C3.ai (NYSE:AI) Trading Up 0.3% – Time to Buy?

C3.ai, Inc. (NYSE:AI)’s stock price traded up 0.3% on Tuesday . The stock traded as high as $35.90 and last traded at $35.56. 1,373,577 shares were traded during trading, a decline of 77% from the average session volume of 6,051,206 shares. The stock had previously closed at $35.46.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on AI. Wedbush dropped their target price on C3.ai from $40.00 to $30.00 and set an “outperform” rating for the company in a report on Thursday, September 5th. StockNews.com upgraded C3.ai to a “sell” rating in a research report on Tuesday, November 26th. Bank of America reduced their target price on shares of C3.ai from $24.00 to $20.00 and set an “underperform” rating on the stock in a research note on Thursday, September 5th. JMP Securities increased their price objective on shares of C3.ai from $40.00 to $55.00 and gave the company a “market outperform” rating in a report on Tuesday, December 10th. Finally, Morgan Stanley lifted their target price on shares of C3.ai from $21.00 to $32.00 and gave the stock an “underweight” rating in a report on Tuesday, December 10th. Five research analysts have rated the stock with a sell rating, five have assigned 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 currently has a consensus rating of “Hold” and an average price target of $35.00.

C3.ai Stock Up 0.7 %

The company has a market capitalization of $4.61 billion, a P/E ratio of -16.16 and a beta of 2.00. The firm has a fifty day simple moving average of $31.93 and a 200-day simple moving average of $28.09.

Insider Buying and Selling

In other news, Director Jim H. Snabe sold 499,700 shares of C3.ai stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $43.05, for a total value of $21,512,085.00. Following the sale, the director now directly owns 10,000 shares in the company, valued at $430,500. This trade represents a 98.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Hitesh Lath sold 3,949 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $42.36, for a total value of $167,279.64. Following the completion of the transaction, the chief financial officer now owns 851 shares of the company’s stock, valued at approximately $36,048.36. This represents a 82.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 644,988 shares of company stock valued at $27,597,453. 33.54% of the stock is owned by corporate insiders.

Institutional Trading of C3.ai

Several hedge funds have recently added to or reduced their stakes in AI. Geode Capital Management LLC increased its holdings in shares of C3.ai by 8.8% during the third quarter. Geode Capital Management LLC now owns 2,216,925 shares of the company’s stock worth $53,728,000 after purchasing an additional 178,870 shares during the period. Hodges Capital Management Inc. bought a new stake in shares of C3.ai during the 3rd quarter valued at approximately $1,955,000. State Street Corp increased its holdings in shares of C3.ai by 1.8% during the third quarter. State Street Corp now owns 2,121,391 shares of the company’s stock worth $51,401,000 after buying an additional 38,185 shares in the last quarter. Janus Henderson Group PLC increased its holdings in C3.ai by 21.3% in the 3rd quarter. Janus Henderson Group PLC now owns 52,182 shares of the company’s stock worth $1,265,000 after purchasing an additional 9,160 shares in the last quarter. Finally, Holocene Advisors LP raised its holdings in C3.ai by 98.4% in the 3rd quarter. Holocene Advisors LP now owns 75,780 shares of the company’s stock valued at $1,836,000 after buying an additional 37,594 shares during the last quarter. 38.96% of the stock is owned by institutional investors and hedge funds.

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.