C3.ai Inc. (NYSE: AI) has been touted as the stock to bet on for economic progress in the months ahead. In the last trading session, a significant number of shares were traded, totaling 12.74 million, with a beta of 1.37. Currently, the company’s share price stands at $37.29, representing a change of around $0.86 or 2.36% from the previous close. This brings the market valuation of C3.ai Inc. to $4.26 billion, with the stock trading at a discount of approximately 31.05% compared to its 52-week high of $48.87. However, the stock has seen an impressive increase of 72.75% since its 52-week low of $10.16.
C3.ai Inc. has shown a positive trend, with a performance of 2.36% in the last trading session. Over the past five days, the stock has remained in the green territory, and it is up 233.24% year-to-date. Furthermore, it has gained 16.68% over the last five days and 7.40% in the 30-day period. As for short interest, approximately 33.0 million shares have been sold, indicating a short interest cover period of 0.73 day(s).
When compared to other companies in the same industry, C3.ai Inc.’s share prices have performed exceptionally well. Over the past six months, the stock has seen a remarkable increase of 242.11%, with an annual growth rate of 35.71%, far surpassing the industry average of 9.60%. Moreover, analysts have revised their fiscal year 2023 revenue estimates for the company. They predict a 41.70% decrease in revenue for this quarter and a further decrease of 9.10% in the next quarter. However, the year-over-year growth rate is expected to be 15.70%, showing positive growth compared to the previous year.
According to consensus estimates from 12 financial analysts, C3.ai Inc. is expected to generate an average revenue of $71.6 million for the current quarter. For the quarter ending October 2023, analysts predict a revenue of $73.85 million. The company’s current quarter sales are forecasted to jump, with a growth rate of 9.60%.
C3.ai Inc. is largely held by institutional investors and insiders, who own 42.69% and 10.32% of the company’s shares, respectively. The largest institutional investor is Vanguard Group, Inc. (The), holding 8.11% of the shares. This represents approximately 9.09 million shares worth $305.18 million. Baker Hughes Holdings LLC holds the second-largest percentage of outstanding shares, with 6.17% or 6.92 million shares worth $232.32 million as of March 30, 2023.
The top two mutual funds holding C3.ai Inc. stock are Vanguard Total Stock Market Index Fund and Vanguard Small-Cap Index Fund. The former owns 2.82 million shares worth $31.54 million, accounting for 2.59% of all outstanding shares. The latter holds approximately 2.43 million shares worth around $27.24 million, representing about 2.24% of the total shares outstanding.
Overall, C3.ai Inc. has shown impressive performance and growth in the market. With positive trends and optimistic revenue forecasts, it has gained the attention of both individual and institutional investors. As the company continues to navigate the economic landscape, investors will be closely watching its quarterly earnings report, expected to be released in August, for further indications of its progress.
