C3.ai, Inc. (NYSE:AI) Sees Significant Drop in Short Interest

C3.ai, Inc. (NYSE:AI) saw a significant drop in short interest during the month of September. As of September 15th, there was short interest totalling 25,500,000 shares, a drop of 10.0% from the August 31st total of 28,340,000 shares. Based on an average daily trading volume, of 3,830,000 shares, the days-to-cover ratio is presently 6.7 days.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on AI. Needham & Company LLC restated a “hold” rating on shares of C3.ai in a research note on Thursday, September 5th. Canaccord Genuity Group lowered their target price on C3.ai from $30.00 to $23.00 and set a “hold” rating on the stock in a report on Thursday, September 5th. Morgan Stanley lowered their target price on C3.ai from $23.00 to $21.00 and set an “underweight” rating on the stock in a report on Thursday, September 5th. JMP Securities reaffirmed a “market outperform” rating and set a $40.00 target price on shares of C3.ai in a report on Thursday, September 5th. Finally, Wedbush lowered their target price on C3.ai from $40.00 to $30.00 and set an “outperform” rating on the stock in a report 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 company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $27.70.

Hedge Funds Weigh In On C3.ai

Large investors have recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. acquired a new position in C3.ai in the second quarter valued at about $41,000. Sanctuary Advisors LLC bought a new stake in shares of C3.ai in the second quarter worth about $373,000. Cetera Investment Advisers increased its holdings in shares of C3.ai by 16.4% in the second quarter. Cetera Investment Advisers now owns 57,341 shares of the company’s stock worth $1,661,000 after acquiring an additional 8,094 shares in the last quarter. Truist Financial Corp increased its holdings in shares of C3.ai by 5.1% in the second quarter. Truist Financial Corp now owns 21,211 shares of the company’s stock worth $614,000 after acquiring an additional 1,023 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in shares of C3.ai in the second quarter worth about $513,000. Institutional investors and hedge funds own 38.96% of the company’s stock.

C3.ai Price Performance

Shares of AI traded down $1.32 on Tuesday, reaching $22.91. 2,598,499 shares of the stock traded hands, compared to its average volume of 5,735,980. The firm has a market cap of $2.86 billion, a price-to-earnings ratio of -9.65 and a beta of 1.81. C3.ai has a 12 month low of $18.85 and a 12 month high of $38.30. The stock’s 50-day moving average price is $24.22 and its 200-day moving average price is $25.75.

C3.ai (NYSE:AI) last announced its quarterly earnings results on Wednesday, September 4th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.08. The firm had revenue of $87.21 million for the quarter, compared to analysts’ expectations of $86.94 million. C3.ai had a negative return on equity of 31.28% and a negative net margin of 85.47%. The business’s revenue was up 20.5% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.56) earnings per share. As a group, equities research analysts forecast that C3.ai will post -2.32 earnings per share for the current fiscal year.

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.