C3.ai (NYSE:AI) Shares Down 0.7% – What’s Next?

C3.ai, Inc. (NYSE:AI)’s stock price fell 0.7% on Monday . The stock traded as low as $35.45 and last traded at $36.10. 1,433,209 shares were traded during trading, a decline of 76% from the average session volume of 6,058,874 shares. The stock had previously closed at $36.34.

Wall Street Analysts Forecast Growth

AI has been the subject of a number of research analyst reports. StockNews.com upgraded C3.ai to a “sell” rating in a research note on Tuesday, November 26th. Morgan Stanley raised their price target on shares of C3.ai from $21.00 to $32.00 and gave the company an “underweight” rating in a research report on Tuesday, December 10th. Piper Sandler Companies reaffirmed a “neutral” rating and set a $24.00 target price on shares of C3.ai in a research note on Thursday, September 5th. Needham & Company LLC reaffirmed a “hold” rating on shares of C3.ai in a report on Tuesday, December 10th. Finally, Wedbush cut their target price on shares of C3.ai from $40.00 to $30.00 and set an “outperform” rating for the company in a research note on Thursday, September 5th. Five equities research analysts have rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, C3.ai currently has an average rating of “Hold” and a consensus target price of $35.00.

C3.ai Stock Down 1.9 %

The firm has a market capitalization of $4.60 billion, a PE ratio of -16.13 and a beta of 2.00. The business has a 50-day moving average price of $31.78 and a 200-day moving average price of $28.05.

Insider Buying and Selling at C3.ai

In other C3.ai news, CFO Hitesh Lath sold 11,339 shares of C3.ai stock in a transaction on Monday, December 9th. The stock was sold at an average price of $42.00, for a total value of $476,238.00. Following the sale, the chief financial officer now owns 851 shares in the company, valued at $35,742. The trade was a 93.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stephen M. Ward, Jr. sold 125,000 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $42.00, for a total value of $5,250,000.00. Following the completion of the transaction, the director now directly owns 546,495 shares in the company, valued at approximately $22,952,790. This trade represents a 18.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 644,988 shares of company stock worth $27,597,453 in the last three months. 33.54% of the stock is owned by corporate insiders.

Institutional Trading of C3.ai

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. lifted its stake in C3.ai by 148.9% during the second quarter. Blue Trust Inc. now owns 1,028 shares of the company’s stock worth $28,000 after purchasing an additional 615 shares in the last quarter. Raymond James & Associates grew its position in C3.ai by 11.5% in the 2nd quarter. Raymond James & Associates now owns 201,262 shares of the company’s stock valued at $5,829,000 after acquiring an additional 20,753 shares in the last quarter. Bank of New York Mellon Corp grew its position in C3.ai by 0.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 771,540 shares of the company’s stock valued at $22,344,000 after acquiring an additional 1,929 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of C3.ai by 5.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,434 shares of the company’s stock worth $650,000 after purchasing an additional 1,060 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in shares of C3.ai by 4.3% in the second quarter. Principal Financial Group Inc. now owns 11,165 shares of the company’s stock valued at $323,000 after purchasing an additional 462 shares during the period. 38.96% of the stock is currently owned by hedge funds and other institutional investors.

About C3.ai

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.