C3.ai Stock Exhibits a Notable Uptick as Trading Begins

On Tuesday, C3.ai, Inc. (NYSE:AI) witnessed its shares experience an upward gap prior to the market opening, signaling a positive investor sentiment. While the stock closed at $28.04 the previous session, it started off the new trading day at a higher mark of $28.89. However, the shares settled at $28.27 during the last trade, with a significant exchange of 6,134,363 shares taking place.

Analyst Ratings and Price Adjustments

Recently, C3.ai has been the subject of various analyst reports. Notably, Piper Sandler adjusted their price target on the company's stock from $29.00 down to $28.00, maintaining a 'neutral' stance. Conversely, StockNews.com upgraded their rating to a 'sell'. In more detailed changes, Piper Sandler Companies again cut their price objective from $29.00 to $28.00, continuing with a 'neutral' rating. Meanwhile, JMP Securities raised their target price from $38.00 to $40.00, recommending an 'outperform'. Similarly, Wedbush lowered their target from $50.00 to $42.00 yet sustained an 'outperform' rating. Overall, three analysts have issued 'sell' ratings, four present 'hold' ratings, and three advocate 'buy' ratings, culminating in a collective 'Hold' consensus and an average price target of $28.73 according to MarketBeat data.

Financial Performance and Market Position

The stock's fifty-day moving average stands at $26.08, while the two-hundred-day average hovers around $31.34. C3.ai upholds a market capitalization of $3.45 billion, despite a negative PE ratio of -11.98 and a beta value of 1.54, suggesting higher volatility compared to the overall market. The company's most recent quarterly earnings report showed a smaller-than-expected loss of ($0.09) per share, surpassing the ($0.17) consensus estimate. For the quarter, C3.ai achieved revenue of $72.36 million, a 10.8% increase from the same quarter the previous year. Analysts predict that C3.ai will report an EPS of -2.24 for the current fiscal year.

Institutional Investors Show Interest

A variety of hedge funds have adjusted their stakes in AI. For instance, Great Valley Advisor Group Inc. made a new investment valued at approximately $332,000. Mirae Asset Global Investments Co. Ltd. augmented their shareholding by 27.2%, bringing their total to 923,057 shares with a market value of $30,987,000. Exchange Traded Concepts LLC increased its C3.ai shares by 34.4%, EP Wealth Advisors LLC initiated a stake worth about $272,000 and Main Street Financial Solutions LLC invested $251,000. Overall, institutional investors own roughly 38.96% of the company's stock.

About C3.ai

C3.ai, Inc. operates as a leading enterprise artificial intelligence software provider across various regions including North America, Europe, the Middle East, Africa, and the Asia Pacific. The company's portfolio features the C3 AI platform for enterprise AI applications development; C3 AI Ex Machina for accessible data analysis; industry-tailored C3 AI CRM solutions; and the C3 Generative AI Product Suite designed to streamline information retrieval and presentation.

C3.ai, Stock, Trading