C3.ai (NYSE:AI) Stock Price Down 8.9% – Time to Sell?

C3.ai, Inc. (NYSE:AI)’s share price dropped 8.9% during mid-day trading on Friday . The stock traded as low as $11.53 and last traded at $11.1660. Approximately 1,290,391 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 6,281,436 shares. The stock had previously closed at $12.26.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Needham & Company LLC reissued a “hold” rating on shares of C3.ai in a research note on Thursday, December 4th. Canaccord Genuity Group reiterated a “hold” rating and issued a $16.00 target price on shares of C3.ai in a report on Thursday, December 4th. Oppenheimer set a $10.00 price target on shares of C3.ai in a report on Friday. DA Davidson reaffirmed an “underperform” rating and issued a $13.00 price objective on shares of C3.ai in a research note on Thursday, December 4th. Finally, Wedbush reiterated an “outperform” rating and set a $20.00 price objective on shares of C3.ai in a research report on Thursday, December 4th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, six have issued a Hold rating and five have assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Reduce” and an average price target of $19.00.

C3.ai Stock Down 7.5%

The stock has a market cap of $1.60 billion, a P/E ratio of -4.01 and a beta of 1.97. The firm’s 50-day moving average is $13.99 and its two-hundred day moving average is $17.18.

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

Insider Buying and Selling

In other C3.ai news, CFO Hitesh Lath sold 15,042 shares of the company’s stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $14.38, for a total transaction of $216,303.96. Following the completion of the sale, the chief financial officer owned 223,120 shares of the company’s stock, valued at $3,208,465.60. This represents a 6.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Thomas M. Siebel sold 309,589 shares of the stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $13.52, for a total value of $4,185,643.28. Following the transaction, the chairman owned 632,256 shares in the company, valued at approximately $8,548,101.12. This trade represents a 32.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 1,916,218 shares of company stock worth $27,468,077. 26.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On C3.ai

Hedge funds and other institutional investors have recently made changes to their positions in the business. Silicon Valley Capital Partners acquired a new position in shares of C3.ai during the 2nd quarter worth about $25,000. Larson Financial Group LLC increased its position in C3.ai by 683.6% in the 3rd quarter. Larson Financial Group LLC now owns 1,481 shares of the company’s stock worth $26,000 after buying an additional 1,292 shares during the period. Parallel Advisors LLC lifted its holdings in shares of C3.ai by 76.4% during the third quarter. Parallel Advisors LLC now owns 1,849 shares of the company’s stock worth $32,000 after buying an additional 801 shares during the last quarter. Financial Consulate Inc. bought a new stake in shares of C3.ai in the third quarter valued at approximately $36,000. Finally, Farther Finance Advisors LLC grew its stake in shares of C3.ai by 66.1% in the fourth quarter. Farther Finance Advisors LLC now owns 2,141 shares of the company’s stock worth $29,000 after acquiring an additional 852 shares during the last quarter. 38.96% of the stock is owned by institutional investors and hedge funds.

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.