C3.ai, Inc. (NYSE:AI) Receives Consensus Recommendation of “Reduce” from Brokerages

Shares of C3.ai, Inc. (NYSE:AI) have earned an average recommendation of “Reduce” from the fourteen analysts that are presently covering the firm, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation, one has assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $12.8462.

A number of equities research analysts recently issued reports on the stock. KeyCorp decreased their price target on shares of C3.ai from $10.00 to $6.00 and set an “underweight” rating on the stock in a research note on Thursday, February 26th. DA Davidson restated an “underperform” rating and issued a $7.00 target price on shares of C3.ai in a report on Wednesday, May 13th. JPMorgan Chase & Co. reduced their target price on shares of C3.ai from $10.00 to $7.00 and set an “underweight” rating on the stock in a report on Thursday, February 26th. UBS Group restated a “reduce” rating on shares of C3.ai in a report on Thursday, February 26th. Finally, Wedbush restated an “outperform” rating and issued a $15.00 target price on shares of C3.ai in a report on Wednesday, May 13th.

Insider Transactions at C3.ai

In other news, CFO Hitesh Lath sold 15,248 shares of the business’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $8.98, for a total value of $136,927.04. Following the sale, the chief financial officer directly owned 238,308 shares in the company, valued at $2,140,005.84. The trade was a 6.01% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Thomas M. Siebel sold 112,014 shares of the business’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $8.65, for a total transaction of $968,921.10. Following the completion of the sale, the chief executive officer owned 722,362 shares in the company, valued at approximately $6,248,431.30. This trade represents a 13.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,592,689 shares of company stock worth $13,739,172 in the last three months. Insiders own 26.50% of the company’s stock.

Institutional Investors Weigh In On C3.ai

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Western Wealth Management LLC purchased a new stake in shares of C3.ai in the first quarter valued at $26,000. Bank of America Corp DE raised its stake in shares of C3.ai by 55.1% in 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 acquiring an additional 1,166,302 shares during the period. Edgestream Partners L.P. raised its stake in shares of C3.ai by 247.5% in the first quarter. Edgestream Partners L.P. now owns 658,573 shares of the company’s stock valued at $5,545,000 after acquiring an additional 469,057 shares during the period. California State Teachers Retirement System raised its stake in shares of C3.ai by 39.0% in the first quarter. California State Teachers Retirement System now owns 168,943 shares of the company’s stock valued at $1,422,000 after acquiring an additional 47,391 shares during the period. Finally, Royal Bank of Canada raised its stake in shares of C3.ai by 418.7% in the first quarter. Royal Bank of Canada now owns 177,527 shares of the company’s stock valued at $1,495,000 after acquiring an additional 143,303 shares during the period. Hedge funds and other institutional investors own 38.96% of the company’s stock.

C3.ai Stock Performance

AI stock opened at $11.78 on Tuesday. C3.ai has a one year low of $7.68 and a one year high of $30.11. The company’s fifty day moving average price is $9.01 and its 200-day moving average price is $11.21. The company has a market capitalization of $1.71 billion, a PE ratio of -3.74 and a beta of 2.04.

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.