C3.ai (NYSE:AI) Hits New 12-Month High on Analyst Upgrade

C3.ai, Inc. (NYSE:AI) shares reached a new 52-week high during mid-day trading on Friday after DA Davidson raised their price target on the stock from $20.00 to $35.00. DA Davidson currently has a neutral rating on the stock. C3.ai traded as high as $40.41 and last traded at $40.03, with a volume of 4808984 shares changing hands. The stock had previously closed at $37.49.

Other equities research analysts have also recently issued reports about the company. Piper Sandler lowered their price objective on C3.ai from $29.00 to $24.00 and set a “neutral” rating on the stock in a report on Thursday, September 5th. Piper Sandler Companies reaffirmed a “neutral” rating and issued a $24.00 price target on shares of C3.ai in a research note on Thursday, September 5th. Canaccord Genuity Group reduced their price objective on C3.ai from $30.00 to $23.00 and set a “hold” rating for the company in a research note on Thursday, September 5th. StockNews.com raised shares of C3.ai to a “sell” rating in a research note on Tuesday, November 26th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a research report on Thursday, September 5th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $29.20.

Institutional Trading of C3.ai

Several institutional investors have recently made changes to their positions in AI. Geode Capital Management LLC increased its stake in C3.ai by 8.8% during the third quarter. Geode Capital Management LLC now owns 2,216,925 shares of the company’s stock worth $53,728,000 after acquiring an additional 178,870 shares during the last quarter. State Street Corp grew its holdings in shares of C3.ai by 1.8% during the 3rd quarter. State Street Corp now owns 2,121,391 shares of the company’s stock worth $51,401,000 after purchasing an additional 38,185 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of C3.ai by 12.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 844,389 shares of the company’s stock worth $20,460,000 after purchasing an additional 92,280 shares during the period. Bank of New York Mellon Corp increased its position in shares of C3.ai by 0.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 771,540 shares of the company’s stock worth $22,344,000 after purchasing an additional 1,929 shares during the last quarter. Finally, Raymond James & Associates raised its holdings in C3.ai by 11.5% in the 2nd quarter. Raymond James & Associates now owns 201,262 shares of the company’s stock valued at $5,829,000 after buying an additional 20,753 shares during the period. Hedge funds and other institutional investors own 38.96% of the company’s stock.

C3.ai Price Performance

The company has a market cap of $5.09 billion, a PE ratio of -17.59 and a beta of 2.00. The company’s 50 day simple moving average is $28.41 and its two-hundred day simple moving average is $27.02.

C3.ai (NYSE:AI) last posted its quarterly earnings data on Wednesday, September 4th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.08. The firm had revenue of $87.21 million during the quarter, compared to analysts’ expectations of $86.94 million. C3.ai had a negative net margin of 85.47% and a negative return on equity of 31.28%. The firm’s quarterly revenue was up 20.5% on a year-over-year basis. During the same quarter last year, the company posted ($0.56) EPS. Sell-side analysts expect that C3.ai, Inc. will post -2.31 EPS for the current fiscal year.

C3.ai Company Profile

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.