C3.ai (NYSE:AI) Shares Gap Up – Here’s What Happened

C3.ai, Inc. (NYSE:AI) gapped up prior to trading on Tuesday . The stock had previously closed at $26.54, but opened at $27.46. C3.ai shares last traded at $29.88, with a volume of 6,019,059 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Piper Sandler lowered their target price on C3.ai from $29.00 to $24.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. DA Davidson dropped their target price on C3.ai from $30.00 to $20.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. Piper Sandler Companies reiterated a “neutral” rating and set a $24.00 price objective on shares of C3.ai in a research note on Thursday, September 5th. Oppenheimer restated an “outperform” rating and set a $40.00 price target on shares of C3.ai in a research note on Thursday, September 5th. Finally, Morgan Stanley lowered their price target on C3.ai from $23.00 to $21.00 and set an “underweight” rating for the company in a research report on Thursday, September 5th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $27.70.

C3.ai Trading Up 22.1 %

The company’s 50 day moving average is $25.03 and its 200 day moving average is $26.04. The stock has a market capitalization of $4.12 billion, a price-to-earnings ratio of -13.06 and a beta of 1.80.

C3.ai (NYSE:AI) last posted its quarterly earnings data on Wednesday, September 4th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.08. The company had revenue of $87.21 million for the quarter, compared to analyst estimates of $86.94 million. C3.ai had a negative net margin of 85.47% and a negative return on equity of 31.28%. C3.ai’s quarterly revenue was up 20.5% on a year-over-year basis. During the same period in the previous year, the business posted ($0.56) earnings per share. Analysts anticipate that C3.ai, Inc. will post -2.31 EPS for the current fiscal year.

Institutional Trading of C3.ai

Several hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC increased its position in C3.ai by 8.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,216,925 shares of the company’s stock worth $53,728,000 after purchasing an additional 178,870 shares during the period. Hodges Capital Management Inc. purchased a new stake in C3.ai during the third quarter worth $1,955,000. State Street Corp grew its holdings in C3.ai by 1.8% in the third quarter. State Street Corp now owns 2,121,391 shares of the company’s stock valued at $51,401,000 after purchasing an additional 38,185 shares during the last quarter. Janus Henderson Group PLC increased its position in shares of C3.ai by 21.3% in the third quarter. Janus Henderson Group PLC now owns 52,182 shares of the company’s stock valued at $1,265,000 after buying an additional 9,160 shares in the last quarter. Finally, Holocene Advisors LP raised its stake in shares of C3.ai by 98.4% during the 3rd quarter. Holocene Advisors LP now owns 75,780 shares of the company’s stock worth $1,836,000 after buying an additional 37,594 shares during the last quarter. Institutional investors and hedge funds own 38.96% of the company’s stock.

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.