C3.ai (NYSE:AI) Shares Gap Up to $28.04

Shares of C3.ai, Inc. (NYSE:AI) gapped up prior to trading on Tuesday . The stock had previously closed at $28.04, but opened at $28.89. C3.ai shares last traded at $28.27, with a volume of 6,134,363 shares.

Wall Street Analyst Weigh In

AI has been the topic of a number of recent analyst reports. Piper Sandler decreased their price target on C3.ai from $29.00 to $28.00 and set a “neutral” rating on the stock in a report on Friday, September 8th. StockNews.com raised C3.ai to a “sell” rating in a report on Tuesday, November 7th. Piper Sandler Companies cut their price objective on shares of C3.ai from $29.00 to $28.00 and set a “neutral” rating for the company in a report on Friday, September 8th. JMP Securities boosted their target price on shares of C3.ai from $38.00 to $40.00 and gave the stock an “outperform” rating in a report on Monday, July 24th. Finally, Wedbush dropped their target price on shares of C3.ai from $50.00 to $42.00 and set an “outperform” rating for the company in a research report on Thursday, September 7th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $28.73.

C3.ai Stock Performance

The stock has a fifty day moving average of $26.08 and a 200-day moving average of $31.34. The company has a market cap of $3.45 billion, a PE ratio of -11.98 and a beta of 1.54.

C3.ai (NYSE:AI) last posted its quarterly earnings results on Wednesday, September 6th. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.08. C3.ai had a negative net margin of 99.42% and a negative return on equity of 27.78%. The firm had revenue of $72.36 million for the quarter, compared to analysts’ expectations of $71.56 million. During the same period in the prior year, the business posted ($0.67) earnings per share. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. As a group, equities analysts anticipate that C3.ai, Inc. will post -2.24 EPS for the current fiscal year.

Institutional Investors Weigh In On C3.ai

Several hedge funds have recently made changes to their positions in AI. Great Valley Advisor Group Inc. purchased a new stake in C3.ai in the first quarter worth about $332,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of C3.ai by 27.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 923,057 shares of the company’s stock valued at $30,987,000 after purchasing an additional 197,289 shares in the last quarter. Exchange Traded Concepts LLC increased its holdings in C3.ai by 34.4% during the second quarter. Exchange Traded Concepts LLC now owns 17,669 shares of the company’s stock valued at $644,000 after buying an additional 4,526 shares during the period. EP Wealth Advisors LLC bought a new position in C3.ai in the first quarter worth approximately $272,000. Finally, Main Street Financial Solutions LLC purchased a new stake in C3.ai during the second quarter worth $251,000. 38.96% of the stock is currently owned by hedge funds and other institutional investors.

C3.ai Company Profile

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.