C3.ai (NYSE:AI) Trading Up 2.5% – Here’s What Happened

C3.ai, Inc. (NYSE:AI) shares traded up 2.5% during mid-day trading on Thursday . The stock traded as high as $37.09 and last traded at $36.60. 1,479,690 shares changed hands during trading, a decline of 75% from the average session volume of 6,037,916 shares. The stock had previously closed at $35.71.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on AI. JMP Securities raised their target price on shares of C3.ai from $40.00 to $55.00 and gave the company a “market outperform” rating in a research note on Tuesday, December 10th. Northland Securities boosted their target price on shares of C3.ai from $35.00 to $45.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 10th. Canaccord Genuity Group increased their price target on shares of C3.ai from $23.00 to $40.00 and gave the company a “hold” rating in a report on Wednesday, December 11th. StockNews.com upgraded shares of C3.ai to a “sell” rating in a report on Tuesday, November 26th. Finally, Morgan Stanley increased their target price 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. Five analysts have rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, C3.ai presently has an average rating of “Hold” and a consensus target price of $35.00.

C3.ai Stock Up 4.7 %

The company has a market capitalization of $4.82 billion, a P/E ratio of -16.91 and a beta of 2.00. The business has a fifty day moving average price of $32.32 and a 200 day moving average price of $28.18.

Insider Buying and Selling at C3.ai

In other news, Director Jim H. Snabe sold 499,700 shares of the company’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $43.05, for a total transaction of $21,512,085.00. Following the completion of the sale, the director now owns 10,000 shares of the company’s stock, valued at approximately $430,500. This represents a 98.04 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Hitesh Lath sold 11,339 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $42.00, for a total value of $476,238.00. Following the completion of the sale, the chief financial officer now directly owns 851 shares in the company, valued at $35,742. This trade represents a 93.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 644,988 shares of company stock worth $27,597,453 over the last quarter. 33.54% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. JTC Employer Solutions Trustee Ltd bought a new position in shares of C3.ai in the third quarter valued at approximately $25,000. Northwestern Mutual Wealth Management Co. increased its position in shares of C3.ai by 311.8% in 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. Quest Partners LLC raised its position in C3.ai by 9,033.3% during the third quarter. Quest Partners LLC now owns 1,644 shares of the company’s stock valued at $40,000 after purchasing an additional 1,626 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in C3.ai in the second quarter worth approximately $41,000. Finally, Arcadia Investment Management Corp MI bought a new position in shares of C3.ai during the third quarter valued at about $48,000. 38.96% of the stock is owned by institutional investors and hedge funds.

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.