Connor Clark & Lunn Investment Management Ltd. Purchases Shares of 31,751 C3.ai, Inc. $AI

Connor Clark & Lunn Investment Management Ltd. purchased a new position in C3.ai, Inc. (NYSE:AI) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 31,751 shares of the company’s stock, valued at approximately $668,000.

Several other institutional investors also recently modified their holdings of AI. Garde Capital Inc. bought a new position in shares of C3.ai in the 1st quarter worth about $29,000. Russell Investments Group Ltd. increased its stake in C3.ai by 100.7% during the 4th quarter. Russell Investments Group Ltd. now owns 909 shares of the company’s stock valued at $31,000 after purchasing an additional 456 shares in the last quarter. Orion Capital Management LLC bought a new stake in C3.ai during the 4th quarter valued at about $34,000. CX Institutional bought a new stake in C3.ai during the 1st quarter valued at about $34,000. Finally, Raiffeisen Bank International AG bought a new stake in C3.ai during the 4th quarter valued at about $36,000. 38.96% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other C3.ai news, Director Richard C. Levin sold 36,000 shares of the company’s stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $28.17, for a total value of $1,014,120.00. Following the completion of the transaction, the director directly owned 161,664 shares in the company, valued at $4,554,074.88. This represents a 18.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Stephen M. Ward, Jr. sold 42,382 shares of the company’s stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $26.32, for a total transaction of $1,115,494.24. Following the completion of the transaction, the director owned 546,495 shares of the company’s stock, valued at approximately $14,383,748.40. The trade was a 7.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,257,074 shares of company stock valued at $53,260,950 in the last 90 days. 33.54% of the stock is owned by insiders.

C3.ai Trading Up 2.0%

AI opened at $18.21 on Tuesday. The company has a market cap of $2.45 billion, a price-to-earnings ratio of -8.13 and a beta of 1.98. The company’s 50 day moving average is $24.31 and its 200 day moving average is $24.12. C3.ai, Inc. has a 12-month low of $14.70 and a 12-month high of $45.08.

C3.ai (NYSE:AI) last posted its quarterly earnings data on Wednesday, May 28th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.04. The company had revenue of $108.72 million for the quarter, compared to the consensus estimate of $107.85 million. C3.ai had a negative net margin of 74.21% and a negative return on equity of 33.51%. The firm’s revenue was up 25.5% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.11) earnings per share. As a group, analysts predict that C3.ai, Inc. will post -2.44 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on AI. Oppenheimer restated a “market perform” rating on shares of C3.ai in a research note on Tuesday, August 12th. Piper Sandler reduced their price objective on shares of C3.ai from $28.00 to $27.00 and set a “neutral” rating for the company in a research note on Thursday, May 29th. UBS Group reduced their price objective on shares of C3.ai from $28.00 to $27.00 and set a “neutral” rating for the company in a research note on Thursday, June 26th. Canaccord Genuity Group reduced their price objective on shares of C3.ai from $30.00 to $28.00 and set a “hold” rating for the company in a research note on Thursday, May 29th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of C3.ai from $27.00 to $23.00 and set an “underweight” rating for the company in a research note on Thursday, May 29th. Six equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $27.43.

C3.ai Company Profile

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.