C3.ai (NYSE:AI) Shares Gap Down – What’s Next?

C3.ai, Inc. (NYSE:AI) gapped down before the market opened on Tuesday . The stock had previously closed at $37.86, but opened at $36.74. C3.ai shares last traded at $37.79, with a volume of 1,552,291 shares.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on AI. Wedbush cut their price objective on C3.ai from $40.00 to $30.00 and set an “outperform” rating for the company in a research report on Thursday, September 5th. Bank of America cut their price objective on C3.ai from $24.00 to $20.00 and set an “underperform” rating for the company in a research report on Thursday, September 5th. Piper Sandler cut their price objective on C3.ai from $29.00 to $24.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. StockNews.com raised C3.ai to a “sell” rating in a research report on Tuesday. Finally, Canaccord Genuity Group cut their price objective on C3.ai from $30.00 to $23.00 and set a “hold” rating for the company in a research report on Thursday, September 5th. Three research analysts have rated the stock with a sell rating, five have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, C3.ai currently has an average rating of “Hold” and an average price target of $27.70.

C3.ai Stock Performance

The company has a market capitalization of $4.63 billion, a P/E ratio of -15.97 and a beta of 1.80. The firm has a 50 day moving average price of $26.82 and a two-hundred day moving average price of $26.58.

C3.ai (NYSE:AI) last released its quarterly earnings data on Wednesday, September 4th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.08. C3.ai had a negative return on equity of 31.28% and a negative net margin of 85.47%. The company had revenue of $87.21 million for the quarter, compared to analyst estimates of $86.94 million. During the same period in the prior year, the company posted ($0.56) EPS. The company’s revenue was up 20.5% compared to the same quarter last year. On average, equities analysts expect that C3.ai, Inc. will post -2.31 earnings per share for the current year.

Institutional Investors Weigh In On C3.ai

Large investors have recently modified their holdings of the stock. Hobbs Group Advisors LLC bought a new stake in C3.ai during the 2nd quarter worth approximately $29,000. Unique Wealth Strategies LLC acquired a new position in C3.ai during the 2nd quarter worth $28,000. Blue Trust Inc. lifted its holdings in C3.ai by 148.9% during the 2nd quarter. Blue Trust Inc. now owns 1,028 shares of the company’s stock worth $28,000 after buying an additional 615 shares in the last quarter. JTC Employer Solutions Trustee Ltd bought a new position in C3.ai in the 3rd quarter valued at $25,000. Finally, Northwestern Mutual Wealth Management Co. boosted its position in C3.ai by 311.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,050 shares of the company’s stock valued at $30,000 after buying an additional 795 shares during the last quarter. 38.96% of the stock is currently owned by institutional investors.

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.