C3.ai (NYSE: AI) was one of the hottest tech initial public offerings (IPOs) of 2020. The enterprise AI software company was founded and led by Thomas Siebel, who previously founded and sold Siebel Systems to Oracle.
C3.ai's growth rates initially looked impressive and its artificial intelligence (AI) algorithms -- which helped large organizations optimize and streamline their operations -- seemed promising. Its catchy ticker symbol also attracted a lot of attention.
The company went public at $42 per share in December 2020. Its shares opened at $100 and skyrocketed to an all-time high of $177.47 later that month, but subsequently tumbled all the way back to the low $20s. Let's see why the bears pounced on C3.ai -- and if the bulls can ever stage a comeback.
Source Fool.com