C3.ai (NYSE:AI) Downgraded by Wall Street Zen to “Sell”

Wall Street Zen cut shares of C3.ai (NYSE:AI) from a hold rating to a sell rating in a report released on Friday morning.

Several other equities research analysts also recently issued reports on AI. JPMorgan Chase & Co. cut their target price on shares of C3.ai from $27.00 to $23.00 and set an “underweight” rating for the company in a research note on Thursday, May 29th. Morgan Stanley raised their target price on shares of C3.ai from $20.00 to $22.00 and gave the company an “underweight” rating in a research note on Thursday, May 29th. Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a research note on Thursday, May 29th. DA Davidson cut their target price on shares of C3.ai from $25.00 to $18.00 and set a “neutral” rating for the company in a research note on Monday, April 14th. Finally, Oppenheimer cut their target price on shares of C3.ai from $56.00 to $45.00 and set an “outperform” rating for the company in a research note on Thursday, May 29th. Five analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $29.46.

C3.ai Price Performance

C3.ai stock opened at $25.93 on Friday. The firm has a 50-day moving average of $22.23 and a 200-day moving average of $28.21. C3.ai has a one year low of $17.03 and a one year high of $45.08. The company has a market cap of $3.44 billion, a price-to-earnings ratio of -11.73 and a beta of 2.04.

C3.ai (NYSE:AI) last issued its earnings results on Wednesday, May 28th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.04. C3.ai had a negative net margin of 79.17% and a negative return on equity of 31.31%. The business had revenue of $108.72 million during the quarter, compared to the consensus estimate of $107.85 million. During the same period last year, the business posted ($0.11) EPS. C3.ai’s revenue was up 25.5% on a year-over-year basis. As a group, sell-side analysts expect that C3.ai will post -2.44 earnings per share for the current year.

Insiders Place Their Bets

In other news, VP Merel Witteveen sold 1,133 shares of the firm’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $22.25, for a total transaction of $25,209.25. Following the transaction, the vice president now directly owns 7,287 shares of the company’s stock, valued at approximately $162,135.75. This trade represents a 13.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Thomas M. Siebel sold 294,116 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $21.50, for a total transaction of $6,323,494.00. Following the transaction, the chief executive officer now directly owns 943,151 shares in the company, valued at $20,277,746.50. This represents a 23.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,640,220 shares of company stock worth $37,038,104 over the last three months. Insiders own 33.54% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Garde Capital Inc. bought a new position in shares of C3.ai during the first quarter worth approximately $29,000. Russell Investments Group Ltd. increased its stake in C3.ai by 100.7% in the fourth quarter. Russell Investments Group Ltd. now owns 909 shares of the company’s stock valued at $31,000 after acquiring an additional 456 shares during the last quarter. WealthTrak Capital Management LLC bought a new position in C3.ai in the fourth quarter valued at approximately $33,000. Orion Capital Management LLC bought a new position in C3.ai in the fourth quarter valued at approximately $34,000. Finally, CX Institutional bought a new position in C3.ai in the first quarter valued at approximately $34,000. 38.96% of the stock is owned by 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.