C3.ai (NYSE:AI) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of C3.ai (NYSE:AI) from a sell rating to a hold rating in a report issued on Sunday,Wall Street Zen reports.

AI has been the subject of a number of other research reports. DA Davidson reaffirmed an “underperform” rating and issued a $7.00 price target on shares of C3.ai in a report on Tuesday, September 1st. Citizens Jmp reissued a “market perform” rating on shares of C3.ai in a report on Tuesday, September 29th. Citigroup reissued a “market perform” rating on shares of C3.ai in a report on Thursday, September 3rd. Weiss Ratings upgraded C3.ai from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 4th. Finally, UBS Group reaffirmed an “underperform” rating on shares of C3.ai in a research note on Tuesday, September 1st. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and seven have issued a Sell rating to the company. Based on data from MarketBeat, C3.ai presently has an average rating of “Reduce” and an average target price of $9.36.

C3.ai Stock Up 3.2%

AI opened at $11.98 on Friday. The company has a fifty day moving average of $10.58 and a two-hundred day moving average of $9.75. C3.ai has a fifty-two week low of $7.68 and a fifty-two week high of $19.80.

C3.ai (NYSE:AI) last posted its earnings results on Wednesday, September 2nd. The company reported ($0.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.06. C3.ai had a negative net margin of 192.10% and a negative return on equity of 61.25%. The business had revenue of $52.38 million for the quarter, compared to analyst estimates of $52.06 million. During the same period in the prior year, the company posted ($0.37) EPS. The company’s revenue for the quarter was down 25.4% on a year-over-year basis. Sell-side analysts predict that C3.ai will post -2.21 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Thomas M. Siebel sold 162,247 shares of the firm’s stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $10.54, for a total value of $1,710,083.38. Following the transaction, the chief executive officer directly owned 722,362 shares of the company’s stock, valued at approximately $7,613,695.48. This trade represents a 18.34% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Hitesh Lath sold 21,077 shares of C3.ai stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $10.48, for a total value of $220,886.96. Following the completion of the sale, the chief financial officer owned 371,036 shares in the company, valued at approximately $3,888,457.28. The trade was a 5.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 1,117,809 shares of company stock worth $11,724,230. Company insiders own 19.80% of the company’s stock.

Hedge Funds Weigh In On C3.ai

A number of hedge funds have recently made changes to their positions in AI. Western Wealth Management LLC acquired a new stake in C3.ai in the 1st quarter valued at about $26,000. AdvisorNet Financial Inc purchased a new position in C3.ai in the 1st quarter worth approximately $34,000. CoreCap Advisors LLC boosted its holdings in shares of C3.ai by 34.0% during the 2nd quarter. CoreCap Advisors LLC now owns 6,145 shares of the company’s stock worth $56,000 after purchasing an additional 1,560 shares during the last quarter. Versant Capital Management Inc boosted its holdings in shares of C3.ai by 1,510.1% during the 2nd quarter. Versant Capital Management Inc now owns 6,859 shares of the company’s stock worth $62,000 after purchasing an additional 6,433 shares during the last quarter. Finally, Nykredit A S purchased a new stake in shares of C3.ai in the second quarter valued at approximately $84,000. Institutional investors and hedge funds own 38.96% of the company’s stock.

C3.ai News Summary

Here are the key news stories impacting C3.ai this week:

• Positive Sentiment: Northland upgrades C3.ai to Outperform: Northland Securities raised its rating from Market Perform to Outperform and increased its price target from $10 to $16. Analyst Mike Latimore views the enterprise AI platform launch as a potential “new growth engine,” while easier comparisons could improve the company’s growth outlook. C3.ai rallies after Northland upgrades stock on enterprise AI platform launch
• Positive Sentiment: Higher valuation expectations: Northland’s $16 target implies meaningful upside from the stock’s recent trading level and has helped attract buying interest across enterprise software and AI stocks. The firm estimates a quarterly loss of $0.42 per share and expects C3.ai to remain unprofitable, but still maintains an Outperform rating. Northland Securities Upgrades C3.ai to Strong-Buy
• Neutral Sentiment: Increased investor attention: C3.ai has recently ranked among the most-watched stocks on Zacks, which may boost near-term trading activity. However, the coverage does not provide a new fundamental estimate or company-specific catalyst. C3.ai is Attracting Investor Attention
• Negative Sentiment: UBS remains cautious: UBS said C3.ai needs several more quarters to stabilize its business, tempering the optimism from Northland’s upgrade. The caution highlights execution risk, especially as the company continues to report substantial losses and declining revenue. C3.ai Needs More Quarters to Stabilize, UBS Says

About C3.ai

C3.ai, Inc is an enterprise artificial intelligence software company that develops applications and tools designed to help organizations use AI and machine learning to analyze data, automate processes and support business decision-making. The company’s offerings are intended for large commercial enterprises, government agencies and other organizations managing complex operational and data environments.

Its product portfolio includes the C3 AI Platform, which provides capabilities for developing, deploying and operating AI applications, as well as prebuilt enterprise applications.