C3.ai (NYSE:AI) Given Outperform Rating at Wedbush

C3.ai (NYSE:AI)‘s stock had its “outperform” rating restated by Wedbush in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $15.00 target price on the stock. Wedbush’s target price points to a potential upside of 71.53% from the company’s current price.

AI has been the subject of several other research reports. Citizens Jmp downgraded C3.ai from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 26th. BMO Capital Markets set a $7.00 price target on C3.ai in a report on Thursday, February 26th. Canaccord Genuity Group set a $8.00 price objective on C3.ai in a research report on Wednesday. Bank of America set a $10.00 price objective on shares of C3.ai in a research note on Friday, January 30th. Finally, DA Davidson cut their target price on shares of C3.ai from $13.00 to $7.00 and set an “underperform” rating for the company in a research note on Thursday, February 26th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, seven have issued a Hold rating and six have assigned a Sell rating to the company. According to MarketBeat.com, C3.ai currently has a consensus rating of “Reduce” and a consensus target price of $15.93.

C3.ai Trading Down 0.5%

AI traded down $0.05 during trading on Wednesday, hitting $8.75. The stock had a trading volume of 1,049,598 shares, compared to its average volume of 6,097,888. The firm has a market cap of $1.27 billion, a PE ratio of -2.78 and a beta of 2.00. C3.ai has a 12 month low of $7.68 and a 12 month high of $30.24. The company has a 50 day simple moving average of $8.86 and a 200-day simple moving average of $11.93.

C3.ai (NYSE:AI) last released its quarterly earnings results on Wednesday, February 25th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.11). The firm had revenue of $53.26 million for the quarter, compared to the consensus estimate of $75.91 million. C3.ai had a negative net margin of 141.35% and a negative return on equity of 55.40%. The firm’s revenue was down 46.1% on a year-over-year basis. During the same quarter last year, the company earned ($0.12) earnings per share. As a group, sell-side analysts anticipate that C3.ai will post -3.22 earnings per share for the current fiscal year.

Insider Transactions at C3.ai

In other news, CEO Stephen Bradley Ehikian sold 52,194 shares of the business’s stock in a transaction that occurred on Tuesday, March 31st. The stock was sold at an average price of $8.22, for a total transaction of $429,034.68. Following the sale, the chief executive officer directly owned 721,485 shares in the company, valued at approximately $5,930,606.70. The trade was a 6.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Jim H. Snabe bought 25,000 shares of the business’s stock in a transaction that occurred on Monday, March 9th. The stock was purchased at an average price of $9.00 per share, with a total value of $225,000.00. Following the completion of the purchase, the director directly owned 395,000 shares of the company’s stock, valued at $3,555,000. This represents a 6.76% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders sold 1,111,051 shares of company stock worth $9,547,130. Insiders own 26.50% of the company’s stock.

Institutional Investors Weigh In On C3.ai

A number of institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC raised its stake in shares of C3.ai by 267.9% in the 1st quarter. AQR Capital Management LLC now owns 181,354 shares of the company’s stock valued at $3,788,000 after buying an additional 132,056 shares in the last quarter. NewEdge Advisors LLC increased its stake in C3.ai by 48.7% in the first quarter. NewEdge Advisors LLC now owns 2,442 shares of the company’s stock valued at $51,000 after acquiring an additional 800 shares during the period. Woodline Partners LP bought a new stake in C3.ai in the first quarter valued at about $346,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in C3.ai by 4.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 242,784 shares of the company’s stock worth $5,111,000 after purchasing an additional 10,675 shares in the last quarter. Finally, Focus Partners Wealth lifted its stake in C3.ai by 2.6% during the first quarter. Focus Partners Wealth now owns 59,004 shares of the company’s stock worth $1,242,000 after purchasing an additional 1,503 shares during the period. Institutional investors and hedge funds own 38.96% of the company’s stock.

About C3.ai

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.