C3.ai (NYSE:AI) Trading Down 10.5% – Should You Sell?

C3.ai, Inc. (NYSE:AI) was down 10.5% on Wednesday . The company traded as low as $36.71 and last traded at $37.34. Approximately 4,720,027 shares traded hands during mid-day trading, a decline of 19% from the average daily volume of 5,831,783 shares. The stock had previously closed at $41.73.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on AI shares. JMP Securities lifted their price target on shares of C3.ai from $40.00 to $55.00 and gave the company a “market outperform” rating in a research report on Tuesday. DA Davidson lifted their price objective on shares of C3.ai from $20.00 to $35.00 and gave the company a “neutral” rating in a research note on Thursday, December 5th. Piper Sandler Companies reissued a “neutral” rating and issued a $24.00 price objective on shares of C3.ai in a research note on Thursday, September 5th. Piper Sandler lifted their price objective on shares of C3.ai from $24.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday. Finally, 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 research note on Tuesday. Four research 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 company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $35.55.

C3.ai Stock Down 8.1 %

The company has a market cap of $4.87 billion, a P/E ratio of -17.72 and a beta of 1.99. The firm’s 50 day moving average is $29.47 and its two-hundred day moving average is $27.39.

Institutional Trading of C3.ai

Several institutional investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. lifted its holdings in C3.ai by 12.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 844,389 shares of the company’s stock valued at $20,460,000 after buying an additional 92,280 shares during the period. PDT Partners LLC acquired a new position in C3.ai in the third quarter valued at $1,624,000. Global Assets Advisory LLC acquired a new position in C3.ai in the third quarter valued at $743,000. Janney Montgomery Scott LLC acquired a new position in C3.ai in the third quarter valued at $785,000. Finally, Intech Investment Management LLC acquired a new position in C3.ai in the third quarter valued at $859,000. Institutional investors own 38.96% of the company’s stock.

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.