C3.ai (NYSE:AI) Issues Quarterly Earnings Results

C3.ai (NYSE:AI) issued its quarterly earnings results on Wednesday. The company reported ($0.59) EPS for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.39), Zacks reports. C3.ai had a negative return on equity of 31.31% and a negative net margin of 79.17%.

C3.ai Stock Performance

Shares of AI stock traded down $0.85 during trading hours on Wednesday, hitting $23.07. The company had a trading volume of 11,678,952 shares, compared to its average volume of 5,173,041. C3.ai has a 12 month low of $17.03 and a 12 month high of $45.08. The firm’s fifty day moving average is $21.71 and its 200 day moving average is $28.34. The firm has a market capitalization of $3.06 billion, a price-to-earnings ratio of -10.44 and a beta of 1.99.

Insider Buying and Selling

In other C3.ai news, VP Merel Witteveen sold 1,133 shares of the business’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $22.25, for a total value of $25,209.25. Following the transaction, the vice president now directly owns 7,287 shares in the company, valued at $162,135.75. The trade was a 13.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Thomas M. Siebel sold 341,698 shares of the firm’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $24.00, for a total transaction of $8,200,752.00. Following the sale, the chief executive officer now directly owns 4,674,643 shares of the company’s stock, valued at approximately $112,191,432. The trade was a 6.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,528,714 shares of company stock worth $34,019,130 in the last 90 days. 33.54% of the stock is owned by company insiders.

Institutional Investors Weigh In On C3.ai

Large investors have recently bought and sold shares of the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in C3.ai by 4.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 242,784 shares of the company’s stock worth $5,111,000 after purchasing an additional 10,675 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of C3.ai by 267.9% in the first quarter. AQR Capital Management LLC now owns 181,354 shares of the company’s stock worth $3,788,000 after acquiring an additional 132,056 shares during the last quarter. Focus Partners Wealth lifted its position in shares of C3.ai by 2.6% during the first quarter. Focus Partners Wealth now owns 59,004 shares of the company’s stock worth $1,242,000 after purchasing an additional 1,503 shares in the last quarter. Woodline Partners LP acquired a new position in shares of C3.ai during the first quarter worth approximately $346,000. Finally, Strs Ohio bought a new stake in shares of C3.ai during the first quarter valued at approximately $177,000. 38.96% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

AI has been the topic of a number of research reports. DA Davidson dropped their target price on shares of C3.ai from $25.00 to $18.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Canaccord Genuity Group decreased their price target on shares of C3.ai from $40.00 to $30.00 and set a “hold” rating on the stock in a research report on Thursday, February 27th. KeyCorp cut their price objective on shares of C3.ai from $21.00 to $17.00 and set an “underweight” rating for the company in a research report on Thursday, April 17th. Morgan Stanley reduced their target price on shares of C3.ai from $30.00 to $20.00 and set an “underweight” rating for the company in a research note on Wednesday, April 16th. Finally, Piper Sandler lowered their price target on C3.ai from $42.00 to $28.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. Five equities research 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 company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $29.58.

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.