C3.ai (NYSE:AI) Given New $21.00 Price Target at KeyCorp

C3.ai (NYSE:AI) had its target price lowered by equities researchers at KeyCorp from $29.00 to $21.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. KeyCorp’s target price points to a potential downside of 17.28% from the stock’s previous close.

A number of other brokerages also recently issued reports on AI. Piper Sandler reduced their price target on shares of C3.ai from $42.00 to $28.00 and set a “neutral” rating on the stock in a report on Thursday. JPMorgan Chase & Co. downgraded shares of C3.ai from a “neutral” rating to an “underweight” rating and set a $28.00 price target on the stock. 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. Canaccord Genuity Group boosted their target price on shares of C3.ai from $23.00 to $40.00 and gave the stock a “hold” rating in a report on Wednesday, December 11th. Finally, Needham & Company LLC reissued a “hold” rating on shares of C3.ai in a report on Thursday. Five investment 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 company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $33.00.

C3.ai Price Performance

Shares of AI stock traded down $1.05 on Thursday, hitting $25.39. 7,029,987 shares of the stock traded hands, compared to its average volume of 4,933,028. The firm has a market cap of $3.28 billion, a price-to-earnings ratio of -11.60 and a beta of 1.98. C3.ai has a 52 week low of $18.85 and a 52 week high of $45.08. The firm has a 50 day simple moving average of $32.88 and a two-hundred day simple moving average of $29.59.

C3.ai (NYSE:AI) last announced its quarterly earnings results on Wednesday, February 26th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.37). The company had revenue of $98.78 million during the quarter, compared to the consensus estimate of $98.12 million. C3.ai had a negative net margin of 79.17% and a negative return on equity of 31.31%. Sell-side analysts forecast that C3.ai will post -2.44 EPS for the current year.

Insider Transactions at C3.ai

In other C3.ai news, CEO Thomas M. Siebel sold 409,831 shares of the stock in a transaction on Tuesday, January 14th. The stock was sold at an average price of $30.97, for a total value of $12,692,466.07. Following the completion of the transaction, the chief executive officer now owns 1,756,390 shares in the company, valued at approximately $54,395,398.30. This represents a 18.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Stephen M. Ward, Jr. sold 125,000 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $42.00, for a total value of $5,250,000.00. Following the completion of the transaction, the director now owns 546,495 shares of the company’s stock, valued at $22,952,790. The trade was a 18.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,643,311 shares of company stock worth $59,736,620 over the last 90 days. 33.54% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. raised its position in C3.ai by 12.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 844,389 shares of the company’s stock worth $20,460,000 after acquiring an additional 92,280 shares in the last quarter. PDT Partners LLC purchased a new position in shares of C3.ai in the third quarter valued at $1,624,000. Janney Montgomery Scott LLC increased its position in shares of C3.ai by 70.9% in the fourth quarter. Janney Montgomery Scott LLC now owns 55,339 shares of the company’s stock valued at $1,905,000 after buying an additional 22,949 shares in the last quarter. Strategic Financial Concepts LLC purchased a new position in shares of C3.ai in the fourth quarter valued at $2,015,000. Finally, Friedenthal Financial purchased a new position in shares of C3.ai in the fourth quarter valued at $757,000. Hedge funds and other institutional investors 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.