C3.ai (NYSE:AI) Hits New 12-Month Low – Here’s What Happened

Shares of C3.ai, Inc. (NYSE:AI) reached a new 52-week low during trading on Monday . The company traded as low as $9.90 and last traded at $9.9750, with a volume of 954457 shares traded. The stock had previously closed at $10.38.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Wedbush restated an “outperform” rating and set a $20.00 price objective on shares of C3.ai in a research report on Thursday, December 4th. Canaccord Genuity Group reissued a “hold” rating and set a $16.00 target price on shares of C3.ai in a research note on Thursday, December 4th. Needham & Company LLC restated a “hold” rating on shares of C3.ai in a research report on Thursday, December 4th. Bank of America set a $10.00 price target on C3.ai in a report on Friday, January 30th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of C3.ai in a research note on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have given a Hold rating and five have assigned a Sell rating to the company’s stock. According to MarketBeat.com, C3.ai currently has an average rating of “Reduce” and a consensus price target of $21.00.

C3.ai Stock Down 6.7%

The stock has a market capitalization of $1.36 billion, a PE ratio of -3.42 and a beta of 1.98. The stock’s 50-day moving average is $12.73 and its 200 day moving average is $15.36.

C3.ai (NYSE:AI) last issued its earnings results on Wednesday, December 3rd. The company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.08. C3.ai had a negative net margin of 108.06% and a negative return on equity of 46.51%. The company had revenue of $75.15 million during the quarter, compared to analyst estimates of $74.86 million. During the same quarter last year, the business posted ($0.06) EPS. The company’s revenue for the quarter was down 20.3% on a year-over-year basis. As a group, equities research analysts forecast that C3.ai, Inc. will post -2.44 EPS for the current year.

Insider Activity

In related news, CEO Stephen Bradley Ehikian sold 234,918 shares of the stock in a transaction that occurred on Wednesday, December 31st. The stock was sold at an average price of $13.56, for a total value of $3,185,488.08. Following the transaction, the chief executive officer owned 924,074 shares in the company, valued at approximately $12,530,443.44. This represents a 20.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Thomas M. Siebel sold 511,732 shares of C3.ai stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $11.66, for a total transaction of $5,966,795.12. Following the completion of the sale, the chairman owned 722,362 shares of the company’s stock, valued at $8,422,740.92. This trade represents a 41.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 1,884,304 shares of company stock worth $24,970,674 in the last three months. 26.50% of the stock is owned by insiders.

Hedge Funds Weigh In On C3.ai

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. ProShare Advisors LLC increased its position in C3.ai by 2.4% during the second quarter. ProShare Advisors LLC now owns 25,548 shares of the company’s stock worth $628,000 after acquiring an additional 593 shares during the period. Moors & Cabot Inc. raised its position in shares of C3.ai by 5.2% during the second quarter. Moors & Cabot Inc. now owns 14,263 shares of the company’s stock valued at $350,000 after buying an additional 700 shares during the last quarter. Ameritas Investment Partners Inc. lifted its stake in shares of C3.ai by 6.8% in the second quarter. Ameritas Investment Partners Inc. now owns 12,365 shares of the company’s stock valued at $304,000 after buying an additional 791 shares during the period. NewEdge Advisors LLC grew its position in C3.ai by 48.7% during the first quarter. NewEdge Advisors LLC now owns 2,442 shares of the company’s stock worth $51,000 after buying an additional 800 shares in the last quarter. Finally, Parallel Advisors LLC increased its stake in C3.ai by 76.4% during the third quarter. Parallel Advisors LLC now owns 1,849 shares of the company’s stock valued at $32,000 after acquiring an additional 801 shares during the period. Institutional investors and hedge funds own 38.96% of the company’s stock.

C3.ai Company Profile

C3.ai, Inc is a leading enterprise software provider focused on delivering scalable artificial intelligence (AI) and Internet of Things (IoT) solutions to large organizations. The company’s core offering, the C3 AI Suite, is a comprehensive, model-driven platform that unifies data ingestion, model development, and application deployment. Through its suite of tools, C3.ai enables customers to accelerate digital transformation initiatives by applying advanced machine learning, predictive analytics, and AI-driven insights across a broad range of business functions.

The C3 AI Suite provides a low-code environment for data scientists and application developers to rapidly design, test, and deploy enterprise-scale AI applications.