Richard Levin, a director at C3.ai, Inc. (NYSE:AI), a company with a market capitalization of $4.76 billion and currently trading at $36.75, recently sold shares of the company, according to a recent SEC filing. The stock has shown strong momentum with a 6.83% gain year-to-date. On January 2, Levin sold a total of 12,000 shares of Class A Common Stock, with the sales occurring at prices ranging from $34.72 to $35.20 per share. The total value of these transactions amounted to approximately $417,557.
In addition to these sales, Levin also exercised stock options to acquire 12,000 shares at a price of $4.68 per share, which added a total of $56,160 to his holdings. Following these transactions, Levin owns 161,664 shares of C3.ai directly. These transactions were executed under a pre-established Rule 10b5-1 trading plan.
In other recent news, C3.ai has been the subject of several significant developments. KeyBanc Capital Markets downgraded C3.ai's stock from Sector Weight to Underweight due to concerns over the company's valuation and growth prospects. The firm also expressed worries about the sustainability of the company's revenue growth and potential risks associated with its partnerships.
C3.ai announced an expanded partnership with Collins Aerospace to develop AI-driven solutions for the defense and intelligence sectors. This collaboration aims to enhance operational efficiency and decision-making capabilities within national security. Additionally, C3.ai has entered into a partnership with IT systems integrator ECS to modernize the U.S. Army's intelligence information collection management processes.
On the analyst front, Canaccord Genuity (TSX:CF) increased its price target for C3.ai while maintaining a Hold rating, acknowledging the company's impressive streak of seven consecutive quarters of accelerating growth. However, the firm expressed concerns about the company's profitability. In contrast, JPMorgan (NYSE:JPM) downgraded C3.ai from Neutral to Underweight, citing concerns over the company's uneven performance and high growth costs.
These are recent developments that investors should take into account when considering their positions in C3.ai.
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