C3.ai (NYSE:AI) Trading Down 6.9% – Here’s What Happened

C3.ai, Inc. (NYSE:AI)’s stock price was down 6.9% during mid-day trading on Thursday . The company traded as low as $33.01 and last traded at $33.34. Approximately 5,192,963 shares were traded during mid-day trading, an increase of 11% from the average daily volume of 4,663,776 shares. The stock had previously closed at $35.82.

Analyst Ratings Changes

A number of research analysts recently issued reports on AI shares. Piper Sandler raised their target price on shares of C3.ai from $24.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a research note on Tuesday, December 10th. StockNews.com upgraded shares of C3.ai to a “sell” rating in a research note on Tuesday, November 26th. DA Davidson upgraded shares of C3.ai to a “hold” rating in a research note on Wednesday, December 18th. Finally, Canaccord Genuity Group raised their target price 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. Five 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 given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $35.00.

C3.ai Trading Down 2.6 %

The business’s fifty day moving average price is $34.61 and its 200 day moving average price is $28.66. The company has a market capitalization of $4.19 billion, a P/E ratio of -14.67 and a beta of 2.00.

Insider Transactions at C3.ai

In related news, VP Merel Witteveen sold 11,132 shares of C3.ai stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $34.95, for a total transaction of $389,063.40. Following the completion of the transaction, the vice president now directly owns 4,142 shares of the company’s stock, valued at $144,762.90. This trade represents a 72.88 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Richard C. Levin sold 12,000 shares of C3.ai stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $34.80, for a total transaction of $417,600.00. Following the transaction, the director now directly owns 161,664 shares of the company’s stock, valued at $5,625,907.20. This represents a 6.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 668,721 shares of company stock valued at $28,425,151. Company insiders own 33.54% of the company’s stock.

Institutional Investors Weigh In On C3.ai

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. JTC Employer Solutions Trustee Ltd acquired a new stake in shares of C3.ai during the 3rd quarter worth approximately $25,000. Northwestern Mutual Wealth Management Co. grew its position in shares of C3.ai by 311.8% during the 2nd 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 grew its position in shares of C3.ai by 9,033.3% during the 3rd quarter. Quest Partners LLC now owns 1,644 shares of the company’s stock worth $40,000 after buying an additional 1,626 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of C3.ai during the 2nd quarter worth approximately $41,000. Finally, Arcadia Investment Management Corp MI acquired a new stake in shares of C3.ai during the 3rd quarter worth approximately $48,000. 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.