Hitesh Lath Sells 48,619 Shares of C3.ai (NYSE:AI) Stock

C3.ai, Inc. (NYSE:AI) CFO Hitesh Lath sold 48,619 shares of the company’s stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $8.77, for a total value of $426,388.63. Following the sale, the chief financial officer owned 383,106 shares of the company’s stock, valued at $3,359,839.62. This represents a 11.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 stock was sold at an average price of $10.95, for a total value of $374,599.50.

C3.ai Price Performance

NYSE 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 firm has a market capitalization of $1.32 billion, a P/E ratio of -2.71 and a beta of 2.06. The business’s 50-day simple moving average is $9.69 and its 200-day simple moving average is $10.51.

C3.ai (NYSE:AI) last posted its earnings results on Wednesday, June 3rd. The company reported ($0.33) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.05. C3.ai had a negative net margin of 187.95% and a negative return on equity of 62.44%. The firm had revenue of $51.60 million during the quarter, compared to the consensus estimate of $51.60 million. During the same quarter in the prior year, the company earned ($0.16) EPS. The company’s revenue was down 52.5% on a year-over-year basis. On average, equities research analysts expect that C3.ai, Inc. will post -2.28 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. DA Davidson reissued an “underperform” rating and issued a $7.00 target price on shares of C3.ai in a research note on Thursday, June 4th. KeyCorp reissued an “underweight” rating on shares of C3.ai in a research report on Thursday, June 4th. Citizens Jmp restated a “market perform” rating on shares of C3.ai in a research note on Thursday, June 4th. Needham & Company LLC reaffirmed a “hold” rating on shares of C3.ai in a research report on Thursday, June 4th. Finally, Canaccord Genuity Group increased their target price on C3.ai from $8.00 to $10.00 and gave the company a “hold” rating in a research note on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, six have issued a Hold rating and six have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $12.92.

Institutional Investors Weigh In On C3.ai

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in shares of C3.ai by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 14,469,953 shares of the company’s stock worth $195,055,000 after buying an additional 108,011 shares during the last quarter. Morgan Stanley boosted its stake in C3.ai by 1.9% during the 4th quarter. Morgan Stanley now owns 4,824,499 shares of the company’s stock valued at $65,034,000 after acquiring an additional 91,802 shares during the last quarter. Bank of America Corp DE grew its holdings in 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 acquiring an additional 1,166,302 shares in the last quarter. State Street Corp grew its holdings in C3.ai by 3.3% during the 4th quarter. State Street Corp now owns 2,976,389 shares of the company’s stock worth $40,122,000 after acquiring an additional 94,086 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of C3.ai by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 2,868,578 shares of the company’s stock worth $38,675,000 after purchasing an additional 21,451 shares during the last quarter. 38.96% of the stock is currently owned by hedge funds and other institutional investors.

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.