UiPath (NYSE:PATH) Sees Unusually-High Trading Volume Following Analyst Upgrade

UiPath Inc. (NYSE:PATH) shares saw strong trading volume on Friday after JPMorgan Chase & Co. raised their price target on the stock from $17.00 to $18.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. 7,660,089 shares traded hands during mid-day trading, a decline of 20% from the previous session’s volume of 9,545,138 shares.The stock last traded at $13.96 and had previously closed at $14.95.

PATH has been the topic of several other reports. Barclays boosted their price target on UiPath from $14.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Friday, September 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of UiPath in a report on Friday. Royal Bank of Canada reiterated a “sector perform” rating and issued a $16.00 price objective on shares of UiPath in a report on Friday, September 6th. TD Cowen dropped their target price on UiPath from $17.00 to $16.00 and set a “hold” rating on the stock in a research report on Friday, September 6th. Finally, Bank of America raised their price objective on UiPath from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Friday, September 6th. Sixteen analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $17.53.

Insider Activity

In other news, CFO Ashim Gupta sold 47,671 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $12.07, for a total transaction of $575,388.97. Following the sale, the chief financial officer now owns 849,917 shares in the company, valued at $10,258,498.19. The trade was a 5.31 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 22.37% of the company’s stock.

Hedge Funds Weigh In On UiPath

Several institutional investors and hedge funds have recently added to or reduced their stakes in PATH. Cowa LLC lifted its stake in UiPath by 4.4% in the 3rd quarter. Cowa LLC now owns 26,681 shares of the company’s stock worth $342,000 after acquiring an additional 1,118 shares in the last quarter. Nations Financial Group Inc. IA ADV grew its stake in UiPath by 6.8% in the third quarter. Nations Financial Group Inc. IA ADV now owns 26,090 shares of the company’s stock valued at $334,000 after purchasing an additional 1,654 shares in the last quarter. Amalgamated Bank increased its position in UiPath by 7.1% in the 3rd quarter. Amalgamated Bank now owns 27,312 shares of the company’s stock worth $350,000 after purchasing an additional 1,811 shares during the last quarter. Bangor Savings Bank increased its holdings in UiPath by 2.9% in the second quarter. Bangor Savings Bank now owns 67,040 shares of the company’s stock worth $850,000 after buying an additional 1,873 shares during the last quarter. Finally, Thrivent Financial for Lutherans lifted its stake in UiPath by 10.6% in the third quarter. Thrivent Financial for Lutherans now owns 20,881 shares of the company’s stock valued at $267,000 after acquiring an additional 1,995 shares during the last quarter. 62.50% of the stock is currently owned by hedge funds and other institutional investors.

UiPath Stock Performance

The company has a market cap of $8.05 billion, a price-to-earnings ratio of -71.75 and a beta of 0.94. The company’s 50 day moving average price is $13.06 and its 200 day moving average price is $12.86.

UiPath (NYSE:PATH) last posted its earnings results on Thursday, September 5th. The company reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.01. The company had revenue of $316.00 million for the quarter, compared to analyst estimates of $303.69 million. UiPath had a negative return on equity of 3.98% and a negative net margin of 8.13%. The business’s revenue was up 10.0% compared to the same quarter last year. During the same period last year, the company earned ($0.09) earnings per share. On average, equities research analysts forecast that UiPath Inc. will post -0.23 EPS for the current fiscal year.

UiPath Company Profile

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.