Short Interest in C3.ai, Inc. (NYSE:AI) Declines By 5.1%

C3.ai, Inc. (NYSE:AI) saw a significant decline in short interest in October. As of October 15th, there was short interest totalling 24,560,000 shares, a decline 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 currently 6.6 days.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on AI shares. DA Davidson cut their target price on C3.ai from $30.00 to $20.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. Oppenheimer reissued an “outperform” rating and issued a $40.00 target price on shares of C3.ai in a report on Thursday, September 5th. Bank of America cut their price target on shares of C3.ai from $24.00 to $20.00 and set an “underperform” rating for the company in a report on Thursday, September 5th. Piper Sandler decreased their price objective on shares of C3.ai from $29.00 to $24.00 and set a “neutral” rating on the stock in a research note on Thursday, September 5th. Finally, JMP Securities restated a “market outperform” rating and set a $40.00 price objective on shares of C3.ai in a research report on Thursday, September 5th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $27.70.

C3.ai Stock Performance

Shares of C3.ai stock traded up $0.68 on Friday, hitting $25.31. The stock had a trading volume of 476,706 shares, compared to its average volume of 5,414,862. The stock has a 50 day moving average of $24.11 and a 200 day moving average of $25.58. C3.ai has a twelve month low of $18.85 and a twelve month high of $38.30. The firm has a market capitalization of $3.22 billion, a P/E ratio of -10.80 and a beta of 1.81.

C3.ai (NYSE:AI) last released its quarterly earnings results on Wednesday, September 4th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.08. C3.ai had a negative net margin of 85.47% and a negative return on equity of 31.28%. The firm had revenue of $87.21 million during the quarter, compared to the consensus estimate of $86.94 million. During the same quarter last year, the firm earned ($0.56) earnings per share. The company’s revenue for the quarter was up 20.5% on a year-over-year basis. Equities analysts expect that C3.ai will post -2.31 earnings per share for the current year.

Institutional Investors Weigh In On C3.ai

Several institutional investors and hedge funds have recently made changes to their positions in AI. Vanguard Group Inc. grew its holdings in C3.ai by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 10,647,900 shares of the company’s stock worth $288,239,000 after acquiring an additional 317,768 shares during the period. Bank of New York Mellon Corp increased its stake 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 lifted its position in shares of C3.ai by 11.5% during the 2nd 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 period. Swiss National Bank boosted its stake 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 grew its holdings in C3.ai by 0.5% in the second quarter. Rhumbline Advisers now owns 125,344 shares of the company’s stock worth $3,630,000 after purchasing an additional 572 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.