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Technology Stocks : C3ai
AI 27.96-1.0%2:50 PM EDT

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From: Julius Wong6/23/2023 2:10:42 PM
   of 120 slumps 8% as Deutsche Bank reiterates sell after investor meeting

Jun. 23, 2023 10:23 AM ET, Inc. (AI)
By: Chris Ciaccia, SA News Editor

hapabapa (NYSE: AI) shares fell more than 8% on Friday after investment firm Deutsche Bank reiterated its sell rating on the enterprise software company after it held its investor meeting.

Analyst Brad Zelnick said the event "left a lot to be desired" as there were no details on financials, "limited" updates on the company's operations and investors did not really attend the event, despite it being positioned as for them.

"While we appreciate the vast opportunity presented by AI, the event did nothing to ease our skepticism on the true differentiation of the company's platform, its traction with customers or its ability to hit its constantly evolving financial targets," Zelnick wrote in an investor note.

Zelnick also pointed out that ( AI) released its 10-K filing on Wednesday, which showed CEO Thomas Seibel has started a 10b5-1 trading plan to sell shares, while also implying "weak" retention metrics and a couple of one-time items that actually boosted the company's operating margins in 2022.

"Until we get more comfort in some of the leading indicators, magnitude of new deals and signs of sustained new business traction we maintain our Sell rating," Zelnick added.
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