The Vanguard Group, Inc. recently announced the acquisition of new stake in C3.ai Inc (NYSE:AI). The institutional investor has increased its shareholding in the Technology company by 6.76% to 10.28 million shares with purchase of 0.65 million shares. This fresh investment now brings its stake to 8.96% valued currently at $250.82 million. In addition, BlackRock Fund Advisors raised its holdings by 0.23 million to 4.63 million shares. And Morgan Stanley & Co. LLC has lifted its position by 379.78% or 2.63 million shares – to 3.33 million shares.
With over 9.64 million C3.ai Inc (AI) shares trading Monday and a closing price of $30.31 on the day, the dollar volume was approximately $292.32 million. The shares have shown a negative half year performance of -14.18% and its price on 12/04/23 lost nearly -1.88%. Currently, there are 110.44M common shares owned by the public and among those 101.17M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 14 analysts who have offered their price forecasts for AI have a consensus price objective of $27.25. The analysts have set the share’s price value over the next 12 months at a high of $42.00 and a low of $14.00. The average price target is -11.23% below its recent price level and a downside to the estimated low will see the stock lose -116.5% over that period. But an upside of 27.83% will see the stock hit the forecast high price target while median target price for the stock is $27.50.
Insiders at the company have transacted a total of 79 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 29 of these insider trades were purchases, accounting for 2,081,582 shares. Insider sales of the common stock occurred on 50 occasions, with total insider shares sold totaling 1,499,658 shares.
The top 3 mutual fund holders in C3.ai Inc are Vanguard Total Stock Market ETF, Vanguard Small Cap Index Fund, and iShares Russell 2000 ETF. Vanguard Total Stock Market ETF owns 3.23 million shares of the company’s stock, all valued at over $78.9 million. The company bought an additional 5600.0 shares recently to bring their total holdings to about 2.82% of the shares outstanding. Vanguard Small Cap Index Fund bought 7384.0 shares to see its total holdings expand to 2.66 million shares valued at over $64.9 million and representing 2.32% of the shares outstanding. iShares Russell 2000 ETF sold 14160.0 shares to bring its total holdings to over 1.41 million shares at a value of $34.33 million. iShares Russell 2000 ETF now owns shares totaling to 1.23% of the shares outstanding.
Shares of C3.ai Inc (NYSE: AI) opened at $30.69, down -$0.2 from a prior closing price of $30.89. However, the script later moved the day high at 31.35, down -1.88%. The company’s stock has a 5-day price change of 4.48% and -3.56% over the past three months. AI shares are trading 170.87% year to date (YTD), with the 12-month market performance up to 128.58% higher. It has a 12-month low price of $10.16 and touched a high of $48.87 over the same period. AI has an average intraday trading volume of 7.91 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 6.04%, 14.71%, and 5.24% respectively.
Institutional ownership of C3.ai Inc (NYSE: AI) shares accounts for 38.54% of the company’s 110.44M shares outstanding. Mutual fund holders own 22.48%, while other institutional holders and individual stakeholders account for 27.38% and 17.87% respectively.
It has a market capitalization of $3.58B and a beta (3y monthly) value of 1.60. The earnings-per-share (ttm) stands at -$2.34. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.30% over the week and 6.70% over the month.
Analysts forecast that C3.ai Inc (AI) will achieve an EPS of -$0.18 for the current quarter, -$0.1 for the next quarter and -$0.01 for 2025. The lowest estimate earnings-per-share for the quarter is -$0.23 while analysts give the company a high EPS estimate of -$0.13. Comparatively, EPS for the current quarter was -$0.11 a year ago. Earnings per share for the fiscal year are expected to decrease by -2.89%, and 94.84% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 14 brokerage firm advisors rate C3.ai Inc (AI) as a “Hold” at a consensus score of 3.07. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 7 of the 14 advise that investors “hold,” and 3 rated it as a “Sell.”
Looking at the support for the AI, a number of firms have released research notes about the stock. Oppenheimer stated their Outperform rating for the stock in a research note on November 21, 2023, with the firm’s price target at $40.
