C3.ai (NYSE:AI) Shares Gap Up – Still a Buy?

C3.ai, Inc. (NYSE:AI) gapped up prior to trading on Friday . The stock had previously closed at $36.39, but opened at $37.78. C3.ai shares last traded at $38.94, with a volume of 1,826,284 shares traded.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on AI. Piper Sandler Companies reiterated a “neutral” rating and set a $24.00 price target on shares of C3.ai in a research report on Thursday, September 5th. Oppenheimer reiterated an “outperform” rating and issued a $40.00 target price on shares of C3.ai in a research report on Thursday, September 5th. Morgan Stanley reduced their price target on shares of C3.ai from $23.00 to $21.00 and set an “underweight” rating for the company in a research note on Thursday, September 5th. Needham & Company LLC restated a “hold” rating on shares of C3.ai in a report on Thursday, September 5th. Finally, Bank of America reduced their price objective on shares of C3.ai from $24.00 to $20.00 and set an “underperform” rating for the company in a research report on Thursday, September 5th. Three 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 issued a strong buy rating to the stock. According to data from MarketBeat, C3.ai currently has a consensus rating of “Hold” and a consensus price target of $27.70.

C3.ai Stock Up 5.1 %

The firm’s 50-day moving average price is $27.08 and its two-hundred day moving average price is $26.64. The firm has a market capitalization of $4.86 billion, a PE ratio of -17.08 and a beta of 1.80.

C3.ai (NYSE:AI) last posted its quarterly earnings data on Wednesday, September 4th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $86.94 million. During the same quarter last year, the business posted ($0.56) EPS. The company’s revenue was up 20.5% on a year-over-year basis. Equities research analysts forecast that C3.ai, Inc. will post -2.31 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of AI. Geode Capital Management LLC boosted its position in C3.ai by 8.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,216,925 shares of the company’s stock worth $53,728,000 after acquiring an additional 178,870 shares during the period. State Street Corp lifted its position in shares of C3.ai by 1.8% in the third quarter. State Street Corp now owns 2,121,391 shares of the company’s stock worth $51,401,000 after purchasing an additional 38,185 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of C3.ai by 12.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 844,389 shares of the company’s stock worth $20,460,000 after purchasing an additional 92,280 shares during the period. Bank of New York Mellon Corp grew its position in C3.ai by 0.3% during the second quarter. Bank of New York Mellon Corp now owns 771,540 shares of the company’s stock valued at $22,344,000 after purchasing an additional 1,929 shares in the last quarter. Finally, Raymond James & Associates increased its stake in C3.ai by 11.5% in the 2nd quarter. Raymond James & Associates now owns 201,262 shares of the company’s stock valued at $5,829,000 after buying an additional 20,753 shares during the period. Hedge funds and other institutional investors 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.