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AI Stock Price Predictions: What 5 Pros Think About C3.ai

Source: shutterstock.com/Peshkova
C3.ai (NYSE:AI) stock is up about 5% today following news that it will be expanding and renewing its contract with Koch…

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This article was originally published by Investor Place

Source: shutterstock.com/Peshkova

C3.ai (NYSE:AI) stock is up about 5% today following news that it will be expanding and renewing its contract with Koch Industries. The continuation of this contract will have C3.ai leverage its technology into additional industries Koch operates in. Koch is one of the largest private companies in the States. AI stock has also surged higher this week after the company reported earnings.

Specifically, Koch will be able to build more “custom enterprise applications” on C3.ai’s Application Platform as part of the contract extension. The five-year deal will also allow the private company to access C3 AI Ex Machina. Ex Machina is a “no-code solution that allows all of Koch’s companies to create powerful AI decision-making tools and analytical models.”

Despite the positive news, shares of AI stock are still down 80% since its IPO. However, CEO Tom Siebel isn’t concerned about the company. Rather, he’s more concerned about the macroeconomic environment:

“We have inflation, we have supply-chain problems, we have a sustained war in Europe, and there is a reasonable probability of famine in many parts of the world in the coming year […] So this could be a zinger.”

Siebel points out that revenue increased by 38% last quarter as well as for the fiscal year ended April 2022. The CEO also notes that the company has just under $1 billion in cash on hand. That accounted for more than 60% of C3.ai’s market capitalization at the time of the statement.

Siebel says AI stock “kind of looks like a bargain.” With that in mind, let’s take a look at where Wall Street analysts estimate the company will trade next.

5 Firms Chime In on AI Stock

On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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