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

UiPath Inc. (NYSE:PATH) shares dropped 2.4% on Monday . The company traded as low as $12.99 and last traded at $13.02. Approximately 6,101,422 shares changed 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.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Royal Bank of Canada reissued a “sector perform” rating and issued a $16.00 target price on shares of UiPath in a research report on Friday, December 6th. Morgan Stanley increased their target price on shares of UiPath from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research report on Friday, December 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of UiPath in a report on Wednesday, January 15th. Wells Fargo & Company cut their price target on UiPath from $15.00 to $13.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 23rd. Finally, UBS Group began coverage on UiPath in a research note on Thursday, December 12th. They set a “sell” rating and a $14.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, UiPath presently has a consensus rating of “Hold” and a consensus target price of $17.44.

UiPath Price Performance

The company’s 50 day moving average is $13.57 and its 200 day moving average is $12.79.

Insider Activity

In other UiPath news, CFO Ashim Gupta sold 47,227 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $13.06, for a total value of $616,784.62. Following the completion of the transaction, the chief financial officer now directly owns 856,538 shares in the company, valued at approximately $11,186,386.28. This represents a 5.23 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Hitesh Ramani sold 25,000 shares of the business’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $13.05, for a total transaction of $326,250.00. Following the completion of the sale, the chief accounting officer now directly owns 269,421 shares in the company, valued at approximately $3,515,944.05. This 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 Investors Weigh In On UiPath

Several large investors have recently added to or reduced their stakes in PATH. Ontario Teachers Pension Plan Board raised its holdings in shares of UiPath by 136.0% during the third quarter. Ontario Teachers Pension Plan Board now owns 108,725 shares of the company’s stock valued at $1,392,000 after purchasing an additional 62,650 shares during the period. D.A. Davidson & CO. raised its stake in UiPath by 60.1% during the 3rd quarter. D.A. Davidson & CO. now owns 557,667 shares of the company’s stock worth $7,138,000 after buying an additional 209,300 shares during the period. Stifel Financial Corp boosted its holdings in UiPath by 30.1% in the third quarter. Stifel Financial Corp now owns 323,818 shares of the company’s stock worth $4,145,000 after acquiring an additional 74,959 shares in the last quarter. Senvest Management LLC grew its stake in 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 acquiring an additional 1,559,500 shares during the period. Finally, Quantbot Technologies LP increased its holdings in shares of UiPath by 667.7% during the third quarter. Quantbot Technologies LP now owns 101,718 shares of the company’s stock valued at $1,302,000 after acquiring an additional 88,468 shares in the last quarter. Institutional investors and hedge funds own 62.50% of the company’s stock.

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.