C3.ai (NYSE:AI) Shares Up 1.2%

C3.ai, Inc. (NYSE:AI) shares rose 1.2% during mid-day trading on Friday . The stock traded as high as $27.70 and last traded at $27.17. Approximately 720,072 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 6,289,429 shares. The stock had previously closed at $26.84.

Analysts Set New Price Targets

A number of equities analysts recently commented on AI shares. Morgan Stanley lifted their target price on shares of C3.ai from $21.00 to $23.00 and gave the stock an “underweight” rating in a research report on Thursday, May 30th. Northland Capmk upgraded shares of C3.ai from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 30th. Wedbush reiterated an “outperform” rating and issued a $40.00 price objective on shares of C3.ai in a research report on Wednesday, May 29th. Canaccord Genuity Group cut their target price on shares of C3.ai from $31.00 to $30.00 and set a “hold” rating on the stock in a research note on Thursday, May 30th. Finally, Northland Securities raised C3.ai from a “market perform” rating to an “outperform” rating and set a $35.00 target price on the stock in a report on Thursday, May 30th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $30.33.

C3.ai Price Performance

The firm has a market capitalization of $3.47 billion, a P/E ratio of -11.61 and a beta of 1.83. The stock’s 50-day simple moving average is $28.33 and its two-hundred day simple moving average is $27.11.

C3.ai (NYSE:AI) last issued its quarterly earnings results on Wednesday, May 29th. The company reported ($0.59) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.77) by $0.18. The business had revenue of $86.59 million during the quarter, compared to analyst estimates of $84.45 million. C3.ai had a negative return on equity of 30.95% and a negative net margin of 93.36%. On average, analysts forecast that C3.ai, Inc. will post -2.35 earnings per share for the current fiscal year.

Insider Buying and Selling at C3.ai

In other C3.ai news, CFO Hitesh Lath sold 3,005 shares of C3.ai stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $27.56, for a total value of $82,817.80. Following the sale, the chief financial officer now directly owns 7,390 shares in the company, valued at approximately $203,668.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 34.00% of the company’s stock.

Institutional Trading of C3.ai

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its stake in C3.ai by 0.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 771,540 shares of the company’s stock worth $22,344,000 after acquiring an additional 1,929 shares in the last quarter. Unique Wealth Strategies LLC bought a new position in shares of C3.ai during the 2nd quarter worth $28,000. Hobbs Group Advisors LLC purchased a new position in shares of C3.ai during the second quarter valued at $29,000. Nisa Investment Advisors LLC raised its holdings in shares of C3.ai by 10.9% in the second quarter. Nisa Investment Advisors LLC now owns 22,335 shares of the company’s stock valued at $647,000 after acquiring an additional 2,187 shares in the last quarter. Finally, Western Wealth Management LLC bought a new position in C3.ai during the 2nd quarter worth about $289,000. 38.96% of the stock is owned by hedge funds and other institutional investors.

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.