C3.ai (NYSE:AI) Shares Gap Down on Insider Selling

by · The Markets Daily

Shares of C3.ai, Inc. (NYSE:AI – Get Free Report) gapped down prior to trading on Thursday following insider selling activity. The stock had previously closed at $39.69, but opened at $38.86. C3.ai shares last traded at $38.05, with a volume of 2,311,619 shares changing hands.

Specifically, Director Jim H. Snabe sold 499,700 shares of the business’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $43.05, for a total value of $21,512,085.00. Following the transaction, the director now owns 10,000 shares in the company, valued at $430,500. The trade was a 98.04 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Hitesh Lath sold 3,949 shares of the stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $42.36, for a total value of $167,279.64. Following the sale, the chief financial officer now owns 851 shares of the company’s stock, valued at approximately $36,048.36. The trade was a 82.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, Director John E. Hyten sold 5,000 shares of C3.ai stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $38.37, for a total value of $191,850.00. Following the completion of the transaction, the director now directly owns 263,843 shares of the company’s stock, valued at approximately $10,123,655.91. This trade represents a 1.86 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Analysts Set New Price Targets

Several research firms recently commented on AI. Piper Sandler raised their target price on C3.ai from $24.00 to $42.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. DA Davidson raised shares of C3.ai to a “hold” rating in a research report on Wednesday. Morgan Stanley lifted their price objective on shares of C3.ai from $21.00 to $32.00 and gave the company an “underweight” rating in a research note on Tuesday, December 10th. StockNews.com raised shares of C3.ai to a “sell” rating in a research note on Tuesday, November 26th. Finally, Piper Sandler Companies reaffirmed a “neutral” rating and issued a $24.00 price target on shares of C3.ai in a research note on Thursday, September 5th. Five research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $35.00.

View Our Latest Research Report on AI

C3.ai Stock Up 2.5 %

The company has a market capitalization of $4.62 billion, a P/E ratio of -16.44 and a beta of 2.00. The firm’s 50-day moving average price is $31.78 and its 200 day moving average price is $28.08.

Institutional Trading of C3.ai

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. boosted its holdings in C3.ai by 148.9% during the 2nd quarter. Blue Trust Inc. now owns 1,028 shares of the company’s stock worth $28,000 after acquiring an additional 615 shares during the last quarter. JTC Employer Solutions Trustee Ltd bought a new position in shares of C3.ai during the third quarter valued at about $25,000. Northwestern Mutual Wealth Management Co. boosted its holdings in C3.ai by 311.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,050 shares of the company’s stock worth $30,000 after purchasing an additional 795 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in C3.ai in the 2nd quarter worth about $41,000. Finally, Quest Partners LLC grew its position in C3.ai by 9,033.3% in the 3rd quarter. Quest Partners LLC now owns 1,644 shares of the company’s stock worth $40,000 after purchasing an additional 1,626 shares in the last quarter. 38.96% of the stock is 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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