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Connor Clark & Lunn Investment Management Ltd. bought a new position in C3.ai, Inc. (NYSE:AI – Free Report) during the 1st quarter, Holdings Channel.com reports. The fund bought 31,751 shares of the company’s stock, valued at approximately $668,000.
Several other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in C3.ai by 3.6% during the first quarter. Vanguard Group Inc. now owns 13,407,490 shares of the company’s stock valued at $282,228,000 after purchasing an additional 471,521 shares in the last quarter. Two Sigma Investments LP purchased a new stake in C3.ai during the fourth quarter valued at $42,306,000. Man Group plc purchased a new stake in C3.ai during the fourth quarter valued at $38,455,000. Northern Trust Corp raised its stake in C3.ai by 28.7% during the fourth quarter. Northern Trust Corp now owns 1,055,075 shares of the company’s stock valued at $36,326,000 after purchasing an additional 235,364 shares in the last quarter. Finally, Two Sigma Advisers LP purchased a new stake in C3.ai during the fourth quarter valued at $30,725,000. Hedge funds and other institutional investors own 38.96% of the company’s stock.
C3.ai Trading Up 2.0%
NYSE AI opened at $18.21 on Tuesday. The company’s 50-day moving average price is $24.31 and its 200-day moving average price is $24.12. The stock has a market cap of $2.45 billion, a PE ratio of -8.13 and a beta of 1.98. C3.ai, Inc. has a 12 month low of $14.70 and a 12 month high of $45.08.
C3.ai (NYSE:AI – Get Free Report) last posted its quarterly earnings results on Wednesday, May 28th. The company reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.04. The firm had revenue of $108.72 million for the quarter, compared to analysts’ expectations of $107.85 million. C3.ai had a negative net margin of 74.21% and a negative return on equity of 33.51%. The business’s revenue for the quarter was up 25.5% on a year-over-year basis. During the same period in the prior year, the business posted ($0.11) earnings per share. As a group, sell-side analysts forecast that C3.ai, Inc. will post -2.44 earnings per share for the current year.
Insider Transactions at C3.ai
In other C3.ai news, Director Richard C. Levin sold 36,000 shares of the stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $28.17, for a total transaction of $1,014,120.00. Following the transaction, the director directly owned 161,664 shares in the company, valued at $4,554,074.88. This represents a 18.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Stephen M. Ward, Jr. sold 42,382 shares of the stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $26.32, for a total transaction of $1,115,494.24. Following the transaction, the director owned 546,495 shares in the company, valued at approximately $14,383,748.40. The trade was a 7.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,257,074 shares of company stock valued at $53,260,950. Company insiders own 33.54% of the company’s stock.
Analyst Upgrades and Downgrades
AI has been the topic of a number of recent research reports. Oppenheimer reaffirmed a “market perform” rating on shares of C3.ai in a research note on Tuesday, August 12th. UBS Group reduced their target price on shares of C3.ai from $28.00 to $27.00 and set a “neutral” rating on the stock in a research note on Thursday, June 26th. Northland Securities downgraded shares of C3.ai from an “outperform” rating to a “market perform” rating and set a $17.00 target price on the stock. in a research note on Tuesday, August 12th. JMP Securities reissued a “market outperform” rating and issued a $50.00 target price on shares of C3.ai in a research note on Friday, July 25th. Finally, Northland Capmk downgraded shares of C3.ai from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 11th. Six research analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $27.43.
Get Our Latest Stock Analysis on AI
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.
See Also
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