01:09 PM EDT, 05/30/2024 (MT Newswires) -- C3.ai's ( AI ) subscription revenue growht, entry in new verticals and diversification across industries are a "step in the right direction," Wedbush said in a note Thursday.

The artificial intelligence firm reported a narrower fiscal Q4 loss and an increase in revenue Wednesday.

The company's expansion into new industries shows potential for increase in market share which bodes well at this early stage of the AI revolution, the brokerage said. The company revealed that it received 50,000 inquiries for its generative AI across 15

different industries in the fiscal Q4.

Wedbush also said the company's bookings from partners "continues to be productive" with 76% annual growth in fiscal Q4, when it also closed 28 agreements through its partner network. Also, its subscription revenues grew 41% year-over-year, representing 92% of total revenue.

The firm maintained its outperform rating and $40 price target on the stock. C3.ai ( AI ) shares were up 17% in recent trading.

Price: 28.00, Change: +4.08, Percent Change: +17.06