Chesapeake Capital Corp IL Takes $301,000 Position in C3.ai, Inc. (NYSE:AI)

Chesapeake Capital Corp IL acquired a new stake in C3.ai, Inc. (NYSE:AI) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 8,748 shares of the company’s stock, valued at approximately $301,000.

Several other hedge funds also recently modified their holdings of the business. Geode Capital Management LLC boosted its position in shares of C3.ai by 8.8% in the third quarter. Geode Capital Management LLC now owns 2,216,925 shares of the company’s stock valued at $53,728,000 after acquiring an additional 178,870 shares during the period. State Street Corp boosted its position in shares of 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 acquiring an additional 38,185 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of C3.ai by 10.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 933,139 shares of the company’s stock valued at $32,128,000 after acquiring an additional 88,750 shares during the period. Bank of New York Mellon Corp boosted its position in shares of C3.ai by 1.3% in the fourth quarter. Bank of New York Mellon Corp now owns 695,893 shares of the company’s stock valued at $23,960,000 after acquiring an additional 8,772 shares during the period. Finally, Swiss National Bank boosted its position in shares of C3.ai by 2.6% in the fourth quarter. Swiss National Bank now owns 218,700 shares of the company’s stock valued at $7,530,000 after acquiring an additional 5,500 shares during the period. 38.96% of the stock is owned by institutional investors.

C3.ai Price Performance

C3.ai stock opened at $22.16 on Wednesday. The stock has a fifty day moving average price of $29.05 and a two-hundred day moving average price of $29.39. C3.ai, Inc. has a 52-week low of $18.85 and a 52-week high of $45.08. The firm has a market capitalization of $2.94 billion, a P/E ratio of -10.03 and a beta of 2.03.

C3.ai (NYSE:AI) last announced its earnings results on Wednesday, February 26th. The company reported ($0.62) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.37). C3.ai had a negative net margin of 79.17% and a negative return on equity of 31.31%. The business had revenue of $98.78 million during the quarter, compared to analyst estimates of $98.12 million. On average, equities research analysts predict that C3.ai, Inc. will post -2.44 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on AI shares. Morgan Stanley reduced their price objective on C3.ai from $32.00 to $30.00 and set an “underweight” rating for the company in a research report on Thursday, February 27th. DA Davidson reduced their target price on C3.ai from $40.00 to $25.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. Northland Securities raised their target price on C3.ai from $35.00 to $45.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 10th. StockNews.com raised C3.ai to a “sell” rating in a research report on Tuesday, November 26th. Finally, Canaccord Genuity Group reduced their target price on C3.ai from $40.00 to $30.00 and set a “hold” rating for the company in a research report on Thursday, February 27th. Five equities research analysts have rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $31.33.

Insider Activity

In other news, VP Merel Witteveen sold 11,132 shares of the firm’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $34.95, for a total value of $389,063.40. Following the completion of the sale, the vice president now directly owns 4,142 shares in the company, valued at approximately $144,762.90. This trade represents a 72.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Thomas M. Siebel sold 552,422 shares of the firm’s stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $33.04, for a total value of $18,252,022.88. Following the completion of the sale, the chief executive officer now owns 1,336,968 shares of the company’s stock, valued at approximately $44,173,422.72. This trade represents a 29.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,509,413 shares of company stock worth $43,210,053. 33.54% of the stock is owned by corporate insiders.

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.