C3.ai (NYSE:AI) Shares Gap Down – Here’s Why

C3.ai, Inc. (NYSE:AI)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $39.69, but opened at $38.86. C3.ai shares last traded at $38.05, with a volume of 2,311,619 shares.

Analyst Ratings Changes

A number of brokerages have recently commented on AI. Wedbush lowered their target price on C3.ai from $40.00 to $30.00 and set an “outperform” rating on the stock in a research note on Thursday, September 5th. Bank of America reduced their target price on C3.ai from $24.00 to $20.00 and set an “underperform” rating for the company in a report on Thursday, September 5th. Piper Sandler upped their price objective on shares of C3.ai from $24.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. KeyCorp lowered C3.ai from a “sector weight” rating to an “underweight” rating and set a $29.00 price target on the stock. in a report on Thursday. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $40.00 price target on shares of C3.ai in a research note on Thursday, September 5th. Five equities research analysts have rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, C3.ai currently has a consensus rating of “Hold” and an average target price of $35.00.

C3.ai Stock Performance

The business has a 50-day simple moving average of $31.41 and a 200-day simple moving average of $27.98. The company has a market cap of $4.30 billion, a price-to-earnings ratio of -15.31 and a beta of 2.00.

Insider Activity at C3.ai

In other news, CFO Hitesh Lath sold 11,339 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $42.00, for a total value of $476,238.00. Following the completion of the transaction, the chief financial officer now owns 851 shares in the company, valued at approximately $35,742. This represents a 93.02 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Stephen M. Ward, Jr. sold 125,000 shares of C3.ai stock in a transaction on Monday, December 9th. The stock was sold at an average price of $42.00, for a total transaction of $5,250,000.00. Following the sale, the director now owns 546,495 shares in the company, valued at $22,952,790. This represents a 18.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 145,288 shares of company stock valued at $6,085,368 over the last 90 days. 33.54% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On C3.ai

Large investors have recently bought and sold shares of the stock. JTC Employer Solutions Trustee Ltd acquired a new stake in C3.ai during the 3rd quarter worth $25,000. Blue Trust Inc. boosted its stake in shares of C3.ai by 148.9% during the second quarter. Blue Trust Inc. now owns 1,028 shares of the company’s stock worth $28,000 after buying an additional 615 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in shares of C3.ai by 311.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,050 shares of the company’s stock worth $30,000 after buying an additional 795 shares during the last quarter. Quest Partners LLC increased its position in C3.ai by 9,033.3% in the 3rd quarter. Quest Partners LLC now owns 1,644 shares of the company’s stock valued at $40,000 after acquiring an additional 1,626 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in C3.ai during the 2nd quarter valued at approximately $41,000. Institutional investors and hedge funds 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.