Why C3.ai Inc. (AI) Went Down On Monday?

We recently published a list of Tech Firms Dominate Monday’s 10 Worst Performers. In this article, we are going to take a look at where C3.ai Inc. (NYSE:AI) stands against other tech firms that dominate Monday’s worst performers.

Wall Street’s main indices kicked off the trading week in the green territory, albeit with minimal gains, as investors stayed on the sidelines while continuing to digest President Donald Trump’s temporary tax reprieve on technology companies.

The S&P 500 recorded the highest gain, up 0.79 percent, while the Dow Jones came second at 0.78 percent. The tech-heavy Nasdaq was also up by 0.64 percent.

Meanwhile, 10 companies, predominantly in the technology sector, bucked a broader market optimism, booking modest declines during the session. In this article, let us explore Monday’s 10 worst performers and the reasons behind their gains.

To come up with the list, we only considered the stocks with $2 billion market capitalization and $5 million trading volume.

Why C3.ai Inc. (AI) Went Down On Monday?

A computer engineer debugging a complex AI application on a powerful workstation.

C3.ai Inc. (NYSE:AI)

C3.ai saw its share prices drop by 2.57 percent on Monday to close at $20.06 apiece as investors sold off positions after an investment firm reduced its price target for the company by 28 percent

On Monday, DA Davidson cut its price target for C3.ai to $18 from $25 previously. The new price target was a low blow for the company, having been slashed to a price lower than its Monday closing figure.

According to DA Davidson, the downgrade was part of a broader reassessment of the software industry and reflected expected economic challenges.

The analyst underscored that the US may experience one or two quarters of negative GDP growth that is likely to impact both consumer spending and corporate investment.

C3.ai is an enterprise artificial intelligence software applications company providing more than 130 turnkey AI applications for businesses in manufacturing, financial services, government, utilities, oil and gas, chemicals, agribusiness, defense, and intelligence, among others.

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This article is originally published at Insider Monkey.