C3.ai (NYSE:AI) Cut to Sell at Wall Street Zen

C3.ai (NYSE:AI) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

Several other equities research analysts also recently issued reports on AI. Northland Capmk downgraded C3.ai from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 11th. Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a research report on Monday, August 11th. JPMorgan Chase & Co. lowered their price objective on C3.ai from $27.00 to $23.00 and set an “underweight” rating on the stock in a research report on Thursday, May 29th. JMP Securities reiterated a “market outperform” rating and issued a $50.00 price objective on shares of C3.ai in a research report on Friday, July 25th. Finally, Canaccord Genuity Group lowered their price objective on C3.ai from $30.00 to $28.00 and set a “hold” rating on the stock in a research report on Thursday, May 29th. Six analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, C3.ai currently has a consensus rating of “Hold” and a consensus target price of $27.43.

C3.ai Price Performance

NYSE:AI opened at $17.86 on Friday. The company has a market cap of $2.40 billion, a P/E ratio of -7.97 and a beta of 1.98. The stock’s fifty day moving average price is $24.46 and its two-hundred day moving average price is $24.31. C3.ai has a 1 year low of $14.70 and a 1 year high of $45.08.

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 firm had revenue of $108.72 million for the quarter, compared to the consensus estimate of $107.85 million. C3.ai had a negative return on equity of 33.51% and a negative net margin of 74.21%. The business’s quarterly revenue was up 25.5% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.11) earnings per share. On average, analysts expect that C3.ai will post -2.44 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Thomas M. Siebel sold 601,498 shares of the stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $25.02, for a total value of $15,049,479.96. Following the transaction, the chief executive officer owned 3,816,802 shares of the company’s stock, valued at $95,496,386.04. This represents a 13.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stephen M. Ward, Jr. sold 42,382 shares of the firm’s stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $26.32, for a total value of $1,115,494.24. Following the transaction, the director directly owned 546,495 shares in the company, valued at $14,383,748.40. This trade represents a 7.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,262,793 shares of company stock valued at $53,394,317 over the last quarter. Insiders own 33.54% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Tower Research Capital LLC TRC grew its stake in shares of C3.ai by 601.2% during the second quarter. Tower Research Capital LLC TRC now owns 21,794 shares of the company’s stock valued at $535,000 after buying an additional 18,686 shares during the last quarter. Holocene Advisors LP grew its stake in shares of C3.ai by 84.4% during the second quarter. Holocene Advisors LP now owns 110,877 shares of the company’s stock valued at $2,724,000 after buying an additional 50,758 shares during the last quarter. Boothbay Fund Management LLC bought a new position in shares of C3.ai during the second quarter valued at about $239,000. Brevan Howard Capital Management LP bought a new position in shares of C3.ai during the second quarter valued at about $601,000. Finally, PDT Partners LLC grew its stake in shares of C3.ai by 319.8% during the second quarter. PDT Partners LLC now owns 139,614 shares of the company’s stock valued at $3,430,000 after buying an additional 106,355 shares during the last quarter. 38.96% of the stock is owned by institutional investors.

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.