C3.ai (NYSE:AI) Trading Down 2.3% – Here’s Why

C3.ai, Inc. (NYSE:AI)’s share price fell 2.3% during mid-day trading on Wednesday . The stock traded as low as $25.54 and last traded at $25.58. 428,417 shares were traded during trading, a decline of 92% from the average session volume of 5,604,498 shares. The stock had previously closed at $26.19.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Oppenheimer restated an “outperform” rating and issued a $40.00 price target on shares of C3.ai in a research report on Thursday, September 5th. Piper Sandler Companies restated a “neutral” rating and issued a $24.00 price target on shares of C3.ai in a research report on Thursday, September 5th. Canaccord Genuity Group reduced their price target on shares of C3.ai from $30.00 to $23.00 and set a “hold” rating on the stock in a research report on Thursday, September 5th. Piper Sandler reduced their price target on shares of C3.ai from $29.00 to $24.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $40.00 price objective on shares of C3.ai in a research note on Thursday, September 5th. Three research analysts have rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, C3.ai has an average rating of “Hold” and a consensus target price of $27.70.

C3.ai Price Performance

The stock has a market cap of $3.26 billion, a price-to-earnings ratio of -11.19 and a beta of 1.81. The company’s fifty day moving average price is $23.94 and its 200-day moving average price is $25.52.

C3.ai (NYSE:AI) last posted its quarterly earnings data on Wednesday, September 4th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.08. The firm had revenue of $87.21 million for 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 company’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.56) earnings per share. On average, sell-side analysts forecast that C3.ai, Inc. will post -2.32 earnings per share for the current fiscal year.

Institutional Investors Weigh In On C3.ai

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in C3.ai by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 10,647,900 shares of the company’s stock worth $288,239,000 after purchasing an additional 317,768 shares in the last quarter. Global Assets Advisory LLC lifted its position in shares of C3.ai by 2,547.8% during the 1st quarter. Global Assets Advisory LLC now owns 896,676 shares of the company’s stock valued at $24,273,000 after buying an additional 862,811 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of C3.ai by 0.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 771,540 shares of the company’s stock valued at $22,344,000 after buying an additional 1,929 shares in the last quarter. Raymond James & Associates lifted its position in shares of C3.ai by 11.5% during the 2nd quarter. Raymond James & Associates now owns 201,262 shares of the company’s stock valued at $5,829,000 after buying an additional 20,753 shares in the last quarter. Finally, Swiss National Bank lifted its position in shares of C3.ai by 1.6% during the 1st quarter. Swiss National Bank now owns 195,200 shares of the company’s stock valued at $5,284,000 after buying an additional 3,000 shares in the last quarter. Hedge funds and other institutional investors own 38.96% of the company’s stock.

C3.ai Company Profile

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.