C3.ai (NYSE:AI) Shares Gap Up – Here’s Why

C3.ai, Inc. (NYSE:AI)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $32.81, but opened at $35.28. C3.ai shares last traded at $34.42, with a volume of 2,369,160 shares.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of C3.ai in a report on Tuesday, December 10th. Piper Sandler increased their price objective on C3.ai from $24.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Canaccord Genuity Group increased their target price on C3.ai from $23.00 to $40.00 and gave the stock a “hold” rating in a research report on Wednesday, December 11th. JPMorgan Chase & Co. downgraded C3.ai from a “neutral” rating to an “underweight” rating and set a $28.00 target price on the stock. in a research report on Wednesday, December 11th. Finally, JMP Securities increased their target price on C3.ai from $40.00 to $55.00 and gave the stock a “market outperform” rating in a research report on Tuesday, December 10th. Five equities research analysts have rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $35.00.

C3.ai Trading Up 4.6 %

The firm has a 50-day moving average of $35.27 and a 200 day moving average of $28.83. The stock has a market capitalization of $4.43 billion, a price-to-earnings ratio of -15.56 and a beta of 2.00.

Insiders Place Their Bets

In other news, CFO Hitesh Lath sold 11,339 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $42.00, for a total value of $476,238.00. Following the completion of the sale, the chief financial officer now directly owns 851 shares in the company, valued at approximately $35,742. The trade was a 93.02 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jim H. Snabe sold 499,700 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $43.05, for a total value of $21,512,085.00. Following the completion of the sale, the director now owns 10,000 shares of the company’s stock, valued at $430,500. This trade represents a 98.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,078,552 shares of company stock worth $41,117,617 in the last three months. 33.54% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. JTC Employer Solutions Trustee Ltd acquired a new position in C3.ai during the 3rd quarter valued at approximately $25,000. Northwestern Mutual Wealth Management Co. boosted its position in C3.ai by 311.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,050 shares of the company’s stock valued at $30,000 after purchasing an additional 795 shares during the period. Quest Partners LLC boosted its position in C3.ai by 9,033.3% during the 3rd quarter. Quest Partners LLC now owns 1,644 shares of the company’s stock valued at $40,000 after purchasing an additional 1,626 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in C3.ai during the 2nd quarter valued at approximately $41,000. Finally, Geneos Wealth Management Inc. boosted its position in C3.ai by 72.4% during the 4th quarter. Geneos Wealth Management Inc. now owns 1,322 shares of the company’s stock valued at $46,000 after purchasing an additional 555 shares during the period. Institutional investors and hedge funds 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.