C3.ai (NYSE:AI) Trading Down 6.9% – Here’s What Happened

C3.ai, Inc. (NYSE:AI)’s share price was down 6.9% on Thursday . The stock traded as low as $33.01 and last traded at $33.34. Approximately 5,192,963 shares were traded during trading, an increase of 11% from the average daily volume of 4,663,776 shares. The stock had previously closed at $35.82.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on AI shares. Needham & Company LLC reissued a “hold” rating on shares of C3.ai in a research note on Tuesday, December 10th. JMP Securities lifted their price objective on shares of C3.ai from $40.00 to $55.00 and gave the stock a “market outperform” rating in a research note on Tuesday, December 10th. KeyCorp lowered shares of C3.ai from a “sector weight” rating to an “underweight” rating and set a $29.00 price objective on the stock. in a research note on Thursday, December 19th. JPMorgan Chase & Co. lowered shares of C3.ai from a “neutral” rating to an “underweight” rating and set a $28.00 price objective on the stock. in a research note on Wednesday, December 11th. Finally, DA Davidson raised shares of C3.ai to a “hold” rating in a research note on Wednesday, December 18th. Five investment analysts have rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, C3.ai has an average rating of “Hold” and a consensus target price of $35.00.

C3.ai Price Performance

The stock’s 50-day moving average price is $34.61 and its 200 day moving average price is $28.66. The firm has a market cap of $4.19 billion, a P/E ratio of -14.67 and a beta of 2.00.

Insider Transactions at C3.ai

In related news, CFO Hitesh Lath sold 3,949 shares of the business’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $42.36, for a total transaction of $167,279.64. Following the transaction, the chief financial officer now directly owns 851 shares in the company, valued at approximately $36,048.36. The trade was a 82.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard C. Levin sold 12,000 shares of the business’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $34.80, for a total transaction of $417,600.00. Following the transaction, the director now owns 161,664 shares in the company, valued at approximately $5,625,907.20. The trade was a 6.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 668,721 shares of company stock valued at $28,425,151 over the last 90 days. 33.54% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On C3.ai

Institutional investors and hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC grew its stake 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 in the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in shares of C3.ai in the second quarter valued at about $3,465,000. Charles Schwab Investment Management Inc. grew its stake in shares of C3.ai by 12.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 844,389 shares of the company’s stock valued at $20,460,000 after acquiring an additional 92,280 shares in the last quarter. Hodges Capital Management Inc. acquired a new position in shares of C3.ai in the third quarter valued at about $1,955,000. Finally, Hsbc Holdings PLC grew its stake in shares of C3.ai by 679.8% in the second quarter. Hsbc Holdings PLC now owns 87,092 shares of the company’s stock valued at $2,500,000 after acquiring an additional 75,923 shares in the last quarter. 38.96% of the stock is currently owned by institutional investors and hedge funds.

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.