Canaccord Genuity Group Forecasts Strong Price Appreciation for C3.ai (NYSE:AI) Stock

C3.ai (NYSE:AI) had its price target hoisted by analysts at Canaccord Genuity Group from $23.00 to $40.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 2.70% from the company’s current price.

Several other equities research analysts also recently weighed in on AI. Oppenheimer reaffirmed an “outperform” rating and issued a $40.00 price objective on shares of C3.ai in a report on Thursday, September 5th. Morgan Stanley boosted their price objective on C3.ai from $21.00 to $32.00 and gave the stock an “underweight” rating in a research note on Tuesday. Piper Sandler Companies reaffirmed a “neutral” rating and set a $24.00 target price on shares of C3.ai in a report on Thursday, September 5th. StockNews.com upgraded shares of C3.ai to a “sell” rating in a research report on Tuesday, November 26th. Finally, Wedbush cut their target price on shares of C3.ai from $40.00 to $30.00 and set an “outperform” rating for the company in a research note on Thursday, September 5th. Four 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 data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $35.55.

C3.ai Price Performance

AI stock traded down $2.78 on Wednesday, reaching $38.95. The company’s stock had a trading volume of 12,935,166 shares, compared to its average volume of 5,865,343. The firm has a fifty day moving average of $29.47 and a two-hundred day moving average of $27.39. The company has a market capitalization of $4.95 billion, a P/E ratio of -17.72 and a beta of 1.99. C3.ai has a 52 week low of $18.85 and a 52 week high of $45.08.

Institutional Investors Weigh In On C3.ai

A number of large investors have recently bought and sold shares of the business. American Century Companies Inc. grew its stake in C3.ai by 2.1% in the 2nd quarter. American Century Companies Inc. now owns 21,447 shares of the company’s stock valued at $621,000 after buying an additional 432 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of C3.ai by 3.4% during the 3rd quarter. Victory Capital Management Inc. now owns 14,078 shares of the company’s stock worth $341,000 after purchasing an additional 457 shares during the last quarter. Principal Financial Group Inc. boosted its stake in C3.ai by 4.3% during the 2nd quarter. Principal Financial Group Inc. now owns 11,165 shares of the company’s stock valued at $323,000 after purchasing an additional 462 shares during the period. Forum Financial Management LP increased its position in C3.ai by 4.4% in the 2nd quarter. Forum Financial Management LP now owns 12,893 shares of the company’s stock worth $373,000 after buying an additional 539 shares during the period. Finally, Rhumbline Advisers lifted its holdings in shares of C3.ai by 0.5% during the second quarter. Rhumbline Advisers now owns 125,344 shares of the company’s stock worth $3,630,000 after buying an additional 572 shares during the last quarter. 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.