Bank of America Cuts C3.ai (NYSE:AI) Price Target to $20.00

C3.ai (NYSE:AI) had its price objective decreased by Bank of America from $24.00 to $20.00 in a research note released on Thursday morning, Benzinga reports. Bank of America currently has an underperform rating on the stock.

Several other research analysts have also commented on AI. Canaccord Genuity Group decreased their price objective on shares of C3.ai from $31.00 to $30.00 and set a hold rating for the company in a report on Thursday, May 30th. Morgan Stanley dropped their price target on shares of C3.ai from $23.00 to $21.00 and set an underweight rating on the stock in a report on Thursday. Piper Sandler lowered their price objective on shares of C3.ai from $29.00 to $24.00 and set a neutral rating on the stock in a research note on Thursday. Wedbush lowered their price objective on shares of C3.ai from $40.00 to $30.00 and set an outperform rating on the stock in a research note on Thursday. Finally, Northland Capmk upgraded shares of C3.ai from a hold rating to a strong-buy rating in a research note on Thursday, May 30th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, C3.ai presently has an average rating of Hold and a consensus target price of $27.70.

C3.ai Price Performance

Shares of NYSE AI opened at $21.30 on Thursday. The stock has a market capitalization of $2.66 billion, a P/E ratio of -9.10 and a beta of 1.81. The company has a 50-day moving average price of $26.16 and a 200-day moving average price of $26.64. C3.ai has a 1 year low of $18.85 and a 1 year high of $38.30.

C3.ai (NYSE:AI) last announced its quarterly earnings data on Wednesday, September 4th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.08. The business had revenue of $87.21 million for the quarter, compared to analyst estimates of $86.94 million. C3.ai had a negative net margin of 93.36% and a negative return on equity of 30.95%. The company’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.56) earnings per share. As a group, equities research analysts anticipate that C3.ai will post -2.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other C3.ai news, CFO Hitesh Lath sold 3,005 shares of C3.ai stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $27.56, for a total value of $82,817.80. Following the completion of the transaction, the chief financial officer now directly owns 7,390 shares of the company’s stock, valued at approximately $203,668.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 34.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. ICA Group Wealth Management LLC purchased a new position in C3.ai during the fourth quarter worth about $29,000. Toth Financial Advisory Corp grew its position in shares of C3.ai by 900.0% in the 1st quarter. Toth Financial Advisory Corp now owns 1,000 shares of the company’s stock worth $27,000 after acquiring an additional 900 shares in the last quarter. Hobbs Group Advisors LLC acquired a new position in shares of C3.ai in the 2nd quarter worth approximately $29,000. Unique Wealth Strategies LLC acquired a new position in shares of C3.ai in the 2nd quarter worth approximately $28,000. Finally, Blue Trust Inc. boosted its position in C3.ai by 148.9% during the 2nd quarter. Blue Trust Inc. now owns 1,028 shares of the company’s stock valued at $28,000 after purchasing an additional 615 shares during the period. Institutional investors and hedge funds own 38.96% of the company’s stock.

About C3.ai

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.