C3.ai (NYSE:AI) Stock Price Down 6.9% - What's Next?

C3.ai, Inc. (NYSE:AI) saw its shares decrease by 6.9% in trading on Thursday. The stock hit a low of $33.01 and closed at $33.34. A total of approximately 5,192,963 shares exchanged hands, marking an 11% increase over the average daily trading volume of 4,663,776 shares. The previous closing price stood at $35.82.

Wall Street Analysts Forecast Growth

Recently, C3.ai has been the focus of various analyst evaluations. KeyCorp downgraded its rating from "sector weight" to "underweight," establishing a price target of $29.00. In contrast, DA Davidson upgraded C3.ai to a "hold" rating. Meanwhile, StockNews.com has marked the stock as a "sell." Northland Securities raised its price objective from $35.00 to $45.00, giving the company an "outperform" rating. Additionally, Needham & Company LLC reaffirmed a "hold" rating. Overall, five analysts rate the stock as a sell, five as hold, four as buy, and one as strong buy. According to MarketBeat, the consensus rating is a "Hold" with an average target price of $35.00.

C3.ai Stock Down 6.9%

The company's current market capitalization is around $4.30 billion, with a price-to-earnings ratio of -15.09 and a beta of 2.00. The stock has a 50-day simple moving average of $34.29, alongside a two-hundred-day simple moving average of $28.60.

Insiders Place Their Bets

In insider news, VP Merel Witteveen sold 11,132 shares on December 30 at an average price of $34.95, totaling around $389,063.40. Post-transaction, the vice president holds 4,142 shares worth about $144,762.90, reflecting a 72.88% decrease in their stake. Director Richard C. Levin also sold 12,000 shares at an average of $34.80 on January 2, bringing in $417,600.00. Following this sale, Levin retains 161,664 shares valued at approximately $5,625,907.20, a 6.91% drop in ownership. In total, company insiders have sold 668,721 shares worth $28,425,151 over the last ninety days, with insiders holding 33.54% of the company's stock.

Hedge Funds Weigh In On C3.ai

Recent activities by hedge funds have seen changes in their stakes in C3.ai. Principal Financial Group Inc. increased its holding by 4.3%, owning a total of 11,165 shares valued at $323,000. Rhumbline Advisers raised their stake by 0.5%, owning 125,344 shares worth $3,630,000. Arizona State Retirement System increased its shareholdings by 9.9%, owning 29,869 shares worth $865,000. PFG Investments LLC raised its stake by 46.8%, now holding 17,868 shares valued at $517,000. Additionally, LGT Fund Management Co Ltd. acquired a new stake valued at approximately $924,000. Currently, 38.96% of the company's shares are owned by institutional investors and hedge funds.

C3.ai Company Profile

C3.ai operates as an enterprise artificial intelligence software firm across regions including North America, Europe, the Middle East, Africa, and Asia. The company offers the C3 AI platform, designed for creating and deploying enterprise AI applications, alongside various tools like C3 AI Ex Machina, C3 AI CRM, and the C3 Generative AI Product Suite.

Should You Invest $1,000 in C3.ai Right Now?

Before making investment decisions regarding C3.ai, it's important to be informed. Analysis suggests that while C3.ai has a current consensus rating of "Hold," top analysts are directing attention to five alternative stocks that they believe present better investment opportunities.

C3.ai, Stocks, Investments