C3.ai (NYSE:AI) Stock Rating Cut to Sell at Wall Street Zen

Wall Street Zen lowered shares of C3.ai (NYSE:AI) from a hold rating to a sell rating in a research note released on Saturday,Wall Street Zen reports.

A number of other analysts also recently commented on the stock. Citizens Jmp reiterated a “market perform” rating on shares of C3.ai in a report on Tuesday, September 29th. Weiss Ratings upgraded shares of C3.ai from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 4th. Needham & Company LLC reaffirmed a “hold” rating on shares of C3.ai in a report on Thursday, September 3rd. DA Davidson reiterated an “underperform” rating and set a $7.00 price objective on shares of C3.ai in a research report on Tuesday, September 1st. Finally, Canaccord Genuity Group reissued a “hold” rating and set a $10.00 price objective on shares of C3.ai in a research note on Thursday, September 3rd. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and seven have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus target price of $8.70.

C3.ai Stock Down 0.9%

Shares of C3.ai stock opened at $11.01 on Friday. The business has a fifty day simple moving average of $10.27 and a 200-day simple moving average of $9.60. C3.ai has a fifty-two week low of $7.68 and a fifty-two week high of $20.22. The firm has a market cap of $1.77 billion, a price-to-earnings ratio of -3.58 and a beta of 2.11.

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

Insider Activity at C3.ai

In other news, CFO Hitesh Lath sold 21,077 shares of the stock in a transaction on 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 sale, the chief financial officer owned 371,036 shares in the company, valued at $3,888,457.28. This represents a 5.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Thomas M. Siebel sold 162,247 shares of the stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $10.54, for a total value of $1,710,083.38. Following the completion of the sale, the chief executive officer 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. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 1,117,809 shares of company stock valued at $11,724,230. 19.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Sequoia Financial Advisors LLC acquired a new stake in C3.ai during the 2nd quarter worth about $106,000. Engineers Gate Manager LP acquired a new position in shares of C3.ai in the 2nd quarter valued at about $2,855,000. Allworth Financial LP lifted its position in shares of C3.ai by 13.6% in the second quarter. Allworth Financial LP now owns 26,660 shares of the company’s stock worth $242,000 after purchasing an additional 3,185 shares in the last quarter. Arizona State Retirement System lifted its position in shares of C3.ai by 3.7% in the second quarter. Arizona State Retirement System now owns 37,168 shares of the company’s stock worth $338,000 after purchasing an additional 1,310 shares in the last quarter. Finally, Nykredit A S purchased a new stake in shares of C3.ai in the second quarter worth approximately $84,000. 38.96% of the stock is owned by institutional investors and hedge funds.

C3.ai Company Profile

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.