C3.ai (NYSE:AI) Stock Price Up 11.8% Following Analyst Upgrade

C3.ai, Inc. (NYSE:AIGet Free Report) shares shot up 11.8% during mid-day trading on Thursday after Morgan Stanley raised their price target on the stock from $21.00 to $23.00. Morgan Stanley currently has an underweight rating on the stock. C3.ai traded as high as $27.93 and last traded at $26.74. 16,689,806 shares changed hands during mid-day trading, an increase of 149% from the average session volume of 6,693,612 shares. The stock had previously closed at $23.92.

Other equities research analysts have also recently issued reports about the company. Northland Securities raised C3.ai from a “market perform” rating to an “outperform” rating and set a $35.00 price target for the company in a report on Thursday. Canaccord Genuity Group dropped their price target on C3.ai from $31.00 to $30.00 and set a “hold” rating for the company in a report on Thursday. Bank of America raised their price target on C3.ai from $18.00 to $20.00 and gave the company an “underperform” rating in a report on Thursday, February 29th. Piper Sandler dropped their price target on C3.ai from $33.00 to $29.00 and set a “neutral” rating for the company in a report on Thursday. Finally, Wedbush reaffirmed an “outperform” rating and set a $40.00 price target on shares of C3.ai in a report on Wednesday. Three research analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $31.30.

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Hedge Funds Weigh In On C3.ai

Several hedge funds have recently added to or reduced their stakes in AI. Vanguard Group Inc. raised its holdings in C3.ai by 3.1% in the first quarter. Vanguard Group Inc. now owns 10,647,900 shares of the company’s stock worth $288,239,000 after purchasing an additional 317,768 shares during the period. Coatue Management LLC raised its stake in C3.ai by 25.1% during the 4th quarter. Coatue Management LLC now owns 2,832,229 shares of the company’s stock worth $81,313,000 after buying an additional 568,369 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in C3.ai by 1.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,199,018 shares of the company’s stock worth $34,424,000 after acquiring an additional 17,915 shares in the last quarter. Global Assets Advisory LLC grew its stake in C3.ai by 2,547.8% in the first quarter. Global Assets Advisory LLC now owns 896,676 shares of the company’s stock valued at $24,273,000 after acquiring an additional 862,811 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of C3.ai by 10.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 706,677 shares of the company’s stock worth $20,289,000 after acquiring an additional 66,701 shares in the last quarter. Institutional investors and hedge funds own 38.96% of the company’s stock.

C3.ai Price Performance

The company has a market cap of $3.49 billion, a price-to-earnings ratio of -12.26 and a beta of 1.74. The stock has a 50-day moving average price of $24.41 and a 200 day moving average price of $27.12.

C3.ai (NYSE:AIGet Free Report) last posted its earnings results on Wednesday, February 28th. The company reported ($0.60) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.73) by $0.13. C3.ai had a negative return on equity of 29.60% and a negative net margin of 95.21%. The business had revenue of $78.40 million during the quarter, compared to analysts’ expectations of $75.92 million. Sell-side analysts expect that C3.ai, Inc. will post -2.48 EPS for the current fiscal year.

About C3.ai

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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.

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