C3.ai (NYSE:AI) Shares Down 5.1% – What’s Next?

C3.ai, Inc. (NYSE:AI) shares traded down 5.1% on Friday . The stock traded as low as $31.35 and last traded at $31.60. 1,868,383 shares traded hands during mid-day trading, a decline of 55% from the average session volume of 4,160,399 shares. The stock had previously closed at $33.30.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on AI. KeyCorp lowered shares of 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. Canaccord Genuity Group upped their target price on shares of C3.ai from $23.00 to $40.00 and gave the company a “hold” rating in a research note on Wednesday, December 11th. StockNews.com raised shares of C3.ai to a “sell” rating in a report on Tuesday, November 26th. JPMorgan Chase & Co. lowered shares of C3.ai from a “neutral” rating to an “underweight” rating and set a $28.00 target price for the company. in a research note on Wednesday, December 11th. Finally, Morgan Stanley increased their price target on C3.ai from $21.00 to $32.00 and gave the stock an “underweight” rating in a research report on Tuesday, December 10th. Five equities research analysts have rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $35.00.

C3.ai Trading Down 3.5 %

The company has a 50 day moving average of $34.47 and a 200 day moving average of $28.63. The firm has a market cap of $4.15 billion, a price-to-earnings ratio of -14.53 and a beta of 2.00.

Insider Buying and Selling at C3.ai

In related news, CFO Hitesh Lath sold 11,339 shares of the firm’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 $476,238.00. Following the completion of the transaction, the chief financial officer now directly owns 851 shares of the company’s stock, valued at approximately $35,742. This trade represents a 93.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jim H. Snabe sold 499,700 shares of the stock in a transaction 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 completion of the sale, the director now owns 10,000 shares in the company, valued at approximately $430,500. This trade represents a 98.04 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 668,721 shares of company stock worth $28,425,151. 33.54% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. JTC Employer Solutions Trustee Ltd acquired a new stake in shares of C3.ai in the third quarter valued at approximately $25,000. Northwestern Mutual Wealth Management Co. increased its position in shares of C3.ai by 311.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,050 shares of the company’s stock worth $30,000 after purchasing an additional 795 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in C3.ai in the second quarter valued at about $41,000. Quest Partners LLC grew its stake in C3.ai by 9,033.3% during the third quarter. Quest Partners LLC now owns 1,644 shares of the company’s stock worth $40,000 after buying an additional 1,626 shares in the last quarter. Finally, Arcadia Investment Management Corp MI bought a new position in C3.ai in the 3rd quarter valued at about $48,000. 38.96% of the stock is owned by 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.