KeyCorp Has Lowered Expectations for C3.ai (NYSE:AI) Stock Price

C3.ai (NYSE:AI) had its target price lowered by KeyCorp from $29.00 to $21.00 in a research report sent to investors on Thursday morning,Benzinga reports. The firm currently has an underweight rating on the stock.

AI has been the subject of several other reports. Northland Securities raised their price objective on C3.ai from $35.00 to $45.00 and gave the company an “outperform” rating in a research note on Tuesday, December 10th. JPMorgan Chase & Co. lowered C3.ai from a “neutral” rating to an “underweight” rating and set a $28.00 price target on the stock. in a report on Wednesday, December 11th. Needham & Company LLC reaffirmed a “hold” rating on shares of C3.ai in a research note on Thursday. StockNews.com raised shares of C3.ai to a “sell” rating in a research note on Tuesday, November 26th. Finally, DA Davidson upgraded shares of C3.ai to a “hold” rating in a report on Wednesday, December 18th. Five 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 given a strong buy rating to the company. According to data from MarketBeat.com, C3.ai has an average rating of “Hold” and an average price target of $31.33.

C3.ai Stock Performance

Shares of AI opened at $23.80 on Thursday. The stock has a market capitalization of $3.07 billion, a PE ratio of -10.77 and a beta of 1.98. The company’s fifty day moving average is $32.65 and its 200 day moving average is $29.55. C3.ai has a fifty-two week low of $18.85 and a fifty-two week high of $45.08.

C3.ai (NYSE:AI) last posted its earnings results on Wednesday, February 26th. The company reported ($0.62) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.37). C3.ai had a negative return on equity of 31.31% and a negative net margin of 79.17%. The business had revenue of $98.78 million during the quarter, compared to the consensus estimate of $98.12 million. As a group, research analysts forecast that C3.ai will post -2.44 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Richard C. Levin sold 12,000 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $29.84, for a total transaction of $358,080.00. Following the transaction, the director now owns 161,664 shares in the company, valued at approximately $4,824,053.76. This trade represents a 6.91 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Jim H. Snabe sold 499,700 shares of C3.ai stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $43.05, for a total value of $21,512,085.00. Following the completion of the sale, the director now owns 10,000 shares of the company’s stock, valued at $430,500. The trade was a 98.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,643,311 shares of company stock worth $59,736,620 in the last three months. Corporate insiders own 33.54% of the company’s stock.

Hedge Funds Weigh In On C3.ai

Hedge funds and other institutional investors have recently modified their holdings of the business. Mackenzie Financial Corp purchased a new stake in C3.ai during the fourth quarter worth $229,000. Jupiter Wealth Management LLC bought a new position in shares of C3.ai in the 4th quarter worth $387,000. GF Fund Management CO. LTD. purchased a new stake in shares of C3.ai during the 4th quarter worth $4,441,000. Neo Ivy Capital Management bought a new stake in C3.ai during the fourth quarter valued at about $3,680,000. Finally, Cornerstone Advisory LLC purchased a new position in C3.ai in the fourth quarter valued at about $256,000. 38.96% of the stock is currently owned by 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.