C3.ai, Inc. (NYSE:AI) Stock Has Average Target Price of $8.70 According to Brokerages

Shares of C3.ai, Inc. (NYSE:AI) have been assigned an average rating of “Reduce” from the twelve ratings firms that are presently covering the company, MarketBeat.com reports. Seven equities research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and one has issued a buy recommendation on the company. The average 12-month price target among brokers that have covered the stock in the last year is $8.70.

AI has been the topic of several recent research reports. Weiss Ratings upgraded C3.ai from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 4th. UBS Group reiterated an “underperform” rating on shares of C3.ai in a research note on Tuesday, September 1st. DA Davidson reissued an “underperform” rating and set a $7.00 price target on shares of C3.ai in a report on Tuesday, September 1st. Needham & Company LLC restated a “hold” rating on shares of C3.ai in a research report on Thursday, September 3rd. Finally, Canaccord Genuity Group reaffirmed a “hold” rating and issued a $10.00 price objective on shares of C3.ai in a report on Thursday, September 3rd.

Insider Transactions at C3.ai

In related news, CFO Hitesh Lath sold 21,077 shares of C3.ai stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $10.48, for a total value of $220,886.96. Following the completion of the transaction, the chief financial officer owned 371,036 shares in the company, valued at $3,888,457.28. The trade was a 5.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Thomas Siebel sold 162,247 shares of the company’s stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $10.54, for a total value of $1,710,083.38. Following the completion of the transaction, the chief executive officer directly owned 722,362 shares of the company’s stock, valued at $7,613,695.48. The trade was a 18.34% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,117,809 shares of company stock worth $11,724,230 over the last 90 days. Insiders own 19.80% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Western Wealth Management LLC acquired a new stake in C3.ai in the 1st quarter valued at $26,000. AdvisorNet Financial Inc purchased a new position in C3.ai during the first quarter valued at $34,000. CoreCap Advisors LLC grew its position in shares of C3.ai by 34.0% in the second quarter. CoreCap Advisors LLC now owns 6,145 shares of the company’s stock valued at $56,000 after purchasing an additional 1,560 shares during the period. Versant Capital Management Inc grew its position in shares of C3.ai by 1,510.1% in the second quarter. Versant Capital Management Inc now owns 6,859 shares of the company’s stock valued at $62,000 after purchasing an additional 6,433 shares during the period. Finally, Eurizon Capital SGR S.p.A. purchased a new stake in shares of C3.ai during the fourth quarter worth about $71,000. 38.96% of the stock is owned by institutional investors and hedge funds.

C3.ai Stock Up 1.6%

Shares of AI stock opened at $11.52 on Monday. The stock has a market cap of $1.85 billion, a PE ratio of -3.74 and a beta of 2.11. The business has a 50-day simple moving average of $10.51 and a 200-day simple moving average of $9.69. C3.ai has a 52-week low of $7.68 and a 52-week high of $19.80.

C3.ai (NYSE:AI) last issued its earnings results on Wednesday, September 2nd. The company reported ($0.20) EPS for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.06. The firm had revenue of $52.38 million for the quarter, compared to the consensus estimate of $52.06 million. C3.ai had a negative return on equity of 61.25% and a negative net margin of 192.10%. The company’s revenue was down 25.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.37) earnings per share. Sell-side analysts anticipate that C3.ai will post -2.21 earnings per share for the current fiscal year.

About C3.ai

C3.ai, Inc is an enterprise artificial intelligence software company that develops applications and tools designed to help organizations use AI and machine learning to analyze data, automate processes and support business decision-making. The company’s offerings are intended for large commercial enterprises, government agencies and other organizations managing complex operational and data environments.

Its product portfolio includes the C3 AI Platform, which provides capabilities for developing, deploying and operating AI applications, as well as prebuilt enterprise applications.