C3.ai (NYSE:AI) PT Lowered to $20.00

C3.ai (NYSE:AI) had its price target cut by Bank of America from $24.00 to $20.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have an underperform rating on the stock.

Several other equities analysts have also issued reports on the company. Needham & Company LLC restated a hold rating on shares of C3.ai in a research note on Thursday. Morgan Stanley decreased their price target on C3.ai from $23.00 to $21.00 and set an underweight rating on the stock in a research report on Thursday. Canaccord Genuity Group cut their price target on C3.ai from $31.00 to $30.00 and set a hold rating on the stock in a research note on Thursday, May 30th. Northland Securities raised C3.ai from a market perform rating to an outperform rating and set a $35.00 price target on the stock in a research note on Thursday, May 30th. Finally, DA Davidson dropped their price objective on C3.ai from $30.00 to $20.00 and set a neutral rating on the stock in a research note on Thursday. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of Hold and an average target price of $27.70.

C3.ai Stock Up 0.9 %

Shares of C3.ai stock opened at $21.30 on Thursday. The firm has a market capitalization of $2.66 billion, a PE ratio of -9.10 and a beta of 1.81. The stock’s fifty day moving average is $26.16 and its 200-day moving average is $26.64. C3.ai has a 12-month low of $18.85 and a 12-month high of $38.30.

C3.ai (NYSE:AI) last released its quarterly earnings data on Wednesday, September 4th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.08. C3.ai had a negative return on equity of 30.95% and a negative net margin of 93.36%. The firm had revenue of $87.21 million during the quarter, compared to analysts’ expectations of $86.94 million. During the same quarter last year, the firm earned ($0.56) earnings per share. The business’s revenue for the quarter was up 20.5% on a year-over-year basis. Analysts expect that C3.ai will post -2.35 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Hitesh Lath sold 3,005 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $27.56, for a total value 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 34.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Sanctuary Advisors LLC purchased a new stake in shares of C3.ai during the second quarter worth about $373,000. Cetera Investment Advisers grew its position in C3.ai by 16.4% in the 2nd quarter. Cetera Investment Advisers now owns 57,341 shares of the company’s stock worth $1,661,000 after purchasing an additional 8,094 shares during the period. Truist Financial Corp grew its position in C3.ai by 5.1% in the 2nd quarter. Truist Financial Corp now owns 21,211 shares of the company’s stock worth $614,000 after purchasing an additional 1,023 shares during the period. Point72 Asset Management L.P. purchased a new position in shares of C3.ai during the 2nd quarter worth $513,000. Finally, EP Wealth Advisors LLC boosted its stake in shares of C3.ai by 5.9% during the 2nd quarter. EP Wealth Advisors LLC now owns 10,840 shares of the company’s stock worth $314,000 after acquiring an additional 601 shares during the last quarter. Institutional investors own 38.96% of the company’s stock.

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.