Cathie Woods ARK investment management bought over 950,000 shares in the software manufacturer UiPath Inc AWAY, valued at over $11.9 million based on Thursday’s closing price. The purchase was made through six different Ark exchange traded funds.
UiPath is the 10thth largest stake in the company’s flagship ARK Innovation ETF ARKKwith a weighting of 4.1%, valued at over $328 million.
Wood has been bullish on this stock and has added significantly to the company’s shares since the beginning of the month.
In early September, the ARK founder bought over 3.4 million shares in the software maker, acquiring another 87,000 shares in the company within days.
Also read: Analysts at UiPath see value from its platform strategy
Price promotion: UiPath stock is on a downtrend this year after losing over 70% since the start of 2022.
After attending the company’s Analyst Day this week, many have expressed mixed opinions on the company’s stock price. CreditSuisse analyst Phil Winslow lowered the price target to $30 from $37.50 and maintained an outperform rating, Needham analyst Scott Berg reiterated a buy rating with a price target of $20 Benzinga Analyst Stock Ratings Tool.
engagements: UiPath announced on Wednesday that it is engaging with Microsoft Corporation MSFT to build automation experiences and integrations between the two strategic partners. UiPath and Microsoft will work together and innovate together to provide automation solutions powered by Microsoft Azure to market, it said.
