UiPath (NYSE:PATH) Shares Gap Down on Analyst Downgrade

UiPath Inc. (NYSE:PATH)’s stock price gapped down prior to trading on Thursday after Royal Bank of Canada lowered their price target on the stock from $16.00 to $13.00. The stock had previously closed at $11.83, but opened at $9.80. Royal Bank of Canada currently has a sector perform rating on the stock. UiPath shares last traded at $10.07, with a volume of 9,905,625 shares traded.

Several other research analysts have also recently weighed in on PATH. Canaccord Genuity Group decreased their price objective on shares of UiPath from $19.00 to $14.00 and set a “buy” rating for the company in a report on Thursday. Morgan Stanley cut their price target on UiPath from $16.00 to $12.00 and set an “equal weight” rating for the company in a research note on Thursday. Needham & Company LLC reiterated a “hold” rating on shares of UiPath in a research note on Thursday. Scotiabank decreased their price target on shares of UiPath from $15.00 to $12.00 and set a “sector perform” rating on the stock in a research report on Thursday. Finally, Bank of America reiterated an “underperform” rating and set a $10.00 price target (down previously from $18.00) on shares of UiPath in a research note on Thursday. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $14.78.

Insider Transactions at UiPath

In other UiPath news, CFO Ashim Gupta sold 47,227 shares of UiPath stock in a transaction 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 sale, the chief financial officer now directly owns 856,538 shares in the company, valued at approximately $11,186,386.28. The trade was a 5.23 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Hitesh Ramani sold 25,000 shares of UiPath stock in a transaction on Friday, January 3rd. The shares were 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 owns 269,421 shares in the company, valued at approximately $3,515,944.05. This represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 22.37% of the company’s stock.

Institutional Investors Weigh In On UiPath

A number of hedge funds have recently bought and sold shares of PATH. Norges Bank purchased a new stake in UiPath during the fourth quarter valued at $71,191,000. Jacobs Levy Equity Management Inc. raised its stake in UiPath by 554.8% during the third 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 in the last quarter. Senvest Management LLC raised its stake in UiPath by 29.2% during the fourth quarter. Senvest Management LLC now owns 14,074,783 shares of the company’s stock valued at $178,890,000 after purchasing an additional 3,180,300 shares in the last quarter. AQR Capital Management LLC boosted its stake in UiPath by 45.3% during the fourth quarter. AQR Capital Management LLC now owns 6,646,320 shares of the company’s stock worth $84,209,000 after buying an additional 2,072,089 shares during the period. Finally, Worldquant Millennium Advisors LLC bought a new position in UiPath during the third quarter valued at $19,071,000. Hedge funds and other institutional investors own 62.50% of the company’s stock.

UiPath Stock Down 15.4 %

The company’s 50 day moving average price is $13.41 and its two-hundred day moving average price is $13.16. The firm has a market cap of $5.50 billion, a PE ratio of -62.59 and a beta of 1.00.

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.