AE Wealth Management LLC, a financial management company, recently announced that it has increased its stake in C3.ai, Inc. During the second quarter of this year, AE Wealth Management LLC boosted its ownership of C3.ai by 27.5%. The firm now owns 89,915 shares of the company’s stock, which is an additional 19,403 shares compared to the previous period. At the end of the most recent reporting period, AE Wealth Management LLC’s stake in C3.ai was valued at $3,276,000.
C3.ai is a well-known technology company listed on the New York Stock Exchange (NYSE:AI). On September 6th of this year, the company released its quarterly earnings report. They reported earning ($0.09) per share (EPS) for the quarter, surpassing the consensus estimate by $0.08. Despite a negative net margin of 99.42% and a negative return on equity of 27.78%, C3.ai managed to generate $72.36 million in revenue during the quarter. This exceeded analysts’ expectations of $71.56 million in revenue for that period.
Comparatively speaking, C3.ai’s performance improved from the previous year’s quarter as they achieved a revenue growth rate of 10.8%. By contrast, during the same time frame last year, they had earned ($0.67) EPS.
As we move forward into the current fiscal year, sell-side analysts anticipate that C3.ai will post earnings per share of -2.21 for this period.
AE Wealth Management LLC’s increased stake in C3.ai demonstrates their confidence in the future prospects of this technology company despite its recent financial performance findings.
Disclaimer: The information provided here is based on publicly available information and should not be construed as financial advice or a recommendation to invest in any securities mentioned above.
Perplexing Shifts in Institutional Holdings of C3.ai Stock Fuel Uncertainty in Market
September 22, 2023 – In a perplexing turn of events, several institutional investors have made significant changes to their holdings of C3.ai stock. Vanguard Group Inc., a renowned investment management firm, has increased its position in shares of C3.ai by an astonishing 29.1% during the third quarter. This surge in ownership now sees Vanguard Group Inc. holding 9,042,202 shares of the company’s stock with a staggering value of $113,028,000.
Similarly, another prominent investor in C3.ai, BlackRock Inc., has also upped its holdings by 3.8%, now owning 5,717,608 shares valued at $71,470,000. Notably, Renaissance Technologies LLC has joined the fray by raising its holdings by an impressive 39.3%, resulting in ownership of 2,412,200 shares worth $54,757,000.
State Street Corp and Two Sigma Investments LP have also followed suit in altering their holdings in C3.ai. The former increased its ownership by 2.9% during the first quarter and currently holds 1,710,043 shares valued at $57,406,000. Meanwhile, Two Sigma Investments LP experienced an unprecedented surge of 2,277.8% during the same period and now possesses 1,435,097 shares valued at $48,176,.000.
These significant modifications clearly indicate a bustiness within the institutional investment community regarding C3.ai’s stock. It raises questions about what may have prompted this sudden increase in interest.
Meanwhile analysts’ opinions on C3.ai haven’t been overwhelmingly positive either as evident from recent reports and ratings analysis published on Friday September 8th from Piper Jaffray Companies who lowered their price target from $29 to $28 rating it “neutral”. Moreover Northland Securities began covering C3.ai on Tuesday July 25th issuing market perform rating and setting a price objective of $40. Similarly Oppenheimer began their coverage for the company in late June stating market perform rating with no precise target price. In contrast Bank of America, Northland Securities and Morgan Stanley have given buy ratings but all three have different price targets which surge the perplexity even more.
Nevertheless, the recent news that director Richard C. Levin sold 12,000 shares of the company’s stock at an average price of $42.00 raises further questions about C3.ai’s trajectory in the market. Following this sale, Levin’s direct holdings now stand at 161,664 shares valued approximately at $6,789,888. This information was disclosed in a legal filing with the Securities and Exchange Commission (SEC).
Additionally, CTO Edward Y. Abbo recently sold 457,585 shares of the company’s stock on June 27th at an average price of $32.96 per share. With this transaction, Abbo’s ownership now amounts to 650,777 shares valued at approximately $21,449,609.
These insider sales combined with the changes made by institutional investors add yet another layer of complexity when trying to decipher C3.ai’s current position in the market.
Looking at its recent performance in the stock market, C3.ai opened trading on Friday at $25.65 per share. Over a fifty-day moving average period, it shows steady trends with a value of $33.37 per share; while over a two-hundred-day moving average period it stands slightly lower at $30.24 per share.
C3.ai currently boasts a market capitalization of approximately $3.03 billion and has a beta score of 1.49highlighting its sensitivity to market fluctuations.
The stock has gone through significant volatility throughout the last year with its lowest point being recorded as $10.16 and its highest point reaching an impressive $48.87.
In conclusion, the baffling shifts in institutional investment holdings, combined with diverse analysts’ opinions and recent insider sales, leave observers perplexed about the true trajectory of C3.ai in the market. The stock’s erratic performance and dubious ratings further contribute to this state of perplexity and bustiness surrounding the company. Investors and industry experts alike are eagerly awaiting further developments to gain a clearer understanding of what lies ahead for C3.ai.