UiPath (NYSE:PATH) Trading 0.6% Higher – Here’s Why

Shares of UiPath Inc. (NYSE:PATH) were up 0.6% on Wednesday . The stock traded as high as $13.14 and last traded at $13.13. Approximately 2,583,517 shares changed hands during trading, a decline of 73% from the average daily volume of 9,650,370 shares. The stock had previously closed at $13.05.

Analysts Set New Price Targets

PATH has been the topic of several analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of UiPath in a report on Thursday, December 19th. Royal Bank of Canada reissued a “sector perform” rating and set a $16.00 price objective on shares of UiPath in a report on Friday, December 6th. Bank of America raised their price objective on shares of UiPath from $16.00 to $18.00 and gave the stock a “neutral” rating in a report on Friday, September 6th. BMO Capital Markets raised their price objective on shares of UiPath from $15.00 to $16.00 and gave the stock a “market perform” rating in a report on Friday, December 6th. Finally, Evercore ISI boosted their target price on shares of UiPath from $13.00 to $16.00 and gave the stock an “in-line” rating in a research report on Friday, September 6th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $17.50.

UiPath Price Performance

The firm has a market capitalization of $7.22 billion, a P/E ratio of -82.06 and a beta of 0.94. The company’s 50 day moving average price is $13.43 and its 200 day moving average price is $12.64.

Institutional Investors Weigh In On UiPath

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Future Financial Wealth Managment LLC acquired a new position in shares of UiPath during the 3rd quarter worth about $26,000. JTC Employer Solutions Trustee Ltd bought a new stake in UiPath in the 3rd quarter valued at about $26,000. Hantz Financial Services Inc. acquired a new position in UiPath during the 2nd quarter worth approximately $28,000. Quarry LP increased its position in UiPath by 654.4% in the 3rd quarter. Quarry LP now owns 3,146 shares of the company’s stock valued at $40,000 after acquiring an additional 2,729 shares during the period. Finally, Redwood Wealth Management Group LLC acquired a new position in UiPath in the 2nd quarter valued at approximately $43,000. 62.50% of the stock is currently owned by institutional investors and hedge funds.

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.