Wedbush Lowers C3.ai (NYSE:AI) to Neutral

C3.ai (NYSE:AIGet Rating) was downgraded by stock analysts at Wedbush from an “outperform” rating to a “neutral” rating in a research note issued on Tuesday, Briefing.com reports. They currently have a $16.00 price objective on the stock, down from their previous price objective of $30.00. Wedbush’s price target indicates a potential downside of 11.70% from the stock’s current price.

Several other research firms have also commented on AI. Deutsche Bank Aktiengesellschaft lowered shares of C3.ai from a “hold” rating to a “sell” rating and decreased their price objective for the stock from $36.00 to $18.00 in a research report on Friday, March 4th. Needham & Company LLC cut their price objective on shares of C3.ai from $103.00 to $26.00 and set a “buy” rating on the stock in a report on Thursday, March 3rd. StockNews.com raised shares of C3.ai to a “sell” rating in a research report on Friday, April 22nd. Canaccord Genuity Group lowered their price objective on shares of C3.ai from $34.00 to $23.00 and set a “hold” rating for the company in a research report on Thursday, March 3rd. Finally, Zacks Investment Research raised shares of C3.ai from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a research report on Thursday, March 10th. Four equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, C3.ai presently has a consensus rating of “Hold” and a consensus target price of $27.50.

Shares of NYSE:AI opened at $18.12 on Tuesday. The company has a market capitalization of $1.93 billion, a PE ratio of -11.69 and a beta of 0.69. C3.ai has a twelve month low of $16.55 and a twelve month high of $76.85. The firm has a 50 day simple moving average of $20.66 and a 200-day simple moving average of $29.35.

C3.ai (NYSE:AIGet Rating) last announced its quarterly earnings data on Wednesday, March 2nd. The company reported ($0.38) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.63) by $0.25. The firm had revenue of $69.77 million during the quarter, compared to analyst estimates of $67.29 million. During the same period in the prior year, the firm posted ($0.23) earnings per share. As a group, equities research analysts expect that C3.ai will post -1.83 EPS for the current fiscal year.

In other C3.ai news, CFO Juho Parkkinen sold 2,548 shares of the company’s stock in a transaction that occurred on Wednesday, March 16th. The stock was sold at an average price of $17.89, for a total transaction of $45,583.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 8,731 shares of company stock valued at $182,854 in the last ninety days. Company insiders own 52.65% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Claremont Financial Group Inc. raised its stake in shares of C3.ai by 26.0% in the first quarter. Claremont Financial Group Inc. now owns 2,520 shares of the company’s stock valued at $54,000 after purchasing an additional 520 shares in the last quarter. Rockefeller Capital Management L.P. grew its holdings in shares of C3.ai by 19.0% during the third quarter. Rockefeller Capital Management L.P. now owns 3,672 shares of the company’s stock worth $170,000 after purchasing an additional 585 shares during the last quarter. Alliancebernstein L.P. grew its holdings in shares of C3.ai by 4.9% during the third quarter. Alliancebernstein L.P. now owns 15,034 shares of the company’s stock worth $697,000 after purchasing an additional 708 shares during the last quarter. CENTRAL TRUST Co bought a new stake in shares of C3.ai during the fourth quarter worth $25,000. Finally, CAPROCK Group Inc. grew its holdings in shares of C3.ai by 1.2% during the first quarter. CAPROCK Group Inc. now owns 65,862 shares of the company’s stock worth $1,495,000 after purchasing an additional 813 shares during the last quarter. Institutional investors and hedge funds own 45.41% of the company’s stock.

C3.ai Company Profile (Get Rating)

C3.ai, Inc operates as an enterprise artificial intelligence (AI) software company. The company provides software-as-a-service applications for enterprises. 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 include industry-specific and application-specific turnkey AI solutions.

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Analyst Recommendations for C3.ai (NYSE:AI)

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