Cadian Capital Management LP Invests $8.38 Million in C3.ai, Inc. (NYSE:AI)
Cadian Capital Management LP purchased a new position in shares of C3.ai, Inc. (NYSE:AI – Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 230,000 shares of the company’s stock, valued at approximately $8,379,000. C3.ai makes up 0.4% of Cadian Capital Management LP’s holdings, making the stock its 21st largest holding. Cadian Capital Management LP owned about 0.20% of C3.ai as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also bought and sold shares of AI. J.W. Cole Advisors Inc. boosted its position in shares of C3.ai by 5.0% during the 2nd quarter. J.W. Cole Advisors Inc. now owns 8,305 shares of the company’s stock worth $303,000 after purchasing an additional 395 shares in the last quarter. CWM LLC grew its stake in C3.ai by 20.0% in the 2nd quarter. CWM LLC now owns 2,636 shares of the company’s stock valued at $96,000 after buying an additional 440 shares in the last quarter. Chilton Capital Management LLC grew its stake in C3.ai by 150.0% in the 2nd quarter. Chilton Capital Management LLC now owns 1,000 shares of the company’s stock valued at $36,000 after buying an additional 600 shares in the last quarter. NewEdge Advisors LLC grew its stake in C3.ai by 26.3% in the 1st quarter. NewEdge Advisors LLC now owns 3,341 shares of the company’s stock valued at $112,000 after buying an additional 696 shares in the last quarter. Finally, Kovack Advisors Inc. grew its stake in C3.ai by 8.8% in the 2nd quarter. Kovack Advisors Inc. now owns 8,755 shares of the company’s stock valued at $319,000 after buying an additional 705 shares in the last quarter. 38.96% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several brokerages have commented on AI. Canaccord Genuity Group reissued a “hold” rating and issued a $27.00 price target on shares of C3.ai in a report on Thursday. Piper Sandler Companies cut their price target on shares of C3.ai from $29.00 to $28.00 and set a “neutral” rating for the company in a report on Friday, September 8th. Piper Sandler cut their price target on shares of C3.ai from $28.00 to $27.00 and set a “neutral” rating for the company in a report on Thursday. DA Davidson cut their price target on shares of C3.ai from $30.00 to $28.00 and set a “neutral” rating for the company in a report on Thursday. Finally, Wedbush dropped their price objective on shares of C3.ai from $50.00 to $42.00 and set an “outperform” rating for the company in a report on Thursday, September 7th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $28.33.
View Our Latest Research Report on C3.ai
C3.ai Trading Up 8.6 %
AI traded up $2.25 during midday trading on Friday, reaching $28.27. The company’s stock had a trading volume of 16,088,380 shares, compared to its average volume of 10,104,314. The firm has a market capitalization of $3.34 billion, a price-to-earnings ratio of -12.29 and a beta of 1.61. C3.ai, Inc. has a 1 year low of $10.16 and a 1 year high of $48.87. The stock’s 50-day moving average is $26.93 and its 200-day moving average is $31.88.
C3.ai (NYSE:AI – Get Free Report) last issued its earnings results on Wednesday, December 6th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.18) by $0.05. 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 95.83% and a negative return on equity of 28.00%. The business’s revenue was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.63) earnings per share. As a group, equities research analysts forecast that C3.ai, Inc. will post -2.24 earnings per share for the current fiscal year.
About C3.ai (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.
See Also
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Original: MarketBeat News Feed: Cadian Capital Management LP Invests $8.38 Million in C3.ai, Inc. (NYSE:AI)