Cathie Wood-LED Ark investment management bought over 87,000 shares of the software company UiPath Inc AWAY worth over $1.2 million on Friday based on the day’s closing price. The stock purchases were made through five of the company’s exchange-traded funds, including the flagship Ark Innovation ETF ARKKaccording to the company.
Wood has been on a buying spree, charging nearly 5 million shares of UiPath last week, which is valued at over $70 million as of Friday’s close. The software company is the 11th-largest holding in Ark Innovation ETF, holding over 24 million shares of the company’s stock valued at over $338 million.
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price action: UiPath shares closed about 5% higher on Friday but are down nearly 30% in a month. The company has problematic weak guidance and expects full-year sales of $1.002-1.007 billion vs. $1.09 billion estimate.
Last week, UiPath announced a partnership with snowflake inc SNOW. By using the Snowflake data cloudUiPath robots can quickly connect data directly to business processes in the data cloud without using complex code, accelerating time to value, the company said in a statement.
DraftKings purchase: Wood also supercharged stocks in the fantasy sports company DraftKings Inc DKNG, after buying over 54,000 shares worth over $956,000 based on Friday’s closing price. The stock is down about 15% over the past month, but a majority of analysts raised their targets for the stock in August and September.
