C3.ai (NYSE:AI) Shares Down 5.9% – Here’s Why

C3.ai, Inc. (NYSE:AI)’s stock price fell 5.9% during mid-day trading on Wednesday . The company traded as low as $33.52 and last traded at $33.72. 1,876,377 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 3,968,153 shares. The stock had previously closed at $35.82.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on AI. Canaccord Genuity Group lifted their price objective on shares of C3.ai from $23.00 to $40.00 and gave the company a “hold” rating in a research note on Wednesday, December 11th. Northland Securities lifted their price target on C3.ai from $35.00 to $45.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 10th. Morgan Stanley boosted their target price on C3.ai from $21.00 to $32.00 and gave the company an “underweight” rating in a research note on Tuesday, December 10th. DA Davidson raised shares of C3.ai to a “hold” rating in a research report on Wednesday, December 18th. Finally, StockNews.com raised C3.ai to a “sell” rating in a research note on Tuesday, November 26th. Five investment analysts have rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $35.00.

C3.ai Stock Performance

The stock has a 50-day moving average price of $34.61 and a two-hundred day moving average price of $28.66. The stock has a market capitalization of $4.19 billion, a PE ratio of -14.67 and a beta of 2.00.

Insiders Place Their Bets

In other C3.ai news, CFO Hitesh Lath sold 11,339 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $42.00, for a total transaction of $476,238.00. Following the transaction, the chief financial officer now directly owns 851 shares in the company, valued at $35,742. This trade represents a 93.02 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Richard C. Levin sold 12,000 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $34.80, for a total transaction of $417,600.00. Following the transaction, the director now owns 161,664 shares in the company, valued at approximately $5,625,907.20. This represents a 6.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 668,721 shares of company stock worth $28,425,151 in the last three months. 33.54% of the stock is owned by company insiders.

Institutional Trading of C3.ai

A number of institutional investors have recently made changes to their positions in the business. JTC Employer Solutions Trustee Ltd acquired a new position in C3.ai during the third quarter worth $25,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of C3.ai by 311.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,050 shares of the company’s stock valued at $30,000 after purchasing an additional 795 shares during the period. Quest Partners LLC raised its position in C3.ai by 9,033.3% in the 3rd quarter. Quest Partners LLC now owns 1,644 shares of the company’s stock valued at $40,000 after purchasing an additional 1,626 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in C3.ai in the second quarter valued at $41,000. Finally, Arcadia Investment Management Corp MI purchased a new stake in C3.ai in the third quarter valued at $48,000. Institutional investors and hedge funds own 38.96% of the company’s stock.

About C3.ai

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.