C3.ai’s (AI) “Market Perform” Rating Reiterated at Citizens Jmp

Citizens Jmp reiterated their market perform rating on shares of C3.ai (NYSE:AI) in a research report sent to investors on Tuesday,Benzinga reports.

Several other equities analysts have also commented on AI. Wall Street Zen raised C3.ai from a “sell” rating to a “hold” rating in a report on Sunday, September 13th. Needham & Company LLC reissued a “hold” rating on shares of C3.ai in a report on Thursday, September 3rd. Morgan Stanley raised their price target on C3.ai from $6.00 to $7.00 and gave the stock an “underweight” rating in a report on Thursday, June 4th. Citigroup restated a “market perform” rating on shares of C3.ai in a research report on Thursday, September 3rd. Finally, UBS Group restated an “underperform” rating on shares of C3.ai in a research note on Tuesday, September 1st. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and seven have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $8.70.

C3.ai Stock Performance

C3.ai stock opened at $11.07 on Tuesday. C3.ai has a 1 year low of $7.68 and a 1 year high of $20.22. The firm’s 50-day moving average is $10.22 and its 200-day moving average is $9.59. The company has a market cap of $1.78 billion, a P/E ratio of -3.60 and a beta of 2.11.

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

Insider Activity

In other news, CFO Hitesh Lath sold 21,077 shares of C3.ai stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $10.48, for a total transaction of $220,886.96. Following the sale, the chief financial officer owned 371,036 shares of the company’s stock, valued at approximately $3,888,457.28. The trade was a 5.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Thomas M. Siebel sold 453,314 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $10.51, for a total value of $4,764,330.14. Following the transaction, the chief executive officer owned 722,362 shares of the company’s stock, valued at approximately $7,592,024.62. This represents a 38.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 Trading of C3.ai

Several large investors have recently added to or reduced their stakes in the business. Royal Bank of Canada grew its stake in shares of C3.ai by 418.7% in the first quarter. Royal Bank of Canada now owns 177,527 shares of the company’s stock worth $1,495,000 after purchasing an additional 143,303 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of C3.ai during the first quarter valued at $934,000. Bank of America Corp DE raised its stake in shares of C3.ai by 55.1% during the first quarter. Bank of America Corp DE now owns 3,282,183 shares of the company’s stock valued at $27,636,000 after purchasing an additional 1,166,302 shares in the last quarter. First Trust Advisors LP raised its stake in shares of C3.ai by 67.3% during the first quarter. First Trust Advisors LP now owns 1,215,341 shares of the company’s stock valued at $10,233,000 after purchasing an additional 488,710 shares in the last quarter. Finally, Edgestream Partners L.P. lifted its holdings in C3.ai by 247.5% in the first quarter. Edgestream Partners L.P. now owns 658,573 shares of the company’s stock worth $5,545,000 after purchasing an additional 469,057 shares during the period. 38.96% of the stock is currently 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.