C3.ai (NYSE:AI) Trading Down 4.1% – Here’s Why

by · The Markets Daily

C3.ai, Inc. (NYSE:AI – Get Free Report)’s stock price dropped 4.1% on Wednesday . The stock traded as low as $31.55 and last traded at $31.61. Approximately 2,612,116 shares changed hands during trading, a decline of 52% from the average daily volume of 5,413,330 shares. The stock had previously closed at $32.96.

Wall Street Analyst Weigh In

AI has been the subject of several research analyst reports. JMP Securities reiterated a “market outperform” rating and set a $40.00 target price on shares of C3.ai in a research report on Thursday, September 5th. Oppenheimer reiterated an “outperform” rating and set a $40.00 target price on shares of C3.ai in a research report on Thursday, September 5th. Piper Sandler Companies reiterated a “neutral” rating and set a $24.00 target price on shares of C3.ai in a research report on Thursday, September 5th. Wedbush decreased their target price on C3.ai from $40.00 to $30.00 and set an “outperform” rating for the company in a research report on Thursday, September 5th. Finally, Piper Sandler decreased their target price on C3.ai from $29.00 to $24.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, C3.ai presently has a consensus rating of “Hold” and a consensus price target of $27.70.

Check Out Our Latest Analysis on C3.ai

C3.ai Price Performance

The firm has a market capitalization of $4.11 billion, a P/E ratio of -14.03 and a beta of 1.80. The stock’s fifty day simple moving average is $25.26 and its 200 day simple moving average is $26.11.

C3.ai (NYSE:AI – Get Free Report) last announced its earnings results on Wednesday, September 4th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.08. The business had revenue of $87.21 million during the quarter, compared to the consensus estimate of $86.94 million. C3.ai had a negative net margin of 85.47% and a negative return on equity of 31.28%. The firm’s revenue was up 20.5% on a year-over-year basis. During the same period in the previous year, the company posted ($0.56) earnings per share. As a group, sell-side analysts forecast that C3.ai, Inc. will post -2.31 EPS for the current fiscal year.

Hedge Funds Weigh In On C3.ai

A number of large investors have recently added to or reduced their stakes in the company. Global Assets Advisory LLC purchased a new stake in shares of C3.ai during the third quarter worth about $743,000. Janney Montgomery Scott LLC purchased a new stake in shares of C3.ai during the third quarter worth about $785,000. International Assets Investment Management LLC purchased a new stake in shares of C3.ai during the third quarter worth about $10,560,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of C3.ai during the second quarter worth about $3,465,000. Finally, EverSource Wealth Advisors LLC grew its stake in shares of C3.ai by 4,860.6% during the first quarter. EverSource Wealth Advisors LLC now owns 31,946 shares of the company’s stock worth $865,000 after acquiring an additional 31,302 shares during the last quarter. 38.96% of the stock is currently owned by institutional investors.

About C3.ai

(Get Free Report)

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.

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