Zacks.com users have recently been watching C3.ai (AI) quite a bit. Thus, it is worth knowing the facts that could determine the stock's prospects.
The hot artificial intelligence sector saw several AI-centric companies sprout up over the past few years. Among them are SoundHound AI (SOUN -2.31%), which went public in 2022, and C3.ai (AI -0.71%), which executed its IPO toward the end of 2020.
The latest trading day saw C3.ai, Inc. (AI) settling at $22.58, representing a -0.04% change from its previous close.
BigBear.ai (BBAI 22.16%) and C3.ai (AI 2.45%) both develop artificial intelligence (AI) modules that can be plugged into an organization's existing infrastructure to accelerate and automate certain tasks. BigBear.ai is a smaller company that plugs its modules into edge networks.
C3.ai, Inc. AI has seen a sharp downturn this year, falling beneath key industry benchmarks and triggering technical warning signs. C3.ai stock trades below its 50 and 200-day simple moving averages (SMAs), indicating challenges in sustaining the recent performance levels.
C3.ai (AI) has been one of the stocks most watched by Zacks.com users lately. So, it is worth exploring what lies ahead for the stock.
C3.ai (AI 0.15%) stock has been in a tailspin this year as fears related to a recession have been on the rise. A slowdown in spending could result in companies slashing budgets for investments, including artificial intelligence (AI) projects.
Market corrections are opportunities in disguise
C3.ai, Inc. (AI) reachead $19.35 at the closing of the latest trading day, reflecting no change compared to its last close.
Shares of C3.ai have suffered a disproportionate correction, down ~40% since January. I'm upgrading the stock to a strong buy. The company's exposure to a trade war is limited by the fact that many of its new deals are in recession-proof industries (local government, hospitals and healthcare). The company's ending of its Baker Hughes reseller agreement has been replaced by potentially more lucrative partners, Microsoft and McKinsey & Company.
In the closing of the recent trading day, C3.ai, Inc. (AI) stood at $20.59, denoting a +1.43% change from the preceding trading day.
The artificial intelligence (AI) trend played a central role in the stock market's rise over the past couple of years. Numerous companies benefited from the proliferation of this rapidly advancing technology, and investors bought their shares hand over fist based on impressive growth rates and sunny long-term prospects.