C3.ai (NYSE:AI) Price Target Lowered to $21.00 at Morgan Stanley

C3.ai (NYSE:AI) had its price target reduced by Morgan Stanley from $23.00 to $21.00 in a research note released on Thursday, Benzinga reports. They currently have an underweight rating on the stock.

Several other research firms have also recently commented on AI. Wedbush restated an outperform rating and set a $40.00 target price on shares of C3.ai in a research report on Wednesday, May 29th. Canaccord Genuity Group dropped their price target on C3.ai from $31.00 to $30.00 and set a hold rating for the company in a research note on Thursday, May 30th. Piper Sandler Companies reaffirmed a neutral rating and set a $24.00 price target on shares of C3.ai in a research note on Thursday. Needham & Company LLC reaffirmed a hold rating on shares of C3.ai 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 price target for the company in a research note on Thursday, May 30th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, C3.ai has an average rating of Hold and a consensus price target of $27.70.

C3.ai Stock Up 0.9 %

C3.ai stock opened at $21.30 on Thursday. C3.ai has a 52 week low of $18.85 and a 52 week high of $38.30. The business has a 50-day simple moving average of $26.16 and a 200 day simple moving average of $26.64. The stock has a market cap of $2.66 billion, a price-to-earnings ratio of -9.10 and a beta of 1.81.

C3.ai (NYSE:AI) last posted its earnings results on Wednesday, September 4th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.08. C3.ai had a negative return on equity of 30.95% and a negative net margin of 93.36%. The business had revenue of $87.21 million during the quarter, compared to analysts’ expectations of $86.94 million. During the same period in the previous year, the business earned ($0.56) earnings per share. The firm’s revenue was up 20.5% on a year-over-year basis. On average, research analysts anticipate that C3.ai will post -2.35 earnings per share for the current year.

Insider Activity

In other news, CFO Hitesh Lath sold 3,005 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $27.56, for a total value of $82,817.80. Following the completion of the sale, the chief financial officer now owns 7,390 shares of the company’s stock, valued at approximately $203,668.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 34.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Sanctuary Advisors LLC bought a new position in C3.ai during the 2nd quarter valued at approximately $373,000. Cetera Investment Advisers raised its position in C3.ai by 16.4% during the 2nd quarter. Cetera Investment Advisers now owns 57,341 shares of the company’s stock valued at $1,661,000 after purchasing an additional 8,094 shares during the last quarter. Truist Financial Corp raised its position in C3.ai by 5.1% during the 2nd quarter. Truist Financial Corp now owns 21,211 shares of the company’s stock valued at $614,000 after purchasing an additional 1,023 shares during the last quarter. Point72 Asset Management L.P. bought a new position in C3.ai during the 2nd quarter valued at approximately $513,000. Finally, EP Wealth Advisors LLC raised its position in C3.ai by 5.9% during the 2nd quarter. EP Wealth Advisors LLC now owns 10,840 shares of the company’s stock valued at $314,000 after purchasing an additional 601 shares during the last quarter. Institutional investors 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.