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

C3.ai, Inc. (NYSE:AI)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $37.86, but opened at $36.74. C3.ai shares last traded at $37.79, with a volume of 1,552,291 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts recently commented on AI shares. Oppenheimer reaffirmed an “outperform” rating and set a $40.00 target price on shares of C3.ai in a report on Thursday, September 5th. Morgan Stanley lowered their price target on C3.ai from $23.00 to $21.00 and set an “underweight” rating on the stock in a research report on Thursday, September 5th. Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a research report on Thursday, September 5th. DA Davidson lowered their price target on C3.ai from $30.00 to $20.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. Finally, Bank of America lowered their price target on C3.ai from $24.00 to $20.00 and set an “underperform” rating on the stock in a research report on Thursday, September 5th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, C3.ai currently has a consensus rating of “Hold” and an average price target of $27.70.

C3.ai Stock Down 1.7 %

The stock has a market cap of $4.73 billion, a PE ratio of -16.61 and a beta of 1.80. The stock has a 50-day moving average of $26.30 and a 200 day moving average of $26.42.

C3.ai (NYSE:AI) last announced its quarterly earnings data on Wednesday, September 4th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.08. C3.ai had a negative return on equity of 31.28% and a negative net margin of 85.47%. The firm had revenue of $87.21 million for the quarter, compared to the consensus estimate of $86.94 million. During the same quarter last year, the business posted ($0.56) earnings per share. The firm’s revenue was up 20.5% compared to the same quarter last year. Research analysts forecast that C3.ai, Inc. will post -2.31 EPS for the current fiscal year.

Institutional Investors Weigh In On C3.ai

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hobbs Group Advisors LLC acquired a new stake in shares of C3.ai in the second quarter valued at $29,000. Unique Wealth Strategies LLC purchased a new position in C3.ai in the second quarter valued at $28,000. Blue Trust Inc. boosted its holdings in C3.ai by 148.9% in the second 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. JTC Employer Solutions Trustee Ltd purchased a new position in C3.ai in the third quarter valued at $25,000. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in C3.ai by 311.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,050 shares of the company’s stock valued at $30,000 after purchasing an additional 795 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.