C3.ai, Inc. (NYSE:AI) Stock Has Average Target Price of $8.70 According to Brokerages

Shares of C3.ai, Inc. (NYSE:AI) have received a consensus rating of “Reduce” from the twelve brokerages that are presently covering the stock, Marketbeat Ratings reports. Seven equities research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and one has given a buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $8.70.

Several brokerages have recently weighed in on AI. UBS Group reiterated an “underperform” rating on shares of C3.ai in a research report on Tuesday, September 1st. Canaccord Genuity Group restated a “hold” rating and issued a $10.00 price objective on shares of C3.ai in a research report on Thursday, September 3rd. Wall Street Zen cut shares of C3.ai from a “hold” rating to a “sell” rating in a research note on Saturday, October 3rd. DA Davidson reaffirmed an “underperform” rating and set a $7.00 target price on shares of C3.ai in a report on Tuesday, September 1st. Finally, Citizens Jmp reiterated a “market perform” rating on shares of C3.ai in a research note on Tuesday, September 29th.

C3.ai Stock Performance

Shares of NYSE AI opened at $11.25 on Monday. C3.ai has a fifty-two week low of $7.68 and a fifty-two week high of $19.80. The stock has a market cap of $1.81 billion, a PE ratio of -3.65 and a beta of 2.11. The stock has a fifty day moving average of $10.42 and a 200-day moving average of $9.66.

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

Insiders Place Their Bets

In related news, CEO Thomas M. Siebel sold 453,314 shares of C3.ai stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $10.51, for a total transaction of $4,764,330.14. Following the completion of the sale, the chief executive officer owned 722,362 shares of the company’s stock, valued at approximately $7,592,024.62. This trade represents a 38.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 the business’s 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 transaction, the chief financial officer owned 371,036 shares of the company’s stock, valued at approximately $3,888,457.28. The trade was a 5.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 1,117,809 shares of company stock valued at $11,724,230 over the last 90 days. Company insiders own 19.80% of the company’s stock.

Hedge Funds Weigh In On C3.ai

Institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada grew its holdings in shares of C3.ai by 418.7% during the 1st quarter. Royal Bank of Canada now owns 177,527 shares of the company’s stock valued at $1,495,000 after purchasing an additional 143,303 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in C3.ai during the first quarter valued at about $934,000. Bank of America Corp DE boosted its position in C3.ai by 55.1% during the first quarter. Bank of America Corp DE now owns 3,282,183 shares of the company’s stock valued at $27,636,000 after buying an additional 1,166,302 shares during the period. First Trust Advisors LP grew its stake in shares of C3.ai by 67.3% during the first quarter. First Trust Advisors LP now owns 1,215,341 shares of the company’s stock valued at $10,233,000 after buying an additional 488,710 shares during the last quarter. Finally, Edgestream Partners L.P. grew its stake in shares of C3.ai by 247.5% during the first quarter. Edgestream Partners L.P. now owns 658,573 shares of the company’s stock valued at $5,545,000 after buying an additional 469,057 shares during the last quarter. 38.96% of the stock is currently owned by institutional investors.

C3.ai Company Profile

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.