C3.ai (NYSE:AI) Trading 0.7% Higher – Here’s Why

C3.ai, Inc. (NYSE:AI)’s share price shot up 0.7% during trading on Wednesday . The company traded as high as $36.06 and last traded at $35.71. 2,677,638 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 6,057,368 shares. The stock had previously closed at $35.46.

Analysts Set New Price Targets

AI has been the subject of several recent research reports. JPMorgan Chase & Co. cut C3.ai from a “neutral” rating to an “underweight” rating and set a $28.00 price objective for the company. in a research report on Wednesday, December 11th. Needham & Company LLC reaffirmed a “hold” rating on shares of C3.ai in a research report on Tuesday, December 10th. Morgan Stanley lifted their price objective on shares of C3.ai from $21.00 to $32.00 and gave the company an “underweight” rating in a report on Tuesday, December 10th. Northland Securities boosted their price objective on shares of C3.ai from $35.00 to $45.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 10th. Finally, Wedbush decreased their target price on shares of C3.ai from $40.00 to $30.00 and set an “outperform” rating for the company in a research report on Thursday, September 5th. Five analysts have rated the stock with a sell rating, five have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, C3.ai presently has an average rating of “Hold” and an average price target of $35.00.

C3.ai Trading Up 4.5 %

The company’s 50 day moving average is $32.54 and its 200-day moving average is $28.25. The firm has a market capitalization of $4.82 billion, a price-to-earnings ratio of -16.89 and a beta of 2.00.

Insider Activity

In related news, Director Stephen M. Ward, Jr. sold 125,000 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $42.00, for a total value of $5,250,000.00. Following the transaction, the director now owns 546,495 shares in the company, valued at approximately $22,952,790. This represents a 18.62 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jim H. Snabe sold 499,700 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $43.05, for a total transaction of $21,512,085.00. Following the sale, the director now owns 10,000 shares of the company’s stock, valued at $430,500. This trade represents a 98.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 644,988 shares of company stock valued at $27,597,453 over the last three months. Insiders own 33.54% of the company’s stock.

Hedge Funds Weigh In On C3.ai

Institutional investors and hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its stake in C3.ai by 12.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 844,389 shares of the company’s stock valued at $20,460,000 after purchasing an additional 92,280 shares during the period. PDT Partners LLC bought a new stake in shares of C3.ai in the third quarter valued at about $1,624,000. Global Assets Advisory LLC acquired a new position in shares of C3.ai in the third quarter valued at about $743,000. Janney Montgomery Scott LLC acquired a new position in shares of C3.ai in the third quarter valued at about $785,000. Finally, Intech Investment Management LLC bought a new position in C3.ai during the third quarter worth about $859,000. Institutional investors and hedge funds own 38.96% of the company’s stock.

About C3.ai

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.