Shares of C3.ai, Inc. (AI) jumped by an impressive 15.95% as investors eagerly anticipate the release of the company’s quarterly earnings report.
C3.ai, Inc., an enterprise artificial intelligence (AI) software company, is scheduled to unveil its financial performance for the quarter on May 31st, 2023. Experts predict that the company might report a loss of ($0.17) per share during this period. C3.ai has provided guidance for the fiscal year 2023, as well as for the fourth quarter of 2023.
Renewed interest in C3.ai has been observed among hedge funds and institutional investors. Notable movements include Point72 Hong Kong Ltd purchasing a stake worth $25,000 during the second quarter, and Russell Investments Group Ltd acquiring a similar stake in the first quarter.
In addition, the Canada Pension Plan Investment Board significantly increased its position in C3.ai shares by 755.8% during the first quarter. Sunbelt Securities Inc. made a noteworthy investment of $36,000 in C3.ai shares during the same period. As a result of these movements, institutional investors now own over 41% of C3.ai’s stock.
Several research analyst reports have been released, offering mixed recommendations for investors. Wedbush raised its target price on C3.ai shares to $24 from $13 in March 2023, while Deutsche Bank Aktiengesellschaft increased its target from $11 to $16 but assigned a “sell” rating to the stock.
DA Davidson reiterated its “buy” rating for C3.ai shares and set a target price of $30.00 on April 10th last year. However, Wolfe Research disagreed and downgraded the shares from “market perform” to “underperform,” assigning a target price of $14. JMP Securities gave the company a “sell” rating. With conflicting opinions, analysts appear divided on the company’s future prospects. Bloomberg reports that the average rating for C3.ai is currently “Hold,” with a consensus price target of $20.00.
Investors are eagerly anticipating C3.ai’s upcoming earnings report, and the company’s recent investor activity indicates potential for future success. However, the true outcome remains uncertain, and only time will reveal whether these predictions come to fruition.
Zabih Ullah is a seasoned finance writer with more than ten years of experience. He is highly skilled at analyzing market trends, decoding economic data, and providing insightful commentary on various financial topics. Driven by his curiosity, Zabih stays updated with the latest developments in the finance industry, ensuring that his readers receive timely and relevant news and analysis.
