KeyCorp Has Lowered Expectations for C3.ai (NYSE:AI) Stock Price

C3.ai (NYSE:AI) had its target price cut by research analysts at KeyCorp from $21.00 to $17.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an “underweight” rating on the stock. KeyCorp’s price objective indicates a potential downside of 11.40% from the stock’s previous close.

AI has been the subject of a number of other research reports. Piper Sandler cut their price objective on C3.ai from $42.00 to $28.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. Morgan Stanley cut their price target on C3.ai from $30.00 to $20.00 and set an “underweight” rating for the company in a report on Wednesday. Canaccord Genuity Group decreased their price objective on C3.ai from $40.00 to $30.00 and set a “hold” rating on the stock in a report on Thursday, February 27th. Needham & Company LLC reissued a “hold” rating on shares of C3.ai in a report on Thursday, February 27th. Finally, DA Davidson decreased their price target on shares of C3.ai from $25.00 to $18.00 and set a “neutral” rating on the stock in a research note on Monday. Five equities 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 company’s stock. According to data from MarketBeat.com, C3.ai has a consensus rating of “Hold” and an average target price of $29.58.

C3.ai Stock Performance

Shares of NYSE AI traded down $0.16 during midday trading on Thursday, reaching $19.19. The stock had a trading volume of 368,730 shares, compared to its average volume of 4,580,467. C3.ai has a 12-month low of $17.03 and a 12-month high of $45.08. The company has a market capitalization of $2.55 billion, a price-to-earnings ratio of -8.68 and a beta of 2.01. The stock has a 50-day moving average of $23.77 and a 200-day moving average of $28.95.

C3.ai (NYSE:AI) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.37). The business had revenue of $98.78 million during the quarter, compared to the consensus estimate of $98.12 million. C3.ai had a negative return on equity of 31.31% and a negative net margin of 79.17%. As a group, analysts forecast that C3.ai will post -2.44 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Richard C. Levin sold 12,000 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $29.84, for a total value of $358,080.00. Following the completion of the transaction, the director now owns 161,664 shares of the company’s stock, valued at $4,824,053.76. The trade was a 6.91 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Thomas M. Siebel sold 13,567 shares of the stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $19.47, for a total value of $264,149.49. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,446,967 shares of company stock valued at $37,175,326. 33.54% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC grew its position in shares of C3.ai by 149.2% in the third quarter. FMR LLC now owns 13,994 shares of the company’s stock valued at $339,000 after purchasing an additional 8,378 shares during the period. State Street Corp boosted its stake in shares of C3.ai by 1.8% in the third quarter. State Street Corp now owns 2,121,391 shares of the company’s stock worth $51,401,000 after acquiring an additional 38,185 shares during the last quarter. Geode Capital Management LLC raised its stake in C3.ai by 8.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,216,925 shares of the company’s stock valued at $53,728,000 after purchasing an additional 178,870 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in C3.ai by 28.1% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 14,400 shares of the company’s stock worth $496,000 after purchasing an additional 3,161 shares during the last quarter. Finally, TT International Asset Management LTD purchased a new stake in shares of C3.ai during the fourth quarter worth $482,000. Hedge funds and other institutional investors own 38.96% of the company’s stock.

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.