C3.ai, Inc. (NYSE:AI) Sees Large Decline in Short Interest

C3.ai, Inc. (NYSE:AI) was the target of a significant decrease in short interest in the month of October. As of October 15th, there was short interest totalling 24,560,000 shares, a decrease of 5.1% from the September 30th total of 25,870,000 shares. Based on an average daily trading volume, of 3,700,000 shares, the short-interest ratio is presently 6.6 days.

Wall Street Analysts Forecast Growth

A number of research firms have commented on AI. Morgan Stanley lowered their target price on shares of C3.ai from $23.00 to $21.00 and set an “underweight” rating for the company in a report on Thursday, September 5th. Piper Sandler Companies reaffirmed a “neutral” rating and set a $24.00 price objective on shares of C3.ai in a research note on Thursday, September 5th. Needham & Company LLC reissued a “hold” rating on shares of C3.ai in a research note on Thursday, September 5th. JMP Securities restated a “market outperform” rating and set a $40.00 target price on shares of C3.ai in a report on Thursday, September 5th. Finally, DA Davidson lowered their price target on C3.ai from $30.00 to $20.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, C3.ai presently has an average rating of “Hold” and a consensus target price of $27.70.

C3.ai Trading Down 1.6 %

Shares of NYSE AI opened at $25.94 on Thursday. The company has a fifty day moving average price of $24.10 and a 200 day moving average price of $25.58. The firm has a market cap of $3.24 billion, a PE ratio of -11.09 and a beta of 1.81. C3.ai has a 1-year low of $18.85 and a 1-year high of $38.30.

C3.ai (NYSE:AI) last posted its quarterly earnings data on Wednesday, September 4th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $87.21 million during the quarter, compared to the consensus estimate of $86.94 million. During the same period last year, the company earned ($0.56) earnings per share. C3.ai’s quarterly revenue was up 20.5% on a year-over-year basis. Equities research analysts forecast that C3.ai will post -2.32 EPS for the current year.

Institutional Trading of C3.ai

A number of hedge funds and other institutional investors have recently made changes to their positions in AI. Vanguard Group Inc. grew its position in C3.ai by 3.1% in the first quarter. Vanguard Group Inc. now owns 10,647,900 shares of the company’s stock valued at $288,239,000 after purchasing an additional 317,768 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of C3.ai by 0.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 771,540 shares of the company’s stock valued at $22,344,000 after acquiring an additional 1,929 shares in the last quarter. Raymond James & Associates increased its position in shares of C3.ai by 11.5% in the second quarter. Raymond James & Associates now owns 201,262 shares of the company’s stock valued at $5,829,000 after acquiring an additional 20,753 shares during the last quarter. Swiss National Bank raised its holdings in C3.ai by 1.6% during the first quarter. Swiss National Bank now owns 195,200 shares of the company’s stock worth $5,284,000 after acquiring an additional 3,000 shares in the last quarter. Finally, Rhumbline Advisers raised its holdings in C3.ai by 0.5% during the second quarter. Rhumbline Advisers now owns 125,344 shares of the company’s stock worth $3,630,000 after acquiring an additional 572 shares in the last quarter. 38.96% of the stock is currently owned by institutional investors and hedge funds.

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.