C3.ai (NYSE:AI) Stock Price Down 5.9% – What’s Next?

C3.ai, Inc. (NYSE:AI)’s stock price fell 5.9% on Wednesday . The stock traded as low as $33.52 and last traded at $33.72. 1,876,377 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 3,968,153 shares. The stock had previously closed at $35.82.

Analyst Ratings Changes

A number of research firms recently issued reports on AI. KeyCorp downgraded shares of C3.ai from a “sector weight” rating to an “underweight” rating and set a $29.00 price objective on the stock. in a report on Thursday, December 19th. Piper Sandler lifted their price target on shares of C3.ai from $24.00 to $42.00 and gave the stock a “neutral” 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 objective for the company. in a research note on Wednesday, December 11th. Canaccord Genuity Group lifted their target price on C3.ai from $23.00 to $40.00 and gave the company a “hold” rating in a research report on Wednesday, December 11th. Finally, Morgan Stanley upped their price target on C3.ai from $21.00 to $32.00 and gave the stock an “underweight” rating in a research report on Tuesday, December 10th. Five analysts have rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $35.00.

C3.ai Price Performance

The business has a 50-day moving average of $34.14 and a 200 day moving average of $28.57. The company has a market capitalization of $4.38 billion, a PE ratio of -15.35 and a beta of 2.00.

Insider Buying and Selling

In other news, CFO Hitesh Lath sold 11,339 shares of C3.ai stock in a transaction that occurred on Monday, December 9th. The stock was 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. The trade was a 93.02 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John E. Hyten sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $38.37, for a total value of $191,850.00. Following the transaction, the director now directly owns 263,843 shares in the company, valued at approximately $10,123,655.91. This represents a 1.86 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 668,721 shares of company stock worth $28,425,151. Insiders own 33.54% of the company’s stock.

Institutional Investors Weigh In On C3.ai

Several institutional investors have recently made changes to their positions in the company. JTC Employer Solutions Trustee Ltd bought a new stake in C3.ai in the third quarter worth about $25,000. Northwestern Mutual Wealth Management Co. lifted its stake in shares of C3.ai by 311.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,050 shares of the company’s stock worth $30,000 after acquiring an additional 795 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of C3.ai during the second quarter valued at $41,000. Quest Partners LLC grew its holdings in shares of C3.ai by 9,033.3% in the third quarter. Quest Partners LLC now owns 1,644 shares of the company’s stock worth $40,000 after purchasing an additional 1,626 shares during the last quarter. Finally, Arcadia Investment Management Corp MI purchased a new position in C3.ai in the 3rd quarter worth about $48,000. Institutional investors 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.