C3.ai Inc (NYSE:AI) is experiencing impressive growth potential as its revenue estimates are upgraded by analysts. In the last trading session, 9.09 million shares of C3.ai Inc were traded, with a beta of 1.58. The company’s per share price stood at $28.74, and its market valuation reached $3.44 billion. Although the share price is currently at a discount of -70.04% compared to its 52-week high, it has seen a significant increase of 63.54% since hitting its 52-week low. The average trading volume for C3.ai Inc is 11.03 million shares over the past 10 days, and 8.75 million shares over the past 3 months.
Analysts have given C3.ai Inc (AI) a consensus recommendation rating of Hold, with a mean rating of 3.07. Out of 14 analysts, 3 rate the stock as Sell, while none assign it an Overweight rating. Additionally, 7 analysts recommend holding the stock, 3 recommend buying, and 1 rates it as Underweight. The company’s expected earnings per share (EPS) for the current quarter is -$0.28.
C3.ai Inc has recently shown positive performance in the market. Its stock reached weekly highs of $31.13 on Tuesday, adding 0.10% to its daily price. Year-to-date, the company’s shares have experienced a 0.10% upside. However, over the past 30 days, C3.ai Inc has seen a -1.30% decrease. The short interest cover period for the stock stood at 3.11 days, with 36.32 million shares sold in short interest.
Compared to its industry peers, C3.ai Inc’s share value has performed relatively worse. Over the past 6 months, the company’s share value has decreased by -23.32%, with an annual growth rate of -50.00%, significantly lower than the industry average of 7.00%. Despite this, analysts have upgraded their revenue estimates for fiscal year 2024, predicting a -366.70% decrease in current quarter revenue and a -76.90% growth for the next quarter. Year-over-year growth in revenue is forecasted to reach 14.70% compared to the previous financial year.
Based on estimates provided by 12 financial analysts, C3.ai Inc’s average revenue for the current quarter is expected to be $76.14 million. For the quarter ending in April 2024, analysts estimate the company’s revenue to be $84.45 million. The next quarter is projected to see a 16.60% growth in sales.
When examining the company’s year-on-year earnings, data shows a negative earnings growth rate of -62.57% over the past 5 years. The 2024 estimates suggest a further decrease in earnings by -73.95%.
C3.ai Inc is scheduled to release its next quarterly earnings report between February 29 and March 04.
Major shareholders of C3.ai Inc include insiders, who hold 12.25% of the company’s shares, and institutional holders, who hold 41.97% of the shares. The share float percentage currently stands at 47.82%. Vanguard Group Inc is the top institutional holder, owning 8.56% or 9.82 million shares worth $357.65 million as of June 29, 2023. Blackrock Inc. holds the second-largest percentage of outstanding shares, with 4.31% or 4.95 million shares worth $180.24 million.
The top two mutual funds holding C3.ai Inc shares as of June 29, 2023, were Vanguard Total Stock Market Index Fund and Vanguard Small-Cap Index Fund. Vanguard Total Stock Market Index Fund controlled 2.61% of total outstanding shares, with approximately 2.99 million shares worth $108.97 million. Vanguard Small-Cap Index Fund held about 2.20% of the shares, roughly 2.53 million shares worth around $92.02 million.
In conclusion, C3.ai Inc is seeing an impressive upside as analysts upgrade its revenue estimates. The company’s stock has shown positive performance, and although it has underperformed compared to its industry peers, analysts have higher expectations for its revenue in the future. With major shareholders including insiders and institutional holders, C3.ai Inc has the potential for further growth.
