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National Bank of Canada FI cut its stake in C3.ai, Inc. (NYSE:AI – Free Report) by 65.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,466 shares of the company’s stock after selling 4,573 shares during the quarter. National Bank of Canada FI’s holdings in C3.ai were worth $52,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently bought and sold shares of AI. Russell Investments Group Ltd. increased its stake in shares of C3.ai by 100.7% during the 4th quarter. Russell Investments Group Ltd. now owns 909 shares of the company’s stock worth $31,000 after purchasing an additional 456 shares during the last quarter. Invesco Ltd. increased its position in C3.ai by 9.2% during the fourth quarter. Invesco Ltd. now owns 331,767 shares of the company’s stock worth $11,423,000 after buying an additional 28,071 shares during the last quarter. Legal & General Group Plc increased its position in C3.ai by 0.4% during the fourth quarter. Legal & General Group Plc now owns 119,144 shares of the company’s stock worth $4,102,000 after buying an additional 517 shares during the last quarter. Raymond James Financial Inc. acquired a new position in C3.ai during the fourth quarter worth $3,942,000. Finally, Mariner LLC increased its position in C3.ai by 5.6% during the fourth quarter. Mariner LLC now owns 23,717 shares of the company’s stock worth $817,000 after buying an additional 1,262 shares during the last quarter. 38.96% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling at C3.ai
In related news, Director John E. Hyten sold 10,000 shares of the company’s stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $23.75, for a total value of $237,500.00. Following the sale, the director owned 63,942 shares of the company’s stock, valued at $1,518,622.50. The trade was a 13.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Hitesh Lath sold 17,689 shares of the company’s stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $24.96, for a total value of $441,517.44. Following the completion of the sale, the chief financial officer owned 166,218 shares in the company, valued at approximately $4,148,801.28. This represents a 9.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,257,074 shares of company stock worth $53,260,950. Corporate insiders own 33.54% of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages have recently commented on AI. Canaccord Genuity Group lowered their price objective on C3.ai from $30.00 to $28.00 and set a “hold” rating on the stock in a report on Thursday, May 29th. DA Davidson reiterated an “underperform” rating and set a $13.00 price target (down previously from $25.00) on shares of C3.ai in a report on Monday, August 11th. Needham & Company LLC reiterated a “hold” rating on shares of C3.ai in a report on Monday, August 11th. Northland Securities lowered 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. Finally, Morgan Stanley raised their target price on shares of C3.ai from $20.00 to $22.00 and gave the company an “underweight” rating in a research note on Thursday, May 29th. Six equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $27.43.
View Our Latest Stock Report on C3.ai
C3.ai Stock Up 2.0%
AI stock opened at $18.21 on Tuesday. C3.ai, Inc. has a twelve month low of $14.70 and a twelve month high of $45.08. The company has a market cap of $2.45 billion, a PE ratio of -8.13 and a beta of 1.98. The business’s 50-day simple moving average is $24.31 and its 200 day simple moving average is $24.12.
C3.ai (NYSE:AI – Get Free Report) last released its quarterly earnings data on Wednesday, May 28th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.04. The business had revenue of $108.72 million for the quarter, compared to analysts’ expectations of $107.85 million. C3.ai had a negative return on equity of 33.51% and a negative net margin of 74.21%. C3.ai’s quarterly revenue was up 25.5% on a year-over-year basis. During the same period in the previous year, the business posted ($0.11) earnings per share. On average, equities research analysts anticipate that C3.ai, Inc. will post -2.44 EPS for the current year.
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.
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