Insider Selling: C3.ai (NYSE:AI) CFO Sells $426,388.63 in Stock

C3.ai, Inc. (NYSE:AI) CFO Hitesh Lath sold 48,619 shares of the stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $8.77, for a total value of $426,388.63. Following the completion of the sale, the chief financial officer directly owned 383,106 shares in the company, valued at $3,359,839.62. This represents a 11.26% 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 the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Hitesh Lath also recently made the following trade(s):

• On Tuesday, June 16th, Hitesh Lath sold 34,210 shares of C3.ai stock. The shares were sold at an average price of $10.95, for a total value of $374,599.50.

C3.ai Stock Performance

Shares of AI opened at $9.07 on Friday. C3.ai, Inc. has a 1 year low of $7.68 and a 1 year high of $30.11. The company has a market cap of $1.41 billion, a price-to-earnings ratio of -2.71 and a beta of 2.06. The firm has a fifty day moving average of $9.68 and a 200-day moving average of $10.50.

C3.ai (NYSE:AI) last released its quarterly earnings data on Wednesday, June 3rd. The company reported ($0.33) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.05. The business had revenue of $51.60 million for the quarter, compared to analysts’ expectations of $51.60 million. C3.ai had a negative net margin of 187.95% and a negative return on equity of 62.44%. The company’s revenue for the quarter was down 52.5% compared to the same quarter last year. During the same quarter last year, the company earned ($0.16) EPS. Analysts predict that C3.ai, Inc. will post -2.28 EPS for the current year.

Hedge Funds Weigh In On C3.ai

Several large investors have recently bought and sold shares of the stock. Bank of America Corp DE raised its position in shares of C3.ai by 55.1% during the 1st quarter. Bank of America Corp DE now owns 3,282,183 shares of the company’s stock worth $27,636,000 after buying an additional 1,166,302 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of C3.ai by 77.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,804,188 shares of the company’s stock worth $31,284,000 after acquiring an additional 785,508 shares during the period. Two Sigma Investments LP bought a new position in shares of C3.ai in the third quarter valued at approximately $13,379,000. Voloridge Investment Management LLC bought a new position in shares of C3.ai in the fourth quarter valued at approximately $9,183,000. Finally, Federated Hermes Inc. increased its stake in shares of C3.ai by 93,578.8% during the fourth quarter. Federated Hermes Inc. now owns 675,424 shares of the company’s stock valued at $9,105,000 after acquiring an additional 674,703 shares during the period. Institutional investors and hedge funds own 38.96% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on AI shares. UBS Group raised their price target on shares of C3.ai from $9.00 to $12.00 and gave the company a “neutral” rating in a research note on Thursday, June 4th. Citizens Jmp reiterated a “market perform” rating on shares of C3.ai in a research report on Thursday, June 4th. Wedbush reissued an “outperform” rating and issued a $15.00 price objective on shares of C3.ai in a report on Thursday, June 4th. Needham & Company LLC restated a “hold” rating on shares of C3.ai in a research report on Thursday, June 4th. Finally, Morgan Stanley lifted their target price on C3.ai from $6.00 to $7.00 and gave the company an “underweight” rating in a research note on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, six have issued a Hold rating and six have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Reduce” and an average price target of $12.92.

C3.ai Company Profile

C3.ai, Inc is a leading enterprise software provider focused on delivering scalable artificial intelligence (AI) and Internet of Things (IoT) solutions to large organizations. The company’s core offering, the C3 AI Suite, is a comprehensive, model-driven platform that unifies data ingestion, model development, and application deployment. Through its suite of tools, C3.ai enables customers to accelerate digital transformation initiatives by applying advanced machine learning, predictive analytics, and AI-driven insights across a broad range of business functions.

The C3 AI Suite provides a low-code environment for data scientists and application developers to rapidly design, test, and deploy enterprise-scale AI applications.