C3.ai (NYSE:AI) Reaches New 52-Week Low – Here’s What Happened
by Kim Johansen · The Markets DailyC3.ai, Inc. (NYSE:AI – Get Free Report)’s stock price reached a new 52-week low during trading on Monday . The company traded as low as $7.72 and last traded at $8.4080, with a volume of 1576173 shares changing hands. The stock had previously closed at $7.95.
Analyst Ratings Changes
Several analysts recently issued reports on AI shares. Wolfe Research reiterated an “underperform” rating and set a $6.00 target price on shares of C3.ai in a research report on Thursday, February 26th. Weiss Ratings restated a “sell (d-)” rating on shares of C3.ai in a research note on Wednesday, January 21st. UBS Group reaffirmed a “reduce” rating on shares of C3.ai in a report on Thursday, February 26th. Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a research report on Thursday, December 4th. Finally, Bank of America set a $10.00 target price on shares of C3.ai in a research report on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, seven have assigned a Hold rating and six have issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and an average target price of $15.87.
Read Our Latest Analysis on C3.ai
C3.ai Trading Up 5.9%
The firm has a market cap of $1.29 billion, a P/E ratio of -2.91 and a beta of 2.05. The stock has a 50 day simple moving average of $12.01 and a 200-day simple moving average of $14.87.
C3.ai (NYSE:AI – Get Free Report) last posted its earnings results on Wednesday, February 25th. The company reported ($0.40) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.11). C3.ai had a negative net margin of 141.35% and a negative return on equity of 53.96%. The firm had revenue of $53.26 million for the quarter, compared to the consensus estimate of $75.91 million. During the same quarter in the prior year, the company posted ($0.12) earnings per share. The firm’s revenue was down 46.1% compared to the same quarter last year. As a group, equities analysts forecast that C3.ai, Inc. will post -2.44 earnings per share for the current fiscal year.
Insiders Place Their Bets
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 sale, the chief financial officer directly owned 223,120 shares in the company, 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 SEC, which is available at this link. Also, Chairman Thomas M. Siebel sold 511,732 shares of C3.ai stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $11.66, for a total value of $5,966,795.12. Following the completion of the transaction, the chairman owned 722,362 shares of the company’s stock, valued at approximately $8,422,740.92. This trade represents a 41.47% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 1,867,304 shares of company stock valued at $24,729,104 in the last three months. Corporate insiders own 26.50% of the company’s stock.
Institutional Trading of C3.ai
Institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC grew its holdings in C3.ai by 5.9% during the 2nd quarter. Geode Capital Management LLC now owns 2,813,233 shares of the company’s stock valued at $69,129,000 after purchasing an additional 156,925 shares during the last quarter. Quantbot Technologies LP lifted its stake in C3.ai by 2,831.4% in the third quarter. Quantbot Technologies LP now owns 554,472 shares of the company’s stock worth $9,615,000 after purchasing an additional 535,557 shares during the last quarter. Magnetar Financial LLC purchased a new position in shares of C3.ai during the second quarter valued at approximately $556,000. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of C3.ai by 1,481.6% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 502,173 shares of the company’s stock valued at $12,338,000 after buying an additional 470,422 shares during the period. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of C3.ai during the second quarter valued at approximately $1,063,000. 38.96% of the stock is currently owned by institutional investors.
About C3.ai
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.