From Nasdaq: 2024-06-06 09:06:09

Big Tech giants like Nvidia, Microsoft, and Alphabet are soaring to record highs, leaving smaller AI players, such as C3.ai, far behind trading 83% below all-time highs in June 2024. Valued at $3.6 billion, C3.ai went public in 2020, seeing highs of $183 per share, now trading around $30. Despite the underperformance, C3.ai reported strong Q4 results with revenue of $86.59 million, lower loss per share than estimates, and raised guidance for fiscal year 2024 at 23.2% growth rate. Bookings in 2024 saw 88% driven by AI applications, with the federal defense and aerospace sector leading at 50%. Analysts give a “hold” rating with a target price of $29.33. Northland analyst Mike Latimore upgraded C3.ai from “Market Perform” to “Outperform” with a target price of $35 after earnings, citing accelerated subscription growth. Wedbush Securities also praised the strong Q4 results, rating AI stock as “Outperform” with a target price of $40, suggesting a possible 30% rise.



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