C3.ai’s (AI) Underperform Rating Reaffirmed at DA Davidson

DA Davidson reaffirmed their underperform rating on shares of C3.ai (NYSE:AI) in a research report report published on Thursday morning,Benzinga reports. DA Davidson currently has a $13.00 price target on the stock.

A number of other analysts have also issued reports on the stock. Oppenheimer reissued a “market perform” rating on shares of C3.ai in a research report on Tuesday, August 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of C3.ai in a research report on Wednesday, October 8th. Northland Capmk lowered shares of C3.ai from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 11th. Morgan Stanley lowered their price target on shares of C3.ai from $22.00 to $11.00 and set an “underweight” rating on the stock in a report on Tuesday, September 9th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of C3.ai in a research note on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have issued a Hold rating and five have assigned a Sell rating to the company’s stock. According to data from MarketBeat, C3.ai presently has a consensus rating of “Reduce” and a consensus price target of $21.92.

C3.ai Stock Up 2.3%

Shares of NYSE:AI opened at $15.35 on Thursday. The company’s fifty day moving average is $16.48 and its two-hundred day moving average is $20.19. The company has a market cap of $2.12 billion, a P/E ratio of -5.42 and a beta of 1.97. C3.ai has a 12-month low of $12.59 and a 12-month high of $45.08.

C3.ai (NYSE:AI) last issued its quarterly earnings results on Wednesday, December 3rd. The company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.08. The business had revenue of $75.15 million for the quarter, compared to the consensus estimate of $74.86 million. C3.ai had a negative return on equity of 45.67% and a negative net margin of 108.06%.C3.ai’s revenue for the quarter was down 20.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.06) earnings per share. Equities research analysts anticipate that C3.ai will post -2.44 earnings per share for the current year.

Insider Activity at C3.ai

In other news, EVP Robert David Schilling sold 470,420 shares of C3.ai stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $17.29, for a total value of $8,133,561.80. Following the transaction, the executive vice president owned 1,011,327 shares of the company’s stock, valued at $17,485,843.83. This trade represents a 31.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Hitesh Lath sold 46,881 shares of the business’s stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $16.99, for a total transaction of $796,508.19. Following the completion of the sale, the chief financial officer owned 209,154 shares of the company’s stock, valued at $3,553,526.46. The trade was a 18.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 2,318,479 shares of company stock valued at $39,632,315. Corporate insiders own 26.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Silicon Valley Capital Partners acquired a new stake in shares of C3.ai in the second quarter valued at about $25,000. Larson Financial Group LLC grew its holdings in C3.ai by 683.6% in the 3rd quarter. Larson Financial Group LLC now owns 1,481 shares of the company’s stock valued at $26,000 after buying an additional 1,292 shares during the last quarter. Parallel Advisors LLC increased its position in C3.ai by 76.4% in the 3rd quarter. Parallel Advisors LLC now owns 1,849 shares of the company’s stock worth $32,000 after buying an additional 801 shares during the period. Financial Consulate Inc. acquired a new position in shares of C3.ai during the third quarter worth approximately $36,000. Finally, Blue Trust Inc. lifted its holdings in shares of C3.ai by 53.7% during the second quarter. Blue Trust Inc. now owns 2,329 shares of the company’s stock worth $57,000 after buying an additional 814 shares during the last quarter. Institutional investors own 38.96% 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.