Cathie Wood’s ARK Funds Snapped Up UiPath Stock

Cathie Wood’s ARK Funds Snapped Up UiPath Stock

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Courtesy of UiPath

Four exchange-traded funds under the umbrella of Cathie Wood’s ARK Investment purchased shares of


after the stock fell despite the robotic-process automation software company posting third-quarter results that were better than Wall Street expectations.


ARK Innovation ETF
(ticker: ARKK) purchased 430,278 shares of UiPath (PATH) and the

ARK Autonomous Technology & Robotics ETF
(ARKQ) bought 100,124 shares, according to the daily trades posted by the ARK funds. The

ARK Next Generation Internet ETF
(ARKW) bought 194,241 shares and the

ARK Genomic Revolution ETF
(ARKG) snapped up 245,247 shares of the company.

The ARK funds bought a total of 969,890 shares of UiPath. The stock closed Thursday at $47.05, down 1.38%. The stock has fallen 13% over the past three months. It was rising 1.3% Friday to $47.64.

UiPath on Wednesday reported adjusted third-quarter earnings at break-even on a per-share basis on revenue of $220.8 million, up from year-earlier revenue of $147.3 million. The company’s annualized renewal run rate, or ARR, was $818.4 million, up 58%.

Analysts were expecting UiPath to report a loss of 4 cents a share on sales of $208.3 million and ARR of $798 million. 

Several analysts cut their price targets on UiPath after the earnings were released.

KeyBanc analysts said they see UiPath as the leading independent enterprise automation vendor. The reiterated their Overweight rating but lowered the price target to $69 from $86 “given higher interest rate/lower valuation environment.”

Analysts at Truist reiterated their Buy rating on the stock but lowered their price target to $75 from $82. The analysts said the company’s third-quarter results “positively reinforced our view of sustained strong compounding growth.”

Three ARK ETFs sold a total of 40,861 shares of


(TSLA) on Thursday. The stock declined more than 6% to $1,003.80 on Thursday.

Write to Joe Woelfel at

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