Why C3.ai Stock Crashed 11% on Thursday

Artificial intelligence (AI) applications company C3.ai (NYSE: AI) sold off 11.2% through 10:50 a.m. ET this morning after KeyBanc analyst Eric Heath downgraded the stock from sector weight to underweight -- which is to say, from hold to sell.According to Heath, C3 shares that closed near $40 last night are actually worth closer to $29.Valuation is key to KeyBanc's downgrade today. As Heath points out, even adjusted for cash on hand, C3 stock costs a staggering 13.3 times annual sales, or nearly twice the average valuation of its artificial intelligence peers (7.3 times sales).Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool