UiPath (NYSE:PATH) Stock Price Down 2.4% – Here’s What Happened

UiPath Inc. (NYSE:PATH)’s stock price was down 2.4% during mid-day trading on Monday . The stock traded as low as $12.99 and last traded at $13.02. Approximately 6,101,422 shares traded hands during trading, a decline of 11% from the average daily volume of 6,832,750 shares. The stock had previously closed at $13.35.

Analysts Set New Price Targets

A number of brokerages recently commented on PATH. Wells Fargo & Company lowered their price objective on shares of UiPath from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 23rd. UBS Group initiated coverage on shares of UiPath in a research note on Thursday, December 12th. They set a “sell” rating and a $14.00 price objective for the company. JPMorgan Chase & Co. upped their target price on UiPath from $17.00 to $18.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. BMO Capital Markets raised their price target on UiPath from $15.00 to $16.00 and gave the stock a “market perform” rating in a research report on Friday, December 6th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of UiPath in a research note on Wednesday, January 15th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $17.44.

UiPath Trading Down 2.4 %

The business’s 50-day moving average is $13.59 and its two-hundred day moving average is $12.78. The stock has a market capitalization of $7.16 billion, a PE ratio of -81.40 and a beta of 0.96.

Insider Activity at UiPath

In related news, CFO Ashim Gupta sold 47,227 shares of UiPath stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $13.06, for a total value of $616,784.62. Following the sale, the chief financial officer now directly owns 856,538 shares in the company, valued at $11,186,386.28. This trade represents a 5.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Hitesh Ramani sold 25,000 shares of UiPath stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $13.05, for a total value of $326,250.00. Following the sale, the chief accounting officer now directly owns 269,421 shares in the company, valued at approximately $3,515,944.05. This trade represents a 8.49 % decrease in their position. The disclosure for this sale can be found here. 22.37% of the stock is owned by corporate insiders.

Institutional Trading of UiPath

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Pacer Advisors Inc. acquired a new position in shares of UiPath in the second quarter worth about $69,180,000. Jacobs Levy Equity Management Inc. raised its stake in UiPath by 554.8% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 4,026,502 shares of the company’s stock valued at $51,539,000 after purchasing an additional 3,411,562 shares during the period. Senvest Management LLC lifted its holdings in shares of UiPath by 16.7% in the third quarter. Senvest Management LLC now owns 10,894,483 shares of the company’s stock valued at $139,449,000 after purchasing an additional 1,559,500 shares in the last quarter. Worldquant Millennium Advisors LLC acquired a new stake in shares of UiPath in the third quarter worth $19,071,000. Finally, Renaissance Technologies LLC purchased a new position in shares of UiPath during the second quarter valued at $13,280,000. Institutional investors own 62.50% of the company’s stock.

About UiPath

UiPath Inc provides an end-to-end automation platform that offers a range of robotic process automation (RPA) solutions primarily in the United States, Romania, the United Kingdom, the Netherlands, and internationally. The company offers a suite of interrelated software to build, manage, run, engage, measure, and govern automation within the organization.