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C3.ai Reports Earnings Wednesday: What To Watch From Artificial Intelligence Stock

Published 05/09/2023, 16:24
Updated 05/09/2023, 17:40
© Reuters.  C3.ai Reports Earnings Wednesday: What To Watch From Artificial Intelligence Stock
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Benzinga - by AJ Fabino, Benzinga Staff Writer.

Artificial intelligence (AI) stock C3.ai Inc (NYSE:AI) is set to issue fourth-quarter earnings on Wednesday after the closing bell.

Here's what you need to know about the print.

By The Numbers: Traders pushed C3.ai more than 300% higher during the first half of the year.

Investors now expect the Redwood City, California-based company to issue an earnings loss of 17 cents per share. That’s a 41.67% decline over the same period last year, according to data from Benzinga Pro.

C3.ai is expected to post revenues of $71.59 million — 9.6% higher over the same period last year.

This year in the markets has been marked by the feverish boom and investor rush into AI stocks, underscored by the gains seen in stalwarts like Nvidia Corp (NASDAQ:NVDA) and the Invesco QQQ Trust Series 1 (NASDAQ:QQQ).

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The bar is high for C3.ai and the Thomas Siebel-led company, even though sentiment over the new technology has tempered over the summer. Last quarter, Siebel said the company "has never been better positioned" and that it is "increasingly recognized as the gold-standard in enterprise AI."

Analysts at Northland Capital Markets initiated coverage on C3.ai in late-July. The Market Perform rating had a $40 price target.

JMP Securities maintained an Outperform rating with a $40 price target during the same time frame.

If you're trading the earnings print, there is support around the $28 and $25 level and resistance at the $32 and $26 level.

AI Price Action: Shares of C3.ai are trading 0.7% lower to $31.07, according to data from Benzinga Pro.

Read Next: EXCLUSIVE: Ark Invest Was ‘There’ With Nvidia At $5, Cathie Wood Tells Benzinga

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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