Mirae Asset Global Investments Co. Ltd. Sells 255,285 Shares of C3.ai, Inc. (NYSE:AI)

Mirae Asset Global Investments Co. Ltd. trimmed its stake in C3.ai, Inc. (NYSE:AI) by 21.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 943,733 shares of the company’s stock after selling 255,285 shares during the period. Mirae Asset Global Investments Co. Ltd. owned 0.77% of C3.ai worth $25,547,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. GPS Wealth Strategies Group LLC raised its position in shares of C3.ai by 87.9% in the 4th quarter. GPS Wealth Strategies Group LLC now owns 1,351 shares of the company’s stock worth $39,000 after acquiring an additional 632 shares in the last quarter. EP Wealth Advisors LLC raised its position in shares of C3.ai by 7.2% in the 4th quarter. EP Wealth Advisors LLC now owns 9,639 shares of the company’s stock worth $277,000 after acquiring an additional 644 shares in the last quarter. EWG Elevate Inc. raised its position in shares of C3.ai by 7.5% in the 1st quarter. EWG Elevate Inc. now owns 9,538 shares of the company’s stock worth $258,000 after acquiring an additional 662 shares in the last quarter. Daiwa Securities Group Inc. increased its position in C3.ai by 2.9% during the 4th quarter. Daiwa Securities Group Inc. now owns 28,478 shares of the company’s stock valued at $818,000 after buying an additional 811 shares in the last quarter. Finally, Toth Financial Advisory Corp increased its position in C3.ai by 900.0% during the 1st quarter. Toth Financial Advisory Corp now owns 1,000 shares of the company’s stock valued at $27,000 after buying an additional 900 shares in the last quarter. 38.96% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other C3.ai news, CFO Hitesh Lath sold 3,005 shares of the stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $27.56, for a total transaction of $82,817.80. Following the transaction, the chief financial officer now owns 7,390 shares in the company, valued at $203,668.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 34.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on AI. Needham & Company LLC reaffirmed a “hold” rating on shares of C3.ai in a research report on Thursday, May 30th. Morgan Stanley upped their target price on C3.ai from $21.00 to $23.00 and gave the company an “underweight” rating in a research report on Thursday, May 30th. Wedbush reaffirmed an “outperform” rating and set a $40.00 target price on shares of C3.ai in a research report on Wednesday, May 29th. Canaccord Genuity Group reduced their target price on C3.ai from $31.00 to $30.00 and set a “hold” rating on the stock in a research report on Thursday, May 30th. Finally, Piper Sandler reduced their target price on C3.ai from $33.00 to $29.00 and set a “neutral” rating on the stock in a research report on Thursday, May 30th. Three analysts have rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $31.30.

C3.ai Stock Up 4.8 %

Shares of AI traded up $1.38 during mid-day trading on Friday, reaching $29.94. The company had a trading volume of 4,645,605 shares, compared to its average volume of 3,867,291. C3.ai, Inc. has a 52-week low of $20.23 and a 52-week high of $44.90. The stock has a market capitalization of $3.74 billion, a P/E ratio of -12.79 and a beta of 1.83. The stock has a 50 day moving average of $27.06 and a two-hundred day moving average of $27.12.

C3.ai (NYSE:AI) last issued its earnings results on Wednesday, May 29th. The company reported ($0.59) EPS for the quarter, topping analysts’ consensus estimates of ($0.77) by $0.18. C3.ai had a negative return on equity of 30.95% and a negative net margin of 93.36%. The firm had revenue of $86.59 million for the quarter, compared to the consensus estimate of $84.45 million. On average, sell-side analysts expect that C3.ai, Inc. will post -2.35 earnings per share for the current year.

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.