Richard C. Levin, a director at C3.ai, Inc. (NYSE:AI), reported selling 72,000 shares of Class A Common Stock on December 9, according to a recent filing with the Securities and Exchange Commission. The shares were sold at an average price of $42, totaling approximately $3,024,000. The sale comes amid C3.ai's strong market performance, with the stock showing significant returns over the past three months according to InvestingPro data. The company currently maintains a market capitalization of $4.86 billion and has demonstrated robust revenue growth of 21.7% in the last twelve months.
Prior to the sale, Levin exercised stock options to acquire the same number of shares at a price of $4.68 per share, amounting to a total value of $336,960. Following these transactions, Levin directly owns 161,664 shares of C3.ai.
The sale was executed as part of a pre-established Rule 10b5-1 trading plan, which allows insiders to set up a predetermined schedule for selling company stock.
In other recent news, C3 AI, a leading enterprise AI software provider, has made significant strides in its operations and partnerships. The company reported third-quarter earnings that exceeded expectations, with revenue reaching $94.3 million, an 8.2% increase quarter-over-quarter. This success has been attributed to the company's performance in both the federal and commercial sectors, boosted by its expanded collaboration with Microsoft (NASDAQ:MSFT).
C3 AI also announced an expanded partnership with Collins Aerospace to develop AI-driven solutions for the defense and intelligence sectors. The joint initiatives will deploy applications from the C3 AI Defense and Intelligence Suite designed to support federal agencies by providing advanced tools for decisive action and improved situational awareness.
In terms of stock analysis, Canaccord Genuity and Piper Sandler have both increased their price targets for C3 AI, maintaining a Hold rating. Conversely, JPMorgan downgraded the company from Neutral to Underweight, citing concerns over uneven performance and high growth costs.
In addition to these developments, C3 AI has entered into a partnership with IT systems integrator ECS to enhance the U.S. Army's intelligence processes. This partnership involves deploying C3 AI Decision Advantage, an AI-enabled application suite, to streamline the Army's information collection management workflows. These recent developments underscore C3 AI's ongoing efforts to leverage its AI capabilities for growth and strategic partnerships.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.