C3.ai (NYSE:AI) Chairman Sells $2,710,630.59 in Stock
by Kim Johansen · The Markets DailyC3.ai, Inc. (NYSE:AI – Get Free Report) Chairman Thomas Siebel sold 326,189 shares of the company’s stock in a transaction on Monday, April 13th. The stock was sold at an average price of $8.31, for a total value of $2,710,630.59. Following the transaction, the chairman owned 722,362 shares in the company, valued at $6,002,828.22. This trade represents a 31.11% decrease in their ownership of the stock. The transaction was disclosed in a 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.
C3.ai Stock Up 13.5%
NYSE:AI traded up $1.14 during trading hours on Wednesday, reaching $9.54. 7,893,995 shares of the stock were exchanged, compared to its average volume of 6,608,711. The business has a 50-day moving average of $9.27 and a two-hundred day moving average of $13.08. C3.ai, Inc. has a twelve month low of $7.68 and a twelve month high of $30.24. The company has a market capitalization of $1.39 billion, a price-to-earnings ratio of -3.03 and a beta of 2.08.
C3.ai (NYSE:AI – Get Free Report) last released its quarterly earnings results on Wednesday, February 25th. The company reported ($0.40) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.11). C3.ai had a negative return on equity of 55.40% and a negative net margin of 141.35%.The firm had revenue of $53.26 million for the quarter, compared to analyst estimates of $75.91 million. During the same quarter last year, the company earned ($0.12) earnings per share. The firm’s revenue for the quarter was down 46.1% on a year-over-year basis. On average, research analysts forecast that C3.ai, Inc. will post -2.44 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
AI has been the topic of a number of recent research reports. Bank of America set a $10.00 price objective on C3.ai in a research report on Friday, January 30th. Wedbush cut their price objective on C3.ai from $20.00 to $15.00 and set an “outperform” rating on the stock in a research report on Thursday, February 26th. BMO Capital Markets set a $7.00 price objective on C3.ai in a research report on Thursday, February 26th. DA Davidson cut their price objective on C3.ai from $13.00 to $7.00 and set an “underperform” rating on the stock in a research report on Thursday, February 26th. Finally, Canaccord Genuity Group cut their price objective on C3.ai from $16.00 to $7.00 and set a “hold” rating on the stock in a research report on Thursday, February 26th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, seven have issued a Hold rating and six have issued a Sell rating to the stock. According to MarketBeat.com, C3.ai currently has a consensus rating of “Reduce” and an average price target of $15.87.
Check Out Our Latest Analysis on C3.ai
Hedge Funds Weigh In On C3.ai
Several large investors have recently bought and sold shares of AI. Vanguard Group Inc. grew its holdings in shares of C3.ai by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 14,469,953 shares of the company’s stock worth $195,055,000 after purchasing an additional 108,011 shares during the last quarter. Morgan Stanley grew its holdings in shares of C3.ai by 1.9% during the fourth quarter. Morgan Stanley now owns 4,824,499 shares of the company’s stock worth $65,034,000 after purchasing an additional 91,802 shares during the last quarter. State Street Corp grew its holdings in shares of C3.ai by 3.3% during the fourth quarter. State Street Corp now owns 2,976,389 shares of the company’s stock worth $40,122,000 after purchasing an additional 94,086 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of C3.ai by 0.8% during the fourth 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. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of C3.ai by 9.6% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,425,976 shares of the company’s stock worth $42,066,000 after purchasing an additional 211,786 shares during the last quarter. Hedge funds and other institutional investors own 38.96% of the company’s stock.
About C3.ai
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.