Wedbush Reaffirms “Outperform” Rating for C3.ai (NYSE:AI)

C3.ai (NYSE:AI)‘s stock had its “outperform” rating reiterated by investment analysts at Wedbush in a research note issued on Thursday,Benzinga reports. They presently have a $20.00 price objective on the stock. Wedbush’s target price suggests a potential upside of 32.88% from the stock’s previous close.

Several other research firms have also issued reports on AI. Northland Capmk lowered shares of C3.ai from a “strong-buy” rating to a “hold” rating in a report on Monday, August 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of C3.ai in a report on Wednesday, October 8th. DA Davidson reiterated an “underperform” rating and issued a $13.00 price target (down previously from $25.00) on shares of C3.ai in a research note on Monday, August 11th. Morgan Stanley reduced their price objective on shares of C3.ai from $22.00 to $11.00 and set an “underweight” rating for the company in a research note on Tuesday, September 9th. Finally, Northland Securities downgraded shares of C3.ai from an “outperform” rating to a “market perform” rating and set a $17.00 target price on the stock. in a research note on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, seven have assigned a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $21.92.

C3.ai Stock Performance

Shares of NYSE:AI opened at $15.05 on Thursday. C3.ai has a 52-week low of $12.59 and a 52-week high of $45.08. The firm has a market capitalization of $2.07 billion, a P/E ratio of -5.79 and a beta of 1.97. The stock has a 50 day moving average price of $16.52 and a 200-day moving average price of $20.22.

C3.ai (NYSE:AI) last posted its quarterly earnings data on Wednesday, December 3rd. The company reported ($0.25) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.08. C3.ai had a negative return on equity of 40.69% and a negative net margin of 92.08%.The business had revenue of $75.15 million during the quarter, compared to the consensus estimate of $74.86 million. During the same quarter in the prior year, the company earned ($0.06) earnings per share. The firm’s quarterly revenue was down 20.3% compared to the same quarter last year. On average, equities analysts forecast that C3.ai will post -2.44 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Robert David Schilling sold 470,420 shares of the company’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $17.29, for a total transaction of $8,133,561.80. Following the completion of the sale, the executive vice president owned 1,011,327 shares of the company’s stock, valued at $17,485,843.83. This represents a 31.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Hitesh Lath sold 46,881 shares of the firm’s stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $16.99, for a total transaction of $796,508.19. Following the completion of the transaction, the chief financial officer directly owned 209,154 shares in the company, valued at approximately $3,553,526.46. The trade was a 18.31% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 2,318,479 shares of company stock valued at $39,632,315. Insiders own 26.50% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its position in shares of C3.ai by 77.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,804,188 shares of the company’s stock valued at $31,284,000 after purchasing an additional 785,508 shares during the period. Two Sigma Investments LP purchased a new stake in C3.ai in the 3rd quarter worth $13,379,000. Vident Advisory LLC raised its holdings in C3.ai by 3,935.9% during the first quarter. Vident Advisory LLC now owns 568,492 shares of the company’s stock valued at $11,967,000 after acquiring an additional 554,406 shares during the period. Quantbot Technologies LP lifted its position in shares of C3.ai by 2,831.4% in the third quarter. Quantbot Technologies LP now owns 554,472 shares of the company’s stock valued at $9,615,000 after acquiring an additional 535,557 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in shares of C3.ai by 358.9% in the third quarter. Bank of America Corp DE now owns 606,947 shares of the company’s stock valued at $10,524,000 after acquiring an additional 474,698 shares in the last quarter. 38.96% of the stock is owned by hedge funds and other institutional investors.

C3.ai Company Profile

C3.ai, Inc operates as an enterprise artificial intelligence (AI) software company in North America, Europe, the Middle East, Africa, the Asia Pacific, and internationally. The company provides C3 AI platform, an application development and runtime environment that enables customers to design, develop, and deploy enterprise AI applications; C3 AI Ex Machina for analysis-ready data; C3 AI CRM, an industry specific customer relationship management solution; and C3 Generative AI Product Suite that enables to locate, retrieve, and present information.