stock worth $30,000 after buying an additional 795 shares during the period. Quest Partners LLC increased its holdings in C3.ai by 9,033.3% in the third quarter. Quest Partners LLC now owns 1,644 shares of the company’s stock valued at $40,000 after buying an additional 1,626 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of C3.ai during the 2nd quarter valued at approximately $41,000. Finally, Arcadia Investment Management Corp MI acquired a new stake in shares of C3.ai in the 3rd quarter worth approximately $48,000. 38.96% of the stock is currently owned by hedge funds and other institutional investors.

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.