Shares of C3.ai, Inc. (NYSE:AI – Get Rating) earned an average recommendation of “Hold” from the eleven ratings companies that currently cover the stock, Marketbeat reports. Three equity research analysts rated the stock with a sell recommendation, five gave a hold recommendation and one gave the company a buy recommendation. The 12-month average price target among brokerages that have reported on the stock over the past year is $16.00.
AI has been the subject of a number of recent research reports. UBS Group cut its price target on C3.ai shares from $19.00 to $16.00 and set a “hold” rating for the company in a Thursday, September 1 research report. Needham & Company LLC downgraded C3.ai from a “buy” rating to a “hold” rating in a Friday, September 2 research report. JMP Securities lowered its price target on C3.ai from $28.00 to $25.00 and set a “market outperformance” rating for the company in a Thursday, September 1 research report. Wolfe Research began covering C3.ai in a research report on Tuesday August 16th. They set a “market performance” rating for the company. Finally, Morgan Stanley cut its price target on C3.ai from $14.00 to $13.00 and set an “underweight” rating for the company in a Thursday, Sept. 1 research note.
Insider Buying and Selling at C3.ai
Separately, director Shankar Sastry sold 79,142 shares of the company in a deal that took place on Thursday, September 22. The stock was sold at an average price of $13.19, for a total transaction of $1,043,882.98. As a result of the transaction, the administrator now directly owns 24,640 shares of the company, valued at approximately $325,001.60. The sale was disclosed in a legal filing with the SEC, which is available on the SEC’s website. In other C3.ai news, director Shankar Sastry sold 79,142 shares of the company in a trade that took place on Thursday, September 22. The stock was sold at an average price of $13.19, for a total value of $1,043,882.98. Following the sale, the director now owns 24,640 shares of the company, valued at $325,001.60. The sale was disclosed in a filing with the SEC, accessible via the SEC’s website. Additionally, director Stephen M. Ward, Jr. sold 12,500 shares of the company in a trade on Tuesday, September 27. The stock was sold at an average price of $12.90, for a total value of $161,250.00. As a result of the sale, the administrator now directly owns 546,495 shares of the company, valued at approximately $7,049,785.50. The disclosure of this sale can be found here. During the last quarter, insiders sold 99,938 shares of the company worth $1,317,639. Insiders hold 38.08% of the shares of the company.
Institutional investors weigh on C3.ai
A number of hedge funds have recently increased or reduced their holdings in AI. Prospera Financial Services Inc acquired a new stake in C3.ai during the first quarter worth approximately $56,000. Advisor Group Holdings Inc. increased its stake in C3.ai by 5.3% during the 1st quarter. Advisor Group Holdings Inc. now owns 59,899 shares of the company worth $3,042,000 after purchasing an additional 3,028 shares during the period. The State Board of Administration of Florida Retirement System increased its stake in C3.ai by 2.5% during the 1st quarter. The Florida Retirement System State Board of Directors now owns 46,718 shares of the company worth $1,060,000 after purchasing an additional 1,129 shares during the period. Qube Research & Technologies Ltd bought a new stake in shares of C3.ai in Q1 for a value of approximately $477,000. Finally, the Swiss National Bank increased its holdings of C3.ai shares by 7.6% in the 1st quarter. The Swiss National Bank now owns 95,100 shares of the company valued at $2,159,000 after purchasing an additional 6,700 shares during the period. Institutional investors and hedge funds own 44.34% of the company’s shares.
C3.ai stock performance
AI shares opened at $13.32 on Monday. The stock has a market capitalization of $1.44 billion, a price-earnings ratio of -6.20 and a beta of 0.85. The company has a fifty-day moving average of $12.77 and a 200-day moving average of $16.35. C3.ai has a 52-week low of $11.29 and a 52-week high of $36.33.
C3.ai Company Profile
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C3.ai, Inc operates as an enterprise artificial intelligence (AI) software company. The company provides software applications as a service for businesses. Its software solutions include C3 AI Suite, a platform-as-a-service application development and runtime environment that enables customers to design, develop and deploy enterprise AI applications; and C3 AI Applications, which includes turnkey industry and application-specific AI solutions.
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