C3.ai (NYSE:AI) Downgraded by Zacks Investment Research to “Hold”

C3.ai (NYSE:AIGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday, Zacks.com reports.

According to Zacks, “C3.ai Inc. is an enterprise AI software provider for accelerating digital transformation. C3.ai delivers the C3 AI Suite for developing, deploying and operating large-scale AI, predictive analytics and IoT applications. The core of the C3.ai offering is a proprietary, model-driven AI architecture which enhances data science and application development. C3.ai is based in Redwood City, United States. “

AI has been the topic of a number of other research reports. Piper Sandler lowered shares of C3.ai from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $28.00 to $15.00 in a research report on Thursday, June 2nd. Needham & Company LLC decreased their price target on C3.ai from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, June 2nd. Morgan Stanley lowered their target price on shares of C3.ai from $15.00 to $14.00 and set an “underweight” rating on the stock in a research note on Thursday, June 2nd. JPMorgan Chase & Co. decreased their price target on shares of C3.ai from $24.00 to $20.00 in a research note on Thursday, June 2nd. Finally, Wedbush dropped their price target on C3.ai to $13.00 in a research note on Friday, June 3rd. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, C3.ai currently has an average rating of “Hold” and a consensus price target of $19.95.

AI traded down $1.16 on Thursday, reaching $19.58. 64,696 shares of the company traded hands, compared to its average volume of 4,538,810. The company has a market cap of $2.08 billion, a price-to-earnings ratio of -10.53 and a beta of 0.64. The stock’s 50 day moving average price is $18.71 and its 200-day moving average price is $24.21. C3.ai has a 52-week low of $13.37 and a 52-week high of $67.38.

C3.ai (NYSE:AIGet Rating) last posted its quarterly earnings data on Wednesday, June 1st. The company reported ($0.55) earnings per share for the quarter, beating the consensus estimate of ($0.58) by $0.03. The firm had revenue of $72.32 million during the quarter, compared to analysts’ expectations of $71.28 million. C3.ai had a negative net margin of 75.99% and a negative return on equity of 13.97%. The company’s quarterly revenue was up 38.3% compared to the same quarter last year. During the same quarter last year, the company posted ($0.24) EPS. On average, sell-side analysts anticipate that C3.ai will post -2.01 earnings per share for the current year.

In other C3.ai news, CFO Juho Parkkinen sold 2,548 shares of the firm’s stock in a transaction dated Wednesday, March 16th. The shares were sold at an average price of $17.89, for a total value of $45,583.72. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last ninety days, insiders have sold 10,816 shares of company stock worth $218,278. Corporate insiders own 52.65% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in C3.ai by 29.9% during the 1st quarter. Vanguard Group Inc. now owns 7,969,409 shares of the company’s stock worth $180,905,000 after acquiring an additional 1,834,412 shares during the last quarter. Renaissance Technologies LLC raised its stake in C3.ai by 193.6% in the fourth quarter. Renaissance Technologies LLC now owns 1,731,500 shares of the company’s stock valued at $54,109,000 after buying an additional 1,141,700 shares during the period. Morgan Stanley boosted its holdings in shares of C3.ai by 72.1% during the third quarter. Morgan Stanley now owns 1,537,845 shares of the company’s stock worth $71,264,000 after acquiring an additional 644,462 shares during the period. Spring Creek Capital LLC bought a new stake in shares of C3.ai during the first quarter worth approximately $13,763,000. Finally, Bank of New York Mellon Corp lifted its position in shares of C3.ai by 732.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 622,513 shares of the company’s stock valued at $28,848,000 after acquiring an additional 547,748 shares during the period. 45.41% of the stock is currently owned by institutional investors and hedge funds.

About C3.ai (Get Rating)

C3.ai, Inc operates as an enterprise artificial intelligence (AI) software company. The company provides software-as-a-service applications for enterprises. Its software solutions include C3 AI Suite, a platform-as-a-service application development and runtime environment that enables customers to design, develop, and deploy enterprise AI applications; and C3 AI Applications, which include industry-specific and application-specific turnkey AI solutions.

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