C3.ai (NYSE:AI) Trading Up 2.5% – Here’s What Happened

C3.ai, Inc. (NYSE:AI) traded up 2.5% during trading on Thursday . The company traded as high as $37.09 and last traded at $36.60. 1,479,690 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 6,037,916 shares. The stock had previously closed at $35.71.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on AI. 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 report on Thursday, September 5th. KeyCorp downgraded C3.ai from a “sector weight” rating to an “underweight” rating and set a $29.00 price objective for the company. in a research report on Thursday, December 19th. Northland Securities increased their target price on C3.ai from $35.00 to $45.00 and gave the company an “outperform” rating in a report on Tuesday, December 10th. StockNews.com raised C3.ai to a “sell” rating in a research report on Tuesday, November 26th. Finally, Oppenheimer restated an “outperform” rating and issued a $40.00 price objective on shares of C3.ai in a research report on Thursday, September 5th. Five analysts have rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $35.00.

C3.ai Price Performance

The company’s 50-day moving average is $32.74 and its 200-day moving average is $28.28. The firm has a market capitalization of $4.61 billion, a price-to-earnings ratio of -16.17 and a beta of 2.00.

Insider Buying and Selling at C3.ai

In related news, Director Jim H. Snabe sold 499,700 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $43.05, for a total value of $21,512,085.00. Following the transaction, the director now owns 10,000 shares in the company, valued at approximately $430,500. This trade represents a 98.04 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Hitesh Lath sold 11,339 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $42.00, for a total transaction of $476,238.00. Following the completion of the sale, the chief financial officer now directly owns 851 shares of the company’s stock, valued at $35,742. The trade was a 93.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 644,988 shares of company stock worth $27,597,453 in the last quarter. 33.54% of the stock is owned by insiders.

Hedge Funds Weigh In On C3.ai

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. lifted its stake in shares of C3.ai by 12.3% during 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. PDT Partners LLC purchased a new position in C3.ai in the 3rd quarter worth approximately $1,624,000. Global Assets Advisory LLC purchased a new position in C3.ai in the 3rd quarter worth approximately $743,000. Janney Montgomery Scott LLC acquired a new stake in C3.ai in the third quarter valued at approximately $785,000. Finally, Intech Investment Management LLC acquired a new position in shares of C3.ai during the third quarter worth $859,000. 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.