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

by · The Markets Daily

Wall Street Zen cut shares of C3.ai (NYSE:AI – Free Report) from a hold rating to a sell rating in a research note issued to investors on Saturday,Wall Street Zen reports.

Several other research analysts have also commented on the stock. Canaccord Genuity Group reaffirmed a “hold” rating and issued a $10.00 price target on shares of C3.ai in a report on Thursday, September 3rd. UBS Group reiterated an “underperform” rating on shares of C3.ai in a research note on Tuesday, September 1st. Citizens Jmp reissued a “market perform” rating on shares of C3.ai in a report on Tuesday, September 29th. Needham & Company LLC reissued a “hold” rating on shares of C3.ai in a report on Thursday, September 3rd. Finally, Citigroup reaffirmed a “market perform” rating on shares of C3.ai in a report on Thursday, September 3rd. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and seven have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $8.70.

Check Out Our Latest Research Report on AI

C3.ai Trading Up 1.0%

Shares of NYSE AI opened at $11.12 on Friday. C3.ai has a twelve month low of $7.68 and a twelve month high of $20.22. The company has a market capitalization of $1.79 billion, a price-to-earnings ratio of -3.61 and a beta of 2.11. The business has a 50 day simple moving average of $10.32 and a 200-day simple moving average of $9.62.

C3.ai (NYSE:AI – Get Free Report) last announced its quarterly earnings data on Wednesday, September 2nd. The company reported ($0.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.06. The firm had revenue of $52.38 million for the quarter, compared to analysts’ expectations of $52.06 million. C3.ai had a negative return on equity of 61.25% and a negative net margin of 192.10%.The firm’s revenue for the quarter was down 25.4% on a year-over-year basis. During the same period last year, the business posted ($0.37) earnings per share. As a group, equities analysts predict that C3.ai will post -2.21 earnings per share for the current year.

Insider Activity

In related news, CFO Hitesh Lath sold 21,077 shares of the stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $10.48, for a total value of $220,886.96. Following the sale, the chief financial officer owned 371,036 shares of the company’s stock, valued at $3,888,457.28. This trade represents a 5.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 Siebel sold 453,314 shares of C3.ai stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $10.51, for a total transaction of $4,764,330.14. Following the completion of the sale, the chief executive officer owned 722,362 shares in the company, valued at approximately $7,592,024.62. This represents a 38.56% decrease in their ownership of the stock. 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. Insiders have sold 1,117,809 shares of company stock valued at $11,724,230 in the last 90 days. Insiders own 19.80% of the company’s stock.

Institutional Investors Weigh In On C3.ai

Large investors have recently made changes to their positions in the company. Arizona State Retirement System increased its holdings in shares of C3.ai by 3.7% during the second quarter. Arizona State Retirement System now owns 37,168 shares of the company’s stock worth $338,000 after buying an additional 1,310 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its holdings in shares of C3.ai by 12.7% in the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 13,776 shares of the company’s stock worth $116,000 after acquiring an additional 1,548 shares in the last quarter. CoreCap Advisors LLC boosted its holdings in shares of C3.ai by 34.0% in the 2nd quarter. CoreCap Advisors LLC now owns 6,145 shares of the company’s stock worth $56,000 after acquiring an additional 1,560 shares in the last quarter. Western Wealth Management LLC bought a new stake in C3.ai during the 1st quarter worth approximately $26,000. Finally, Allworth Financial LP grew its position in C3.ai by 13.6% during the 2nd quarter. Allworth Financial LP now owns 26,660 shares of the company’s stock worth $242,000 after acquiring an additional 3,185 shares during the last quarter. Institutional investors and hedge funds own 38.96% of the company’s stock.

C3.ai Company Profile

(Get Free Report)

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.

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