Edgestream Partners L.P. Invests $2.07 Million in C3.ai, Inc. $AI

Edgestream Partners L.P. bought a new stake in shares of C3.ai, Inc. (NYSE:AI) during the 2nd quarter, according to its most recent filing with the SEC. The fund bought 84,216 shares of the company’s stock, valued at approximately $2,069,000. Edgestream Partners L.P. owned approximately 0.06% of C3.ai as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Bogart Wealth LLC lifted its stake in C3.ai by 22.7% during the second quarter. Bogart Wealth LLC now owns 2,700 shares of the company’s stock worth $66,000 after purchasing an additional 500 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of C3.ai by 8.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 6,546 shares of the company’s stock valued at $138,000 after purchasing an additional 510 shares during the period. ProShare Advisors LLC grew its stake in shares of C3.ai by 2.4% in the 2nd quarter. ProShare Advisors LLC now owns 25,548 shares of the company’s stock valued at $628,000 after purchasing an additional 593 shares during the period. Moors & Cabot Inc. raised its holdings in shares of C3.ai by 5.2% in the 2nd quarter. Moors & Cabot Inc. now owns 14,263 shares of the company’s stock worth $350,000 after buying an additional 700 shares in the last quarter. Finally, Ameritas Investment Partners Inc. lifted its position in shares of C3.ai by 6.8% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 12,365 shares of the company’s stock worth $304,000 after buying an additional 791 shares during the period. Institutional investors own 38.96% of the company’s stock.

C3.ai Trading Down 1.8%

AI opened at $15.05 on Friday. C3.ai, Inc. has a 1-year low of $12.59 and a 1-year high of $45.08. The stock has a market capitalization of $2.07 billion, a PE ratio of -5.32 and a beta of 1.97. The firm has a 50-day moving average price of $16.43 and a two-hundred day moving average price of $20.13.

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

Insider Buying and Selling at C3.ai

In other news, CFO Hitesh Lath sold 46,881 shares of the company’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 transaction, the chief financial officer owned 209,154 shares of the company’s stock, valued at $3,553,526.46. This represents a 18.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Robert David Schilling sold 470,420 shares of C3.ai stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $17.29, for a total value of $8,133,561.80. Following the completion of the sale, the executive vice president owned 1,011,327 shares of the company’s stock, valued at approximately $17,485,843.83. The trade was a 31.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 2,318,479 shares of company stock worth $39,632,315. Insiders own 26.50% of the company’s stock.

Analysts Set New Price Targets

AI has been the topic of a number of analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a research report on Thursday. UBS Group upped their target price on shares of C3.ai from $16.00 to $17.00 and gave the stock a “neutral” rating in a report on Friday, September 12th. KeyCorp cut their price target on shares of C3.ai from $18.00 to $10.00 and set an “underweight” rating for the company in a report on Thursday, September 4th. Wall Street Zen cut shares of C3.ai from a “hold” rating to a “sell” rating in a research note on Saturday, August 16th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of C3.ai in a report on Wednesday, October 8th. One 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 given a Sell rating to the company. Based on data from MarketBeat, C3.ai currently has a consensus rating of “Reduce” and a consensus price target of $21.92.

C3.ai 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.