TLDR: Virtu Financial LLC has significantly reduced its holdings in C3.ai, an enterprise AI software company, by selling 32,559 shares, decreasing its stake by 52.7% to 29,247 shares valued at $616,000. This move comes as C3.ai’s stock experiences a downturn and follows substantial insider selling by the company’s executives.
New York, NY – Virtu Financial LLC, a prominent high-frequency trading firm, has made a notable adjustment to its investment portfolio, significantly reducing its stake in C3.ai, Inc. (NYSE:AI), a leading enterprise artificial intelligence software company. According to its most recent disclosure with the Securities and Exchange Commission, Virtu Financial divested 32,559 shares of C3.ai during the first quarter, representing a 52.7% reduction in its position. Following this sale, Virtu Financial now holds 29,247 shares of C3.ai, with an estimated value of $616,000 as of its latest SEC filing.
This move by Virtu Financial aligns with broader market activity surrounding C3.ai, as multiple institutional investors have also adjusted their positions. Currently, 38.96% of C3.ai’s stock is held by such entities. The company’s stock has recently seen a decline, trading down 3.2% at $18.01. Despite this, analysts have assigned C3.ai an average rating of ‘Hold,’ with a consensus target price of $27.43.
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Adding to the dynamic landscape of C3.ai’s stock performance, there have been significant insider selling activities. Hitesh Lath, the Chief Financial Officer, sold 17,689 shares on June 27th at an average price of $24.96, totaling $441,517.44. This transaction reduced his holdings to 166,218 shares. Furthermore, CEO Thomas M. Siebel executed a substantial sale on August 12th, offloading 577,678 shares at an average price of $16.78, amounting to $9,693,436.84. After this sale, Mr. Siebel’s ownership stands at 2,973,572 shares. Over the last 90 days, insiders collectively sold 2,262,793 shares of company stock, valued at approximately $53,394,317. Despite these sales, insiders still retain a significant ownership, holding 33.54% of the company’s stock.
