C3.ai (NYSE:AI) Shares Gap Down After Insider Selling

C3.ai, Inc. (NYSE:AI)’s share price gapped down before the market opened on Thursday following insider selling activity. The stock had previously closed at $39.69, but opened at $38.86. C3.ai shares last traded at $38.05, with a volume of 2,311,619 shares.

Specifically, Director Jim H. Snabe sold 499,700 shares of the stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $43.05, for a total transaction of $21,512,085.00. Following the transaction, the director now directly owns 10,000 shares in the company, valued at approximately $430,500. This represents a 98.04 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Hitesh Lath sold 3,949 shares of the business’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $42.36, for a total transaction of $167,279.64. Following the transaction, the chief financial officer now owns 851 shares in the company, valued at $36,048.36. The trade was a 82.27 % decrease in their position. The disclosure for this sale can be found here. In other C3.ai news, Director John E. Hyten sold 5,000 shares of the firm’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $38.37, for a total value of $191,850.00. Following the completion of the sale, the director now directly owns 263,843 shares in the company, valued at approximately $10,123,655.91. This trade represents a 1.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Analysts Set New Price Targets

A number of research firms recently weighed in on AI. JPMorgan Chase & Co. downgraded C3.ai from a “neutral” rating to an “underweight” rating and set a $28.00 price target on the stock. in a research note on Wednesday, December 11th. Canaccord Genuity Group upped their target price on C3.ai from $23.00 to $40.00 and gave the stock a “hold” rating in a research report on Wednesday, December 11th. Needham & Company LLC reissued a “hold” rating on shares of C3.ai in a research report on Tuesday, December 10th. Oppenheimer restated an “outperform” rating and set a $40.00 price objective on shares of C3.ai in a report on Thursday, September 5th. Finally, Wedbush reduced their price objective on shares of C3.ai from $40.00 to $30.00 and set an “outperform” rating for the company in a report on Thursday, September 5th. Five equities research 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 stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $35.00.

C3.ai Price Performance

The company has a market capitalization of $4.62 billion, a P/E ratio of -16.44 and a beta of 2.00. The firm has a fifty day moving average price of $31.78 and a 200-day moving average price of $28.08.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of AI. Charles Schwab Investment Management Inc. grew its position in shares of C3.ai by 12.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 844,389 shares of the company’s stock valued at $20,460,000 after acquiring an additional 92,280 shares during the period. PDT Partners LLC purchased a new position in C3.ai in the third quarter valued at approximately $1,624,000. Global Assets Advisory LLC bought a new position in C3.ai during the third quarter valued at $743,000. Janney Montgomery Scott LLC purchased a new stake in C3.ai in the third quarter worth $785,000. Finally, Intech Investment Management LLC bought a new stake in shares of C3.ai in the third quarter valued at $859,000. 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.