C3.ai (NYSE:AI) Hits New 52-Week Low Following Insider Selling

C3.ai, Inc. (NYSE:AI) hit a new 52-week low during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $10.19 and last traded at $10.7340, with a volume of 9367046 shares changing hands. The stock had previously closed at $10.92.

Specifically, Chairman Thomas M. Siebel sold 27,605 shares of the company’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $10.81, for a total value of $298,410.05. Following the completion of the sale, the chairman directly owned 747,882 shares in the company, valued at $8,084,604.42. This represents a 3.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Analysts Set New Price Targets

AI has been the subject of several research analyst reports. DA Davidson restated an “underperform” rating and issued a $13.00 price objective on shares of C3.ai in a report on Thursday, December 4th. Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a research report on Thursday, December 4th. Wedbush reaffirmed an “outperform” rating and issued a $20.00 price objective on shares of C3.ai in a research note on Thursday, December 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of C3.ai in a report on Wednesday, January 21st. Finally, Oppenheimer set a $10.00 target price on shares of C3.ai in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have assigned a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $19.00.

C3.ai Trading Down 1.7%

The company’s 50-day moving average is $13.81 and its 200 day moving average is $16.67. The firm has a market cap of $1.51 billion, a PE ratio of -3.79 and a beta of 1.98.

C3.ai (NYSE:AI) last released its earnings results on Wednesday, December 3rd. The company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.08. C3.ai had a negative return on equity of 46.51% and a negative net margin of 108.06%.The company had revenue of $75.15 million during the quarter, compared to analyst estimates of $74.86 million. During the same quarter in the prior year, the company earned ($0.06) earnings per share. The company’s revenue for the quarter was down 20.3% on a year-over-year basis. On average, research analysts predict that C3.ai, Inc. will post -2.44 EPS for the current fiscal year.

Hedge Funds Weigh In On C3.ai

A number of large investors have recently made changes to their positions in AI. AQR Capital Management LLC lifted its position in shares of C3.ai by 267.9% in the first quarter. AQR Capital Management LLC now owns 181,354 shares of the company’s stock worth $3,788,000 after purchasing an additional 132,056 shares in the last quarter. NewEdge Advisors LLC increased its stake in C3.ai by 48.7% in the 1st quarter. NewEdge Advisors LLC now owns 2,442 shares of the company’s stock valued at $51,000 after buying an additional 800 shares during the period. Woodline Partners LP acquired a new position in C3.ai in the 1st quarter valued at approximately $346,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in C3.ai by 4.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 242,784 shares of the company’s stock worth $5,111,000 after buying an additional 10,675 shares in the last quarter. Finally, Focus Partners Wealth boosted its stake in shares of C3.ai by 2.6% during the 1st quarter. Focus Partners Wealth now owns 59,004 shares of the company’s stock valued at $1,242,000 after buying an additional 1,503 shares during the period. Institutional investors and hedge funds own 38.96% of the company’s stock.

About C3.ai

C3.ai, Inc is a leading enterprise software provider focused on delivering scalable artificial intelligence (AI) and Internet of Things (IoT) solutions to large organizations. The company’s core offering, the C3 AI Suite, is a comprehensive, model-driven platform that unifies data ingestion, model development, and application deployment. Through its suite of tools, C3.ai enables customers to accelerate digital transformation initiatives by applying advanced machine learning, predictive analytics, and AI-driven insights across a broad range of business functions.

The C3 AI Suite provides a low-code environment for data scientists and application developers to rapidly design, test, and deploy enterprise-scale AI applications.