Atria Wealth Solutions Inc., a financial services firm, recently acquired a new position in C3.ai, Inc. (NYSE:AI) during the first quarter of this year. According to the company’s Form 13F filing with the Securities and Exchange Commission, Atria Wealth Solutions purchased 10,604 shares of C3.ai at a value of approximately $356,000.
C3.ai is a prominent software company listed on the New York Stock Exchange under the ticker symbol AI. The company recently released its quarterly earnings data on September 6th. Despite some negative figures, C3.ai managed to exceed analysts’ expectations.
For the quarter, C3.ai reported earnings per share of ($0.09), surpassing consensus estimates which predicted ($0.17) per share. Additionally, the company generated revenues of $72.36 million during the same period, slightly surpassing analyst projections of $71.56 million.
Although C3.ai has been operating at a negative net margin of 99.42% and a negative return on equity of 27.78%, its revenue growth remains stable with an increase of 10.8% year-over-year for the quarter in review.
It is important to note that during the same period last year, C3.ai reported significantly lower earnings per share at ($0.67). This improvement indicates positive momentum for the company in terms of financial performance.
Looking ahead, research analysts predict that C3.ai will post earnings per share of -2.21 for the current year.
As investors and market observers analyze these financial results, it will be interesting to see how Atria Wealth Solutions’ investment in C3.ai fares over time. With promising quarterly results that exceeded expectations, it may indicate potential growth opportunities for both companies involved.
Investors should keep an eye on future developments related to C3.ai as additional information becomes available and assess how this acquisition aligns with Atria Wealth Solutions’ overall investment strategy.
Updated on: 19/09/2023
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|Analyst / firm||Rating|
|Robert W. Baird||Sell|
C3.ai Receives Attention from Large Investors, Demonstrates Strong Market Presence
C3.ai, Inc., a leading enterprise artificial intelligence (AI) software provider, has attracted the attention of several large investors in recent months. HighTower Advisors LLC, for instance, increased its position in C3.ai by 1.2% during the fourth quarter, purchasing an additional 384 shares worth $366,000. Similarly, Arizona State Retirement System boosted its holdings in the company by 2.8% in the first quarter, acquiring an additional 618 shares valued at $766,000.
CWM LLC and NewEdge Advisors LLC also saw significant increases in their holdings of C3.ai stock. CWM LLC’s holdings grew by 42%, with an additional 649 shares purchased for $74,000 during the last quarter. NewEdge Advisors LLC experienced a similar gain of 26.3%, adding 696 shares to their portfolio valued at $112,000.
Even US Bancorp DE decided to invest further in C3.ai, increasing its holdings by 15.2% with an additional 715 shares worth $181,000.
These moves from various hedge funds and institutional investors demonstrate growing confidence in C3.ai’s potential and highlight the company’s strong market presence.
On September 18th, C3.ai opened on the New York Stock Exchange (NYSE) at $27.36 per share. The stock has shown stability over time with a fifty-day moving average of $34.49 and a two-hundred day moving average of $30.27.
With a market capitalization of $3.23 billion and a beta of 1.49—which signifies its volatility relative to the market—the company maintains a solid standing within the AI software industry.
It is worth noting that while C3.ai has displayed impressive performance recently with a fifty-two week high of $48.87 per share, it also witnessed a low point at $10.16 per share during the same period.
In other news, Director Richard C. Levin recently sold 12,000 shares of C3.ai stock for a total value of $504,240. Following this transaction, Levin retained ownership of 173,664 shares in the company, valued at approximately $7,297,361.28.
Another notable sale involved CTO Edward Y. Abbo, who sold 457,585 shares on June 27th at an average price of $32.96 per share. Subsequently, Abbo held 650,777 shares valued at $21,449,609.92.
Insiders have been active in selling C3.ai stocks over the past ninety days. In total, insiders sold 485,805 company shares worth $16,242,668. It is noteworthy that insiders currently own 34% of the company’s stock.
Several analysts have also shared their insights on C3.ai’s performance in the market. JMP Securities upped their price target from $38 to $40 and maintained an “outperform” rating for the stock on July 24th.
Conversely, Piper Sandler dropped their price objective from $29 to $28 and gave a “neutral” rating for C3.ai on September 8th.
DA Davidson expressed a similar sentiment by downgrading their rating from “buy” to “neutral” and set a target price of $30 on June 1st.
Meanwhile, Oppenheimer initiated coverage on C3.ai with a “market perform” rating on June 29th.
Lastly, Wedbush lowered their target price from $50 to $42 and issued an “outperform” rating for the stock on September 7th.
Currently holding an average rating of “Hold,” according to Bloomberg.com data—along with a consensus price target of $26.36—C3.ai continues to garner mixed reviews in terms of investor sentiment and analyst evaluations.
As the company navigates these perceptions, it remains one to watch in the AI industry, with an expanding customer base and a strong presence in the enterprise software market.