Hitesh Lath Sells 48,619 Shares of C3.ai (NYSE:AI) Stock

C3.ai, Inc. (NYSE:AI) CFO Hitesh Lath sold 48,619 shares of the company’s stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $8.77, for a total transaction of $426,388.63. Following the sale, the chief financial officer directly owned 383,106 shares of the company’s stock, valued at $3,359,839.62. The trade was a 11.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Hitesh Lath also recently made the following trade(s):

• On Tuesday, June 16th, Hitesh Lath sold 34,210 shares of C3.ai stock. The stock was sold at an average price of $10.95, for a total transaction of $374,599.50.

C3.ai Trading Up 3.8%

NYSE AI traded up $0.34 during trading hours on Wednesday, hitting $9.44. 5,214,170 shares of the company’s stock traded hands, compared to its average volume of 6,479,280. C3.ai, Inc. has a 52 week low of $7.68 and a 52 week high of $30.11. The firm has a market capitalization of $1.37 billion, a P/E ratio of -2.82 and a beta of 2.04. The business’s fifty day moving average price is $9.69 and its two-hundred day moving average price is $10.60.

C3.ai (NYSE:AI) last issued its quarterly earnings results on Wednesday, June 3rd. The company reported ($0.33) earnings per share for the quarter, topping the consensus estimate of ($0.38) by $0.05. The business had revenue of $51.60 million for the quarter, compared to analysts’ expectations of $51.60 million. C3.ai had a negative net margin of 187.95% and a negative return on equity of 62.44%. The company’s revenue was down 52.5% compared to the same quarter last year. During the same quarter last year, the company posted ($0.16) EPS. On average, sell-side analysts expect that C3.ai, Inc. will post -2.28 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have commented on AI. DA Davidson restated an “underperform” rating and issued a $7.00 price target on shares of C3.ai in a research report on Thursday, June 4th. Morgan Stanley boosted their price objective on C3.ai from $6.00 to $7.00 and gave the company an “underweight” rating in a research note on Thursday, June 4th. Wedbush reissued an “outperform” rating and issued a $15.00 target price on shares of C3.ai in a report on Thursday, June 4th. Citizens Jmp restated a “market perform” rating on shares of C3.ai in a research note on Thursday, June 4th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a research report on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, six have issued a Hold rating and six have assigned a Sell rating to the stock. Based on data from MarketBeat.com, C3.ai presently has an average rating of “Reduce” and a consensus price target of $12.92.

Institutional Trading of C3.ai

Institutional investors have recently made changes to their positions in the business. Bank of America Corp DE boosted its stake in C3.ai by 55.1% in the 1st quarter. Bank of America Corp DE now owns 3,282,183 shares of the company’s stock worth $27,636,000 after purchasing an additional 1,166,302 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of C3.ai by 77.1% in the third quarter. Dimensional Fund Advisors LP now owns 1,804,188 shares of the company’s stock worth $31,284,000 after buying an additional 785,508 shares in the last quarter. Two Sigma Investments LP bought a new position in shares of C3.ai during the third quarter worth $13,379,000. Voloridge Investment Management LLC bought a new position in shares of C3.ai during the fourth quarter worth $9,183,000. Finally, Federated Hermes Inc. grew its stake in C3.ai by 93,578.8% during the fourth quarter. Federated Hermes Inc. now owns 675,424 shares of the company’s stock valued at $9,105,000 after acquiring an additional 674,703 shares in the last quarter. Hedge funds and other institutional investors 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.