Cathie Wood-LED Ark investment management bought over 3.4 million shares of the software company UiPath Inc AWAY valued at over $47 million based on Wednesday’s closing price. The stock purchases were made through the company’s five exchange-traded funds, including its flagship Ark Innovation ETF ARKK.
UiPath is the ninth largest holding in the Ark Innovation ETF, which holds over 20 million shares of the company valued at over $320 million.
Also read: Will the fed funds rate continue to rise? Fed officials ponder how to bring down inflation
price action: UiPath shares closed over 11% lower on Wednesday after the company problematic weak leadership. UiPath said it expects revenue of between $243 million and $245 million in the third quarter versus the $269.6 million estimate. The company, which makes software for robotic process automation, expects full-year sales of $1.002 billion to $1.007 billion versus the $1.09 billion estimate.
UiPath posted a net loss of 2 cents per share in the second quarter, beating the average analyst estimate of 11 cents per share.
UiPath shares are down over 36% in one month. Several analysts have done so changes to their course goals on UiPath.
