C3.ai (NYSE:AI) Issues Earnings Results
C3.ai (NYSE:AI – Get Free Report) released its quarterly earnings data on Wednesday. The company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.05, MarketWatch Earnings reports. The firm had revenue of $73.20 million for the quarter, compared to the consensus estimate of $74.33 million. C3.ai had a negative net margin of 99.42% and a negative return on equity of 27.78%. The company’s quarterly revenue was up 17.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.63) earnings per share.
C3.ai Stock Performance
Shares of AI stock traded down $0.89 on Wednesday, hitting $29.16. The company had a trading volume of 16,268,159 shares, compared to its average volume of 18,792,334. C3.ai has a twelve month low of $10.16 and a twelve month high of $48.87. The firm has a market cap of $3.45 billion, a P/E ratio of -12.83 and a beta of 1.61. The stock’s 50-day moving average is $26.76 and its two-hundred day moving average is $31.91.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. bought a new stake in shares of C3.ai during the 1st quarter valued at about $25,000. Tyler Stone Wealth Management acquired a new position in C3.ai in the second quarter valued at approximately $30,000. Lazard Asset Management LLC boosted its holdings in shares of C3.ai by 117.7% during the 3rd quarter. Lazard Asset Management LLC now owns 986 shares of the company’s stock worth $25,000 after buying an additional 533 shares in the last quarter. Ancora Advisors LLC grew its position in shares of C3.ai by 218.8% during the 1st quarter. Ancora Advisors LLC now owns 1,100 shares of the company’s stock worth $73,000 after buying an additional 755 shares during the period. Finally, Sunbelt Securities Inc. bought a new stake in shares of C3.ai in the 1st quarter valued at $36,000. Institutional investors and hedge funds own 38.96% of the company’s stock.
Analysts Set New Price Targets
Several analysts recently weighed in on the company. StockNews.com raised C3.ai to a “sell” rating in a report on Tuesday, November 21st. Wedbush reduced their target price on shares of C3.ai from $50.00 to $42.00 and set an “outperform” rating for the company in a research report on Thursday, September 7th. Piper Sandler lowered their price target on shares of C3.ai from $29.00 to $28.00 and set a “neutral” rating on the stock in a research report on Friday, September 8th. Oppenheimer raised shares of C3.ai from a “market perform” rating to an “outperform” rating and set a $40.00 price objective for the company in a report on Tuesday, November 21st. Finally, Piper Sandler Companies lowered their target price on shares of C3.ai from $29.00 to $28.00 and set a “neutral” rating on the stock in a report on Friday, September 8th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $28.73.
Check Out Our Latest Analysis on AI
C3.ai Company Profile (Get Free Report)
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.
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Original: MarketBeat News Feed: C3.ai (NYSE:AI) Issues Earnings Results