C3.ai (NYSE:AI) Sees Large Volume Increase

Shares of C3.ai, Inc. (NYSE:AI – Get Rating) saw unusually-strong trading volume on Wednesday . Approximately 47,082 shares traded hands during trading, a decline of 98% from the previous session’s volume of 2,366,764 shares.The stock last traded at $20.02 and had previously closed at $19.63.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on AI shares. StockNews.com raised shares of C3.ai to a “sell” rating in a research report on Friday, June 3rd. Deutsche Bank Aktiengesellschaft decreased their target price on shares of C3.ai from $18.00 to $14.50 in a research report on Thursday, June 2nd. Morgan Stanley reduced their price objective on shares of C3.ai from $15.00 to $14.00 and set an “underweight” rating for the company in a research report on Thursday, June 2nd. Needham & Company LLC reduced their price objective on shares of C3.ai from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, June 2nd. Finally, Piper Sandler upped their price objective on shares of C3.ai from $15.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday. Four analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $20.06.

C3.ai Price Performance

The stock has a market capitalization of $2.30 billion, a PE ratio of -11.54 and a beta of 0.35. The stock’s 50 day simple moving average is $18.55 and its two-hundred day simple moving average is $20.98.

C3.ai (NYSE:AI – Get Rating) last released its earnings results on Wednesday, June 1st. The company reported ($0.55) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.58) by $0.03. The firm had revenue of $72.32 million for the quarter, compared to analysts’ expectations of $71.28 million. C3.ai had a negative net margin of 75.99% and a negative return on equity of 14.11%. The company’s quarterly revenue was up 38.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.24) earnings per share. As a group, equities research analysts predict that C3.ai, Inc. will post -2.03 earnings per share for the current fiscal year.

Insider Activity at C3.ai

In related news, CFO Juho Parkkinen sold 2,085 shares of the company’s stock in a transaction that occurred on Monday, May 2nd. The shares were sold at an average price of $16.99, for a total transaction of $35,424.15. Following the sale, the chief financial officer now directly owns 169,184 shares in the company, valued at approximately $2,874,436.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last ninety days, insiders have sold 4,355 shares of company stock worth $76,773. 52.65% of the stock is owned by corporate insiders.

Institutional Trading of C3.ai

A number of hedge funds and other institutional investors have recently bought and sold shares of AI. CENTRAL TRUST Co bought a new stake in C3.ai during the 4th quarter worth approximately $25,000. FNY Investment Advisers LLC bought a new stake in C3.ai during the 4th quarter worth approximately $26,000. Canada Pension Plan Investment Board increased its holdings in C3.ai by 755.8% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,472 shares of the company’s stock worth $34,000 after acquiring an additional 1,300 shares during the period. Princeton Global Asset Management LLC bought a new position in shares of C3.ai in the 4th quarter worth $38,000. Finally, Benjamin Edwards Inc. bought a new position in shares of C3.ai in the 1st quarter worth $40,000. Institutional investors own 45.41% of the company’s stock.

About C3.ai

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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.