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

C3.ai, Inc. (NYSE:AI)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $39.69, but opened at $38.86. C3.ai shares last traded at $38.05, with a volume of 2,311,619 shares trading hands.

Analysts Set New Price Targets

Several analysts recently issued reports on AI shares. Northland Securities increased their price target on shares of C3.ai from $35.00 to $45.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 10th. Bank of America cut their price objective on shares of C3.ai from $24.00 to $20.00 and set an “underperform” rating on the stock in a research report on Thursday, September 5th. Piper Sandler Companies reaffirmed a “neutral” rating and issued a $24.00 price objective on shares of C3.ai in a research note on Thursday, September 5th. DA Davidson upgraded C3.ai to a “hold” rating in a research note on Wednesday. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $40.00 price target on shares of C3.ai in a research report on Thursday, September 5th. Five research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $35.00.

C3.ai Price Performance

The company has a market capitalization of $4.30 billion, a PE ratio of -15.31 and a beta of 2.00. The firm’s 50 day moving average is $31.41 and its 200 day moving average is $27.98.

Insiders Place Their Bets

In other news, CFO Hitesh Lath sold 3,949 shares of the stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $42.36, for a total value of $167,279.64. Following the sale, the chief financial officer now directly owns 851 shares of the company’s stock, valued at approximately $36,048.36. This represents a 82.27 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Stephen M. Ward, Jr. sold 125,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $42.00, for a total transaction of $5,250,000.00. Following the completion of the transaction, the director now owns 546,495 shares of the company’s stock, valued at approximately $22,952,790. The trade was a 18.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 145,288 shares of company stock worth $6,085,368. Company insiders own 33.54% of the company’s stock.

Hedge Funds Weigh In On C3.ai

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC grew its position in shares of C3.ai by 8.8% during the third quarter. Geode Capital Management LLC now owns 2,216,925 shares of the company’s stock valued at $53,728,000 after purchasing an additional 178,870 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new position in shares of C3.ai during the second quarter valued at approximately $3,465,000. Charles Schwab Investment Management Inc. raised its holdings in C3.ai by 12.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 844,389 shares of the company’s stock worth $20,460,000 after purchasing an additional 92,280 shares in the last quarter. Hodges Capital Management Inc. acquired a new position in shares of C3.ai during the third quarter worth $1,955,000. Finally, Hsbc Holdings PLC grew its stake in C3.ai by 679.8% during the 2nd quarter. Hsbc Holdings PLC now owns 87,092 shares of the company’s stock worth $2,500,000 after buying an additional 75,923 shares during the last quarter. 38.96% of the stock is currently 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.