Point72 Asset Management L.P. Takes Position in C3.ai, Inc. (NYSE:AI)

Point72 Asset Management L.P. bought a new position in shares of C3.ai, Inc. (NYSE:AI) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 17,706 shares of the company’s stock, valued at approximately $513,000.

Several other hedge funds also recently added to or reduced their stakes in AI. Vanguard Group Inc. increased its holdings in shares of C3.ai by 3.1% in the first quarter. Vanguard Group Inc. now owns 10,647,900 shares of the company’s stock valued at $288,239,000 after purchasing an additional 317,768 shares during the period. Coatue Management LLC increased its holdings in C3.ai by 25.1% in 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. Global Assets Advisory LLC boosted its holdings in shares of C3.ai by 2,547.8% in the 1st 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 last quarter. Bank of New York Mellon Corp raised its holdings in shares of C3.ai by 0.3% during the second quarter. Bank of New York Mellon Corp now owns 771,540 shares of the company’s stock worth $22,344,000 after purchasing an additional 1,929 shares during the last quarter. Finally, Raymond James & Associates boosted its holdings in C3.ai by 11.5% in the second quarter. Raymond James & Associates now owns 201,262 shares of the company’s stock valued at $5,829,000 after purchasing an additional 20,753 shares during the last quarter. 38.96% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Piper Sandler lowered their price objective on C3.ai from $29.00 to $24.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. Canaccord Genuity Group cut their price objective on shares of C3.ai from $30.00 to $23.00 and set a “hold” rating for the company in a report on Thursday, September 5th. Piper Sandler Companies reissued a “neutral” rating and set a $24.00 target price on shares of C3.ai in a research note on Thursday, September 5th. Needham & Company LLC restated a “hold” rating on shares of C3.ai in a research report on Thursday, September 5th. Finally, Bank of America reduced their price target on C3.ai from $24.00 to $20.00 and set an “underperform” rating for the company in a report on Thursday, September 5th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, C3.ai has an average rating of “Hold” and an average price target of $27.70.

C3.ai Price Performance

Shares of C3.ai stock opened at $24.07 on Friday. C3.ai, Inc. has a 1-year low of $18.85 and a 1-year high of $38.30. The stock has a market cap of $3.00 billion, a P/E ratio of -10.29 and a beta of 1.81. The stock’s 50 day simple moving average is $23.88 and its 200-day simple moving average is $25.63.

C3.ai (NYSE:AI) last issued its earnings results on Wednesday, September 4th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.08. C3.ai had a negative net margin of 85.47% and a negative return on equity of 31.28%. The company had revenue of $87.21 million for the quarter, compared to the consensus estimate of $86.94 million. During the same period in the previous year, the firm earned ($0.56) earnings per share. C3.ai’s quarterly revenue was up 20.5% compared to the same quarter last year. As a group, research analysts expect that C3.ai, Inc. will post -2.32 EPS for the current fiscal year.

C3.ai 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.