C3.ai (NYSE:AI) Stock Price Down 5.1% – Should You Sell?

C3.ai, Inc. (NYSE:AI) was down 5.1% during trading on Friday . The company traded as low as $31.35 and last traded at $31.60. Approximately 1,868,383 shares traded hands during trading, a decline of 55% from the average daily volume of 4,160,399 shares. The stock had previously closed at $33.30.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on AI shares. Northland Securities raised their price objective on C3.ai from $35.00 to $45.00 and gave the company an “outperform” rating in a research report on Tuesday, December 10th. Piper Sandler increased their price target on shares of C3.ai from $24.00 to $42.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. JMP Securities boosted their price objective on C3.ai from $40.00 to $55.00 and gave the company a “market outperform” rating in a report on Tuesday, December 10th. Morgan Stanley lifted 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, KeyCorp lowered shares of C3.ai from a “sector weight” rating to an “underweight” rating and set a $29.00 price target for the company. in a report on Thursday, December 19th. Five analysts have rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $35.00.

C3.ai Trading Down 3.5 %

The company has a market capitalization of $4.15 billion, a price-to-earnings ratio of -14.53 and a beta of 2.00. The stock’s fifty day simple moving average is $34.47 and its 200-day simple moving average is $28.63.

Insider Buying and Selling

In related news, Director Jim H. Snabe sold 499,700 shares of the stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $43.05, for a total value of $21,512,085.00. Following the transaction, the director now owns 10,000 shares of the company’s stock, valued at $430,500. This represents a 98.04 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Richard C. Levin sold 12,000 shares of C3.ai stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $34.80, for a total value of $417,600.00. Following the sale, the director now directly owns 161,664 shares of the company’s stock, valued at $5,625,907.20. This trade represents a 6.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 668,721 shares of company stock valued at $28,425,151 in the last three months. 33.54% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On C3.ai

Several hedge funds have recently added to or reduced their stakes in the stock. JTC Employer Solutions Trustee Ltd purchased a new position in C3.ai in the 3rd quarter valued at $25,000. Northwestern Mutual Wealth Management Co. lifted its stake in C3.ai by 311.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,050 shares of the company’s stock valued at $30,000 after buying an additional 795 shares in the last quarter. Quest Partners LLC boosted its stake in shares of C3.ai by 9,033.3% during the third quarter. Quest Partners LLC now owns 1,644 shares of the company’s stock valued at $40,000 after acquiring an additional 1,626 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of C3.ai in the second quarter valued at approximately $41,000. Finally, Arcadia Investment Management Corp MI purchased a new stake in shares of C3.ai in the third quarter valued at $48,000. 38.96% of the stock is currently 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.