Mirae Asset Global Investments Co. Ltd. Trims Stake in C3.ai, Inc. (NYSE:AI)

Mirae Asset Global Investments Co. Ltd. cut its holdings in C3.ai, Inc. (NYSE:AI – Get Rating) by 5.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 725,768 shares of the company’s stock after selling 45,527 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in C3.ai were worth $8,121,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. CM Management LLC increased its position in shares of C3.ai by 140.0% in the fourth quarter. CM Management LLC now owns 120,000 shares of the company’s stock valued at $1,343,000 after buying an additional 70,000 shares in the last quarter. First Trust Advisors LP increased its position in shares of C3.ai by 20.0% in the fourth quarter. First Trust Advisors LP now owns 272,859 shares of the company’s stock valued at $3,053,000 after buying an additional 45,534 shares in the last quarter. HighTower Advisors LLC increased its position in shares of C3.ai by 1.2% in the fourth quarter. HighTower Advisors LLC now owns 32,867 shares of the company’s stock valued at $366,000 after buying an additional 384 shares in the last quarter. Ceera Investments LLC increased its position in shares of C3.ai by 170.2% in the fourth quarter. Ceera Investments LLC now owns 55,995 shares of the company’s stock valued at $627,000 after buying an additional 35,270 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV increased its position in shares of C3.ai by 20.4% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 14,938 shares of the company’s stock valued at $167,000 after buying an additional 2,531 shares in the last quarter. 41.97% of the stock is currently owned by hedge funds and other institutional investors.

C3.ai Stock Performance

NYSE AI opened at $25.28 on Monday. C3.ai, Inc. has a fifty-two week low of $10.16 and a fifty-two week high of $34.68. The stock’s fifty day moving average is $22.25 and its two-hundred day moving average is $18.20. The firm has a market capitalization of $2.84 billion, a P/E ratio of -10.45 and a beta of 1.55.

C3.ai (NYSE:AI – Get Rating) last announced its quarterly earnings results on Thursday, March 2nd. The company reported ($0.57) EPS for the quarter, beating the consensus estimate of ($0.69) by $0.12. C3.ai had a negative return on equity of 27.12% and a negative net margin of 98.35%. The business had revenue of $66.67 million for the quarter, compared to analyst estimates of $63.89 million. As a group, sell-side analysts forecast that C3.ai, Inc. will post -2.49 EPS for the current year.

Insider Activity

In other news, CFO Juho Parkkinen sold 4,931 shares of the company’s stock in a transaction on Thursday, March 16th. The stock was sold at an average price of $21.42, for a total value of $105,622.02. Following the transaction, the chief financial officer now owns 342,888 shares of the company’s stock, valued at approximately $7,344,660.96. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CFO Juho Parkkinen sold 4,931 shares of the stock in a transaction dated Thursday, March 16th. The stock was sold at an average price of $21.42, for a total transaction of $105,622.02. Following the transaction, the chief financial officer now owns 342,888 shares of the company’s stock, valued at approximately $7,344,660.96. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Richard C. Levin sold 24,000 shares of the stock in a transaction dated Friday, March 31st. The stock was sold at an average price of $30.04, for a total value of $720,960.00. Following the transaction, the director now directly owns 209,664 shares in the company, valued at approximately $6,298,306.56. The disclosure for this sale can be found here. Insiders have sold a total of 34,848 shares of company stock valued at $941,342 in the last quarter. Insiders own 38.08% of the company’s stock.

Analysts Set New Price Targets

AI has been the subject of several research reports. Piper Jaffray Companies boosted their price target on C3.ai from $13.00 to $23.00 and gave the stock a “neutral” rating in a research report on Friday, March 3rd. Piper Sandler reiterated a “neutral” rating and set a $23.00 price target on shares of C3.ai in a research report on Friday, March 10th. StockNews.com upgraded C3.ai to a “sell” rating in a research report on Friday, April 7th. DA Davidson reiterated a “buy” rating and set a $30.00 price target on shares of C3.ai in a research report on Monday, April 10th. Finally, Wolfe Research cut C3.ai from a “market perform” rating to an “underperform” rating and set a $14.00 price target for the company. in a research report on Monday, April 24th. Four analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $20.00.

About C3.ai

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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.