C3.ai (NYSE:AI) Shares Down 5.1% – Time to Sell?

C3.ai, Inc. (NYSE:AI) shares traded down 5.1% during mid-day trading on Friday . The company traded as low as $31.35 and last traded at $31.60. 1,868,383 shares changed hands during mid-day trading, a decline of 55% from the average session volume of 4,160,399 shares. The stock had previously closed at $33.30.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. KeyCorp cut shares of C3.ai from a “sector weight” rating to an “underweight” rating and set a $29.00 target price for the company. in a report on Thursday, December 19th. Piper Sandler upped their price objective on C3.ai from $24.00 to $42.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. JMP Securities lifted their target price on C3.ai from $40.00 to $55.00 and gave the company a “market outperform” rating in a research report on Tuesday, December 10th. Northland Securities upped their price target on C3.ai from $35.00 to $45.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 10th. Finally, Morgan Stanley lifted their price objective on C3.ai from $21.00 to $32.00 and gave the company an “underweight” rating in a research report on Tuesday, December 10th. Five investment analysts have rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, C3.ai currently has a consensus rating of “Hold” and an average price target of $35.00.

C3.ai Stock Performance

The business’s fifty day simple moving average is $34.61 and its 200-day simple moving average is $28.67. The company has a market capitalization of $4.19 billion, a P/E ratio of -14.67 and a beta of 2.00.

Insider Transactions at C3.ai

In other C3.ai news, CFO Hitesh Lath sold 11,339 shares of C3.ai stock in a transaction on 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 transaction, the chief financial officer now directly owns 851 shares of the company’s stock, valued at $35,742. This trade represents a 93.02 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Stephen M. Ward, Jr. sold 125,000 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $42.00, for a total transaction of $5,250,000.00. Following the completion of the sale, the director now owns 546,495 shares in the company, valued at approximately $22,952,790. This trade represents a 18.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 668,721 shares of company stock valued at $28,425,151. 33.54% of the stock is currently owned by insiders.

Institutional Investors Weigh In On C3.ai

Several large investors have recently added to or reduced their stakes in AI. Geode Capital Management LLC lifted its holdings in shares of C3.ai by 8.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,216,925 shares of the company’s stock worth $53,728,000 after acquiring an additional 178,870 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in C3.ai in the 2nd quarter worth about $3,465,000. Charles Schwab Investment Management Inc. raised its position in C3.ai by 12.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 844,389 shares of the company’s stock worth $20,460,000 after purchasing an additional 92,280 shares during the period. Hodges Capital Management Inc. bought a new stake in C3.ai in the third quarter worth about $1,955,000. Finally, Hsbc Holdings PLC boosted its position in shares of C3.ai by 679.8% during the second quarter. Hsbc Holdings PLC now owns 87,092 shares of the company’s stock valued at $2,500,000 after buying an additional 75,923 shares during the period. 38.96% of the stock is owned by institutional investors.

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.