C3.ai, Inc. (NYSE:AI) Brief Interest Update

C3.ai, Inc. (NYSE:AI – Get Rating) was the target of a sharp decline in short-term interest during November. As of November 15, there was short interest totaling 9,350,000 shares, a decrease of 10.5% from the total of 10,450,000 shares as of October 31. Based on an average daily volume of 1,810,000 shares, the short interest rate is currently 5.2 days. Currently, 11.1% of the company’s shares are sold short.

C3.ai is trading up 0.5%

The IA traded down $0.06 during Friday’s trading, hitting $13.32. The company’s stock had a trading volume of 983,422 shares, compared to an average trading volume of 1,182,272 shares. C3.ai has a 12-month low of $11.29 and a 12-month high of $36.33. The company’s 50-day moving average price is $12.77 and its 200-day moving average price is $16.36.

C3.ai (NYSE:AI – Get Rating) last released its results on Wednesday, August 31. The company reported ($0.67) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($0.11). The company posted revenue of $65.31 million for the quarter, versus $66.02 million expected by analysts. C3.ai had a negative return on equity of 19.23% and a negative net margin of 85.25%. The company’s quarterly revenue increased by 24.6% compared to the same quarter last year. In the same quarter last year, the company posted ($0.23) earnings per share. As a group, analysts expect C3.ai to post -2.65 EPS for the current year.

Insider activity

Separately, CFO Juho Parkkinen sold 4,436 shares of the company in a transaction that took place on Tuesday, November 1. The shares were sold at an average price of $13.25, for a total transaction of $58,777.00. Following the transaction, the CFO now directly owns 353,057 shares of the company, valued at $4,678,005.25. The sale was disclosed in a legal filing with the SEC, accessible via this hyperlink. Separately, director Stephen M. Ward, Jr. sold 12,500 shares in a trade on Tuesday, September 27. The stock was sold at an average price of $12.90, for a total transaction of $161,250.00. Following the completion of the sale, the director now directly owns 546,495 shares of the company, valued at $7,049,785.50. The sale was disclosed in a filing with the SEC, which is available on the SEC’s website. Additionally, CFO Juho Parkkinen sold 4,436 shares of the company in a trade on Tuesday, November 1. The stock was sold at an average price of $13.25, for a total transaction of $58,777.00. Following the transaction, the CFO now owns 353,057 shares of the company, valued at approximately $4,678,005.25. The disclosure of this sale can be found here. Over the past three months, insiders have sold 99,938 shares of the company valued at $1,317,639. Insiders hold 38.08% of the shares of the company.

Institutional investors weigh on C3.ai

Institutional investors have recently been buying and selling shares of the stock. Vanguard Group Inc. increased its holdings of C3.ai shares by 29.1% in Q3. Vanguard Group Inc. now owns 9,042,202 shares of the company worth $113,028,000 after purchasing an additional 2,037,342 shares during the period. FMR LLC increased its stake in C3.ai by 801.1% in the second quarter. FMR LLC now owns 1,810,148 shares of the company valued at $33,053,000 after purchasing an additional 1,609,258 shares during the period. Ardevora Asset Management LLP acquired a new position in C3.ai during the third quarter worth approximately $14,236,000. Renaissance Technologies LLC increased its position in C3.ai shares by 39.3% in the first quarter. Renaissance Technologies LLC now owns 2,412,200 shares of the company worth $54,757,000 after acquiring an additional 680,700 shares in the last quarter. Finally, Spring Creek Capital LLC bought a new stock position of C3.ai in Q1 worth $13,763,000. 44.34% of the shares are currently held by hedge funds and other institutional investors.

Wall Street analysts predict growth

A number of equity research analysts have recently commented on AI stocks. Morgan Stanley cut its price target on C3.ai shares from $14.00 to $13.00 and set an “underweight” rating for the company in a Thursday, Sept. 1 research report. JMP Securities lowered its price target on C3.ai from $28.00 to $25.00 and set a “market outperformance” rating on the stock in a Thursday, September 1, report. Wolfe Research assumed C3.ai stock coverage in a Tuesday, August 16, research report. They set a “market performance” rating on the stock. Deutsche Bank Aktiengesellschaft cut its price target on C3.ai shares from $14.50 to $13.00 and set a “sell” rating for the company in a Tuesday, September 6 research note. Finally, Needham & Company LLC downgraded shares of C3.ai from a “buy” rating to a “hold” rating in a Friday, September 2 research report. Three analysts gave the stock a sell rating, seven gave the company a hold rating and one gave the company a buy rating. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $16.44.

C3.ai Company Profile

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C3.ai, Inc operates as an enterprise artificial intelligence (AI) software company. The company provides software applications as a service for businesses. Its software solutions include C3 AI Suite, a platform-as-a-service application development and runtime environment that enables customers to design, develop and deploy enterprise AI applications; and C3 AI Applications, which includes turnkey industry and application-specific AI solutions.

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