C3.ai (NYSE: AI) went public in December 2020, and its stock quickly set a record high of $177. It has trended lower ever since, with the downside reaching a crescendo after its founder and chief executive Thomas Siebel announced he was stepping away to deal with health issues last September. Siebel always played a central role in the sales and customer relationship management processes, so his departure led to a dramatic decline in C3.ai's revenue. Fortunately, he returned to lead the company in May, and he's now trying to right the ship. C3.ai stock remains 93% below its all-time high, so could this be a buying opportunity as Siebel puts his turnaround plan in place? The answer might surprise you.
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