C3.ai (NYSE:AI) CEO Stephen Bradley Ehikian Sells 50,542 Shares of Stock

C3.ai, Inc. (NYSE:AI) CEO Stephen Bradley Ehikian sold 50,542 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $9.45, for a total transaction of $477,621.90. Following the completion of the sale, the chief executive officer owned 651,130 shares of the company’s stock, valued at approximately $6,153,178.50. This trade represents a 7.20% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

C3.ai Price Performance

NYSE AI traded down $0.36 on Thursday, hitting $9.07. 4,617,621 shares of the stock were exchanged, compared to its average volume of 6,465,152. The company’s 50-day moving average price is $9.69 and its two-hundred day moving average price is $10.55. C3.ai, Inc. has a 52-week low of $7.68 and a 52-week high of $30.11. The company has a market capitalization of $1.32 billion, a price-to-earnings ratio of -2.71 and a beta of 2.06.

C3.ai (NYSE:AI) last released its earnings results on Wednesday, June 3rd. The company reported ($0.33) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.05. C3.ai had a negative return on equity of 62.44% and a negative net margin of 187.95%.The company had revenue of $51.60 million during the quarter, compared to analyst estimates of $51.60 million. During the same quarter in the prior year, the company earned ($0.16) earnings per share. The company’s revenue for the quarter was down 52.5% on a year-over-year basis. Equities analysts predict that C3.ai, Inc. will post -2.28 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on AI. Morgan Stanley upped their target price on C3.ai from $6.00 to $7.00 and gave the company an “underweight” rating in a report on Thursday, June 4th. Canaccord Genuity Group raised their price target on shares of C3.ai from $8.00 to $10.00 and gave the stock a “hold” rating in a report on Thursday, June 4th. UBS Group boosted their price objective on shares of C3.ai from $9.00 to $12.00 and gave the company a “neutral” rating in a research report on Thursday, June 4th. KeyCorp reiterated an “underweight” rating on shares of C3.ai in a research note on Thursday, June 4th. Finally, DA Davidson reiterated an “underperform” rating and issued a $7.00 target price on shares of C3.ai in a research report on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, six have assigned a Hold rating and six have given a Sell rating to the company’s stock. Based on data from MarketBeat, C3.ai presently has a consensus rating of “Reduce” and an average target price of $12.92.

Hedge Funds Weigh In On C3.ai

A number of hedge funds have recently added to or reduced their stakes in AI. NewEdge Advisors LLC lifted its stake in C3.ai by 48.7% in the first quarter. NewEdge Advisors LLC now owns 2,442 shares of the company’s stock valued at $51,000 after acquiring an additional 800 shares during the last quarter. Parallel Advisors LLC raised its holdings in shares of C3.ai by 76.4% during the 3rd quarter. Parallel Advisors LLC now owns 1,849 shares of the company’s stock valued at $32,000 after purchasing an additional 801 shares in the last quarter. BOKF NA raised its holdings in shares of C3.ai by 20.7% during the 3rd quarter. BOKF NA now owns 4,709 shares of the company’s stock valued at $82,000 after purchasing an additional 809 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in shares of C3.ai by 66.1% in the 4th quarter. Farther Finance Advisors LLC now owns 2,141 shares of the company’s stock valued at $29,000 after purchasing an additional 852 shares during the last quarter. Finally, Geneos Wealth Management Inc. boosted its holdings in C3.ai by 29.6% in the fourth quarter. Geneos Wealth Management Inc. now owns 4,373 shares of the company’s stock worth $59,000 after purchasing an additional 1,000 shares in the last quarter. 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.