C3.ai (NYSE:AI) Shares Gap Down – Should You Sell?

C3.ai, Inc. (NYSE:AI) gapped down before the market opened on Tuesday . The stock had previously closed at $37.86, but opened at $36.74. C3.ai shares last traded at $37.79, with a volume of 1,552,291 shares.

Wall Street Analyst Weigh In

A number of analysts have issued reports on AI shares. Canaccord Genuity Group decreased their price target on C3.ai from $30.00 to $23.00 and set a “hold” rating for the company in a report on Thursday, September 5th. Needham & Company LLC reissued a “hold” rating on shares of C3.ai in a report on Thursday, September 5th. JMP Securities reissued a “market outperform” rating and issued a $40.00 target price on shares of C3.ai in a report on Thursday, September 5th. Piper Sandler Companies reissued a “neutral” rating and issued a $24.00 target price on shares of C3.ai in a report on Thursday, September 5th. Finally, StockNews.com raised C3.ai to a “sell” rating in a report on Tuesday, November 12th. Three equities research 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. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $27.70.

C3.ai Stock Performance

The company has a 50-day simple moving average of $26.30 and a 200-day simple moving average of $26.42. The company has a market cap of $4.73 billion, a price-to-earnings ratio of -16.61 and a beta of 1.80.

C3.ai (NYSE:AI) last released its earnings results on Wednesday, September 4th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.08. C3.ai had a negative return on equity of 31.28% and a negative net margin of 85.47%. The company had revenue of $87.21 million for the quarter, compared to analysts’ expectations of $86.94 million. During the same quarter in the previous year, the firm posted ($0.56) EPS. The firm’s quarterly revenue was up 20.5% on a year-over-year basis. As a group, equities research analysts forecast that C3.ai, Inc. will post -2.31 EPS for the current year.

Institutional Investors Weigh In On C3.ai

A number of institutional investors and hedge funds have recently modified their holdings of AI. Vanguard Group Inc. grew its holdings in shares of C3.ai by 3.1% in the 1st quarter. Vanguard Group Inc. now owns 10,647,900 shares of the company’s stock worth $288,239,000 after acquiring an additional 317,768 shares during the period. Comerica Bank lifted its stake in C3.ai by 305.1% in the 1st quarter. Comerica Bank now owns 1,203 shares of the company’s stock valued at $33,000 after buying an additional 906 shares in the last quarter. Montchanin Asset Management LLC purchased a new stake in C3.ai in the 1st quarter valued at approximately $297,000. Virtu Financial LLC lifted its stake in C3.ai by 541.6% in the 1st quarter. Virtu Financial LLC now owns 108,720 shares of the company’s stock valued at $2,943,000 after buying an additional 91,774 shares in the last quarter. Finally, Cetera Advisors LLC purchased a new stake in C3.ai in the 1st quarter valued at approximately $465,000. Institutional investors and hedge funds 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.