UiPath (NYSE:PATH) Sees Strong Trading Volume After Analyst Upgrade

Shares of UiPath Inc. (NYSE:PATH) saw unusually-high 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. Approximately 7,660,089 shares changed 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.

Several other equities research analysts have also issued reports on the stock. DA Davidson raised their price target on shares of UiPath from $13.00 to $15.00 and gave the stock a “neutral” rating in a research note on Friday, September 6th. Needham & Company LLC reissued a “hold” rating on shares of UiPath in a research report on Friday. Barclays increased their price target on UiPath from $14.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Friday, September 6th. Morgan Stanley reiterated an “equal weight” rating and issued a $15.00 target price on shares of UiPath in a research note on Friday, September 6th. Finally, Wells Fargo & Company reduced their price target on shares of UiPath from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 23rd. Sixteen equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $17.53.

Insider Activity at UiPath

In related news, CFO Ashim Gupta sold 47,671 shares of the business’s stock in a transaction 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 completion of the transaction, the chief financial officer now owns 849,917 shares in the company, valued at approximately $10,258,498.19. The trade was a 5.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 22.37% of the company’s stock.

Institutional Investors Weigh In On UiPath

Several large investors have recently modified their holdings of PATH. Cowa LLC lifted its holdings in shares of UiPath by 4.4% during the third quarter. Cowa LLC now owns 26,681 shares of the company’s stock worth $342,000 after purchasing an additional 1,118 shares during the period. Nations Financial Group Inc. IA ADV boosted its position in shares of UiPath by 6.8% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 26,090 shares of the company’s stock worth $334,000 after buying an additional 1,654 shares in the last quarter. Amalgamated Bank grew its position in shares of UiPath by 7.1% in the third quarter. Amalgamated Bank now owns 27,312 shares of the company’s stock valued at $350,000 after purchasing an additional 1,811 shares during the last quarter. Bangor Savings Bank increased its stake in shares of UiPath by 2.9% during the 2nd quarter. Bangor Savings Bank now owns 67,040 shares of the company’s stock worth $850,000 after purchasing an additional 1,873 shares in the last quarter. Finally, Thrivent Financial for Lutherans raised its position in shares of UiPath by 10.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 20,881 shares of the company’s stock worth $267,000 after purchasing an additional 1,995 shares during the last quarter. 62.50% of the stock is owned by institutional investors and hedge funds.

UiPath Trading Down 2.1 %

The business has a 50 day moving average of $13.06 and a 200-day moving average of $12.86. The stock has a market cap of $8.05 billion, a PE ratio of -71.75 and a beta of 0.94.

UiPath (NYSE:PATH) last posted its quarterly earnings data on Thursday, September 5th. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.01. UiPath had a negative return on equity of 3.98% and a negative net margin of 8.13%. The firm had revenue of $316.00 million during the quarter, compared to analysts’ expectations of $303.69 million. During the same quarter last year, the business posted ($0.09) EPS. The firm’s quarterly revenue was up 10.0% compared to the same quarter last year. On average, equities research analysts anticipate 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.