C3.ai, Inc. (NYSE:AI) Sees Large Growth in Short Interest

C3.ai, Inc. (NYSE:AI) was the recipient of a large increase in short interest in August. As of August 31st, there was short interest totalling 28,340,000 shares, an increase of 11.7% from the August 15th total of 25,370,000 shares. Based on an average daily volume of 4,050,000 shares, the days-to-cover ratio is currently 7.0 days.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on AI shares. Oppenheimer reissued an “outperform” rating and set a $40.00 price target on shares of C3.ai in a research report on Thursday, September 5th. Wedbush decreased their price target on shares of C3.ai from $40.00 to $30.00 and set an “outperform” rating for the company in a research report on Thursday, September 5th. Canaccord Genuity Group decreased their price target on shares of C3.ai from $30.00 to $23.00 and set a “hold” rating for the company in a research report on Thursday, September 5th. Piper Sandler Companies reissued a “neutral” rating and set a $24.00 price target on shares of C3.ai in a research report on Thursday, September 5th. Finally, JMP Securities reissued a “market outperform” rating and set a $40.00 price target on shares of C3.ai in a research report on Thursday, September 5th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $27.70.

Insider Buying and Selling

In related news, CFO Hitesh Lath sold 3,005 shares of the stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $27.56, for a total transaction 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 can be accessed through the SEC website. Corporate insiders own 34.00% of the company’s stock.

Hedge Funds Weigh In On C3.ai

Institutional investors have recently bought and sold shares of the stock. Global Assets Advisory LLC boosted its position in C3.ai by 2,547.8% during the 1st quarter. Global Assets Advisory LLC now owns 896,676 shares of the company’s stock worth $24,273,000 after acquiring an additional 862,811 shares during the period. Coatue Management LLC boosted its position in C3.ai by 25.1% during the 4th quarter. Coatue Management LLC now owns 2,832,229 shares of the company’s stock worth $81,313,000 after acquiring an additional 568,369 shares during the period. Norges Bank acquired a new stake in C3.ai during the 4th quarter worth about $10,879,000. Vanguard Group Inc. boosted its position in C3.ai by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 10,647,900 shares of the company’s stock worth $288,239,000 after acquiring an additional 317,768 shares during the period. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in C3.ai during the 2nd quarter worth about $3,465,000. Hedge funds and other institutional investors own 38.96% of the company’s stock.

C3.ai Trading Up 1.2 %

NYSE:AI traded up $0.28 during mid-day trading on Monday, reaching $23.28. 3,697,329 shares of the stock were exchanged, compared to its average volume of 5,909,686. The business has a fifty day moving average price of $25.49 and a 200 day moving average price of $26.42. The firm has a market capitalization of $2.91 billion, a PE ratio of -9.83 and a beta of 1.81. C3.ai has a 1-year low of $18.85 and a 1-year high of $38.30.

C3.ai (NYSE:AI) last released its earnings results on Wednesday, September 4th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.08. The firm had revenue of $87.21 million for the quarter, compared to analyst estimates of $86.94 million. C3.ai had a negative return on equity of 31.28% and a negative net margin of 85.47%. C3.ai’s revenue was up 20.5% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.56) earnings per share. On average, sell-side analysts forecast that C3.ai will post -2.32 earnings per share for the current year.

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.