C3.ai (NYSE:AI) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of C3.ai (NYSE:AI) from a hold rating to a sell rating in a research note issued to investors on Saturday.

Several other equities research analysts have also commented on AI. Northland Capmk lowered C3.ai from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 11th. Westpark Capital raised C3.ai to a “strong-buy” rating and set a $40.00 price objective on the stock in a research note on Wednesday, July 9th. DA Davidson reaffirmed an “underperform” rating and set a $13.00 price objective (down from $25.00) on shares of C3.ai in a research report on Monday, August 11th. JMP Securities reissued a “market outperform” rating and issued a $50.00 target price on shares of C3.ai in a report on Friday, July 25th. Finally, Morgan Stanley raised their target price on shares of C3.ai from $20.00 to $22.00 and gave the stock an “underweight” rating in a research note on Thursday, May 29th. Six equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $27.43.

C3.ai Stock Up 2.0%

C3.ai stock opened at $18.21 on Friday. C3.ai has a 52-week low of $14.70 and a 52-week high of $45.08. The company has a market cap of $2.45 billion, a P/E ratio of -8.13 and a beta of 1.98. The business has a 50-day simple moving average of $24.31 and a two-hundred day simple moving average of $24.12.

C3.ai (NYSE:AI) last announced 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 74.21% and a negative return on equity of 33.51%. The company had revenue of $108.72 million during the quarter, compared to analyst estimates of $107.85 million. During the same period in the previous year, the business posted ($0.11) earnings per share. The firm’s quarterly revenue was up 25.5% compared to the same quarter last year. Research analysts anticipate that C3.ai will post -2.44 EPS for the current fiscal year.

Insider Activity

In other C3.ai news, CFO Hitesh Lath sold 17,689 shares of the stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $24.96, for a total transaction of $441,517.44. Following the completion of the transaction, the chief financial officer owned 166,218 shares of the company’s stock, valued at $4,148,801.28. This represents a 9.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Stephen M. Ward, Jr. sold 42,382 shares of the firm’s stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $26.32, for a total value of $1,115,494.24. Following the transaction, the director owned 546,495 shares of the company’s stock, valued at approximately $14,383,748.40. The trade was a 7.20% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,257,074 shares of company stock valued at $53,260,950 in the last quarter. Company insiders own 33.54% of the company’s stock.

Hedge Funds Weigh In On C3.ai

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of C3.ai by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 13,407,490 shares of the company’s stock worth $282,228,000 after acquiring an additional 471,521 shares in the last quarter. State Street Corp increased its position in C3.ai by 4.3% in the second quarter. State Street Corp now owns 2,826,249 shares of the company’s stock worth $69,441,000 after purchasing an additional 116,611 shares during the last quarter. Geode Capital Management LLC raised its stake in C3.ai by 5.9% during the second quarter. Geode Capital Management LLC now owns 2,813,233 shares of the company’s stock valued at $69,129,000 after purchasing an additional 156,925 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in C3.ai by 2.6% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,214,190 shares of the company’s stock valued at $54,401,000 after purchasing an additional 56,887 shares during the last quarter. Finally, Two Sigma Investments LP purchased a new position in shares of C3.ai in the 4th quarter worth $42,306,000. 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.