C3.ai (NYSE:AI) Stock Price Up 8.8% – Time to Buy?

C3.ai, Inc. (NYSE:AI) rose 8.8% during mid-day trading on Monday . The company traded as high as $8.85 and last traded at $8.8650. 2,885,328 shares changed hands during trading, a decline of 54% from the average daily volume of 6,288,835 shares. The stock had previously closed at $8.15.

Analyst Ratings Changes

A number of brokerages recently commented on AI. Morgan Stanley increased their price target on C3.ai from $6.00 to $7.00 and gave the company an “underweight” rating in a report on Thursday, June 4th. Needham & Company LLC restated a “hold” rating on shares of C3.ai in a report on Thursday, June 4th. Wedbush reiterated an “outperform” rating and set a $15.00 target price on shares of C3.ai in a research note on Thursday, June 4th. KeyCorp restated an “underweight” rating on shares of C3.ai in a research note on Thursday, June 4th. Finally, Citizens Jmp reiterated a “market perform” rating on shares of C3.ai in a research note on Thursday, June 4th. One equities research analyst has rated the stock with a Buy rating, six have issued a Hold rating and six have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Reduce” and an average price target of $10.67.

C3.ai Trading Up 1.1%

The company has a market cap of $1.39 billion, a price-to-earnings ratio of -2.67 and a beta of 2.06. The firm has a 50-day moving average price of $9.61 and a 200 day moving average price of $9.85.

C3.ai (NYSE:AI) last announced its quarterly earnings data on Wednesday, June 3rd. The company reported ($0.33) earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $51.60 million for the quarter, compared to analysts’ expectations of $51.60 million. During the same period last year, the business posted ($0.16) earnings per share. The firm’s revenue for the quarter was down 52.5% on a year-over-year basis. Research analysts anticipate that C3.ai, Inc. will post -2.28 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Thomas M. Siebel sold 472,005 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $11.11, for a total transaction of $5,243,975.55. Following the completion of the transaction, the chief executive officer directly owned 722,362 shares of the company’s stock, valued at approximately $8,025,441.82. This represents a 39.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Stephen Bradley Ehikian sold 50,542 shares of the stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $9.45, for a total value of $477,621.90. Following the sale, the chief executive officer owned 651,130 shares in the company, valued at $6,153,178.50. The trade was a 7.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 1,155,144 shares of company stock worth $11,420,651 over the last quarter. 26.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in shares of C3.ai by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 14,469,953 shares of the company’s stock valued at $195,055,000 after acquiring an additional 108,011 shares during the period. SG Americas Securities LLC increased its holdings in shares of C3.ai by 115.0% in the 4th quarter. SG Americas Securities LLC now owns 384,486 shares of the company’s stock worth $5,183,000 after acquiring an additional 205,640 shares during the period. Zweig DiMenna Associates LLC acquired a new stake in shares of C3.ai in the 1st quarter worth about $2,686,000. Naviter Wealth LLC bought a new stake in C3.ai in the 4th quarter valued at about $1,006,000. Finally, Atom Investors LP lifted its position in C3.ai by 498.4% in the 4th quarter. Atom Investors LP now owns 374,371 shares of the company’s stock valued at $5,047,000 after purchasing an additional 311,813 shares during the last quarter. 38.96% of the stock is currently owned by institutional investors.

C3.ai Company Profile

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.