Wealth Enhancement Advisory Services LLC Acquires 1,632 Shares of C3.ai, Inc. (NYSE:AI)

Wealth Enhancement Advisory Services LLC increased its position in C3.ai, Inc. (NYSE:AI) by 10.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,812 shares of the company’s stock after buying an additional 1,632 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in C3.ai were worth $375,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Russell Investments Group Ltd. increased its stake in C3.ai by 100.7% during the fourth quarter. Russell Investments Group Ltd. now owns 909 shares of the company’s stock worth $31,000 after acquiring an additional 456 shares during the last quarter. Legal & General Group Plc increased its stake in C3.ai by 0.4% during the fourth quarter. Legal & General Group Plc now owns 119,144 shares of the company’s stock worth $4,102,000 after acquiring an additional 517 shares during the last quarter. Corient Private Wealth LLC increased its stake in C3.ai by 2.4% during the fourth quarter. Corient Private Wealth LLC now owns 23,371 shares of the company’s stock worth $805,000 after acquiring an additional 555 shares during the last quarter. CIBC Private Wealth Group LLC increased its stake in C3.ai by 35.7% during the fourth quarter. CIBC Private Wealth Group LLC now owns 2,128 shares of the company’s stock worth $71,000 after acquiring an additional 560 shares during the last quarter. Finally, Beacon Pointe Advisors LLC increased its stake in C3.ai by 3.2% during the fourth quarter. Beacon Pointe Advisors LLC now owns 24,960 shares of the company’s stock worth $859,000 after acquiring an additional 781 shares during the last quarter. 38.96% of the stock is currently owned by hedge funds and other institutional investors.

C3.ai Stock Performance

Shares of C3.ai stock opened at $25.75 on Monday. C3.ai, Inc. has a one year low of $17.03 and a one year high of $45.08. The company has a market cap of $3.46 billion, a price-to-earnings ratio of -11.50 and a beta of 1.99. The business’s 50 day moving average price is $24.02 and its 200 day moving average price is $26.19.

C3.ai (NYSE:AI) last posted its earnings results on Wednesday, May 28th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.04. The company had revenue of $108.72 million during the quarter, compared to analysts’ expectations of $107.85 million. C3.ai had a negative return on equity of 33.51% and a negative net margin of 74.21%. The firm’s quarterly revenue was up 25.5% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.11) earnings per share. On average, analysts predict that C3.ai, Inc. will post -2.44 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Morgan Stanley upped their target price on C3.ai from $20.00 to $22.00 and gave the company an “underweight” rating in a research note on Thursday, May 29th. Needham & Company LLC reaffirmed a “hold” rating on shares of C3.ai in a research note on Thursday, May 29th. Piper Sandler cut their target price on C3.ai from $28.00 to $27.00 and set a “neutral” rating on the stock in a research note on Thursday, May 29th. DA Davidson lowered their price target on C3.ai from $25.00 to $18.00 and set a “neutral” rating for the company in a report on Monday, April 14th. Finally, Canaccord Genuity Group lowered their price target on C3.ai from $30.00 to $28.00 and set a “hold” rating for the company in a report on Thursday, May 29th. Five analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $29.38.

Insider Activity at C3.ai

In other C3.ai news, VP Merel Witteveen sold 5,485 shares of C3.ai stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $23.95, for a total transaction of $131,365.75. Following the completion of the sale, the vice president directly owned 13,740 shares of the company’s stock, valued at $329,073. The trade was a 28.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director John E. Hyten sold 10,000 shares of the business’s stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $23.75, for a total value of $237,500.00. Following the completion of the sale, the director directly owned 63,942 shares of the company’s stock, valued at $1,518,622.50. The trade was a 13.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,770,419 shares of company stock worth $41,992,834 over the last three months. Company insiders own 33.54% of the company’s stock.

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.