C3.ai (NYSE:AI) Stock Price Down 4.3% After Analyst Downgrade

C3.ai, Inc. (NYSE:AI) shares were down 4.3% during trading on Monday after DA Davidson lowered their price target on the stock from $25.00 to $18.00. DA Davidson currently has a neutral rating on the stock. C3.ai traded as low as $19.70 and last traded at $19.71. Approximately 2,942,408 shares were traded during trading, a decline of 44% from the average daily volume of 5,235,855 shares. The stock had previously closed at $20.59.

Several other brokerages have also recently commented on AI. KeyCorp decreased their price objective on shares of C3.ai from $29.00 to $21.00 and set an “underweight” rating for the company in a research note on Thursday, February 27th. Canaccord Genuity Group reduced their price objective on C3.ai from $40.00 to $30.00 and set a “hold” rating for the company in a research note on Thursday, February 27th. Morgan Stanley lowered their target price on C3.ai from $32.00 to $30.00 and set an “underweight” rating on the stock in a research note on Thursday, February 27th. Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a research report on Thursday, February 27th. Finally, Piper Sandler lowered their price objective on C3.ai from $42.00 to $28.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. Five research analysts have rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $30.75.

Insider Buying and Selling

In related news, VP Merel Witteveen sold 1,133 shares of the business’s stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $22.25, for a total transaction of $25,209.25. Following the completion of the sale, the vice president now directly owns 7,287 shares in the company, valued at approximately $162,135.75. The trade was 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 the SEC website. Also, Director Richard C. Levin sold 12,000 shares of the firm’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $29.84, for a total value of $358,080.00. Following the completion of the transaction, the director now owns 161,664 shares in the company, valued at $4,824,053.76. The trade was a 6.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,076,982 shares of company stock worth $29,715,097 in the last 90 days. Insiders own 33.54% of the company’s stock.

Institutional Trading of C3.ai

Several large investors have recently bought and sold shares of AI. Charles Schwab Investment Management Inc. lifted its stake in C3.ai by 10.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 933,139 shares of the company’s stock worth $32,128,000 after purchasing an additional 88,750 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in C3.ai during the fourth quarter worth approximately $3,996,000. Vanguard Group Inc. boosted its stake in C3.ai by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 12,935,969 shares of the company’s stock worth $445,385,000 after buying an additional 446,529 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in C3.ai by 70.9% in the 4th quarter. Janney Montgomery Scott LLC now owns 55,339 shares of the company’s stock valued at $1,905,000 after buying an additional 22,949 shares in the last quarter. Finally, Strategic Financial Concepts LLC purchased a new stake in C3.ai in the 4th quarter valued at $2,015,000. Hedge funds and other institutional investors own 38.96% of the company’s stock.

C3.ai Stock Performance

The business has a 50 day simple moving average of $24.05 and a 200-day simple moving average of $29.02. The firm has a market capitalization of $2.66 billion, a price-to-earnings ratio of -9.06 and a beta of 2.01.

C3.ai (NYSE:AI) last issued its earnings results on Wednesday, February 26th. The company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.37). The firm had revenue of $98.78 million for the quarter, compared to analysts’ expectations of $98.12 million. C3.ai had a negative return on equity of 31.31% and a negative net margin of 79.17%. Equities analysts predict that C3.ai, Inc. will post -2.44 earnings per share for the current fiscal year.

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.