What about C3.AI stock on Tuesday? – C3.ai (NYSE: AI)

C3.Ai Company AI Shares of the company were lower on Tuesday following the company’s second-quarter financial results. Several analysts adjusted their price targets following the report. Here’s what you need to know.

What happened: C3.AI reported second-quarter revenue of $93.34 million, beating analysts’ expectations of $91.02 million, according to Benzinga Pro. The company reported a quarterly loss of 6 cents per share, beating analysts’ expectations for a loss of 16 cents per share.

Shares initially moved higher after the release, likely boosted by the company’s new global alliance deals Microsoft Corporation Microsoft Corporation. C3.AI said it signed a new initial five-and-a-half-year agreement with Microsoft to accelerate the development of enterprise artificial intelligence.

“The potential of the strategic alliance between Microsoft and C3 for artificial intelligence cannot be overstated. By establishing C3 AI as the preferred provider of AI applications on Azure and building a go-to-market engine at Microsoft scale, we are making it easy for enterprises to adopt and deploy C3 AI applications. This is the inflection point of enterprise artificial intelligence, driving growth. Thomas SiebelChairman and CEO of C3.AI.

C3.AI said it expected third-quarter revenue to be between $95.5 million and $100.5 million, compared with expectations of $97.57 million. The company expects full-year revenue to be between $378 million and $398 million, compared with Benzinga Pro’s forecast of $382.57 million.

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Despite multiple price target increases, shares reversed course in early trading Tuesday. Here’s how analysts reacted to the earnings.

• Piper Sandler analyst Arvind Ramnani maintained a “neutral” rating on C3.AI and raised the price target to $42 from $24.

• Needham analyst Mike Cikos reiterated his hold rating on C3.ai.

• Morgan Stanley analyst Sanjit Singh maintained an underweight rating on C3.AI and raised the target price to $32 from $21.

• Northland Capital Markets analyst Michael Latimore maintained his outperform rating on C3.AI and raised his price target to $45 from $35.

Artificial Intelligence Price Action: As of press time, C3.AI shares fell 9.78% to $37.61, according to Benzinga Pro.

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