Cathie Wood’s ARK Innovation ETF purchased 867,331 shares of UiPath on Monday.
Courtesy of ARK
Cathie Wood’s ARK Innovation exchange-traded fund purchased 867,331 shares of UiPath , the robotic-process automation software company.
Shares of UiPath (ticker: PATH) closed Monday at $22.79, up 2.8%. At that price, ARK Innovation’s purchase of the stock amounted to nearly $19.8 million. The ETF owns a total of about 18.5 million UiPath shares, according to the fund’s website.
UiPath shares fell more than 25% last Thursday after the company reported a wider-than-expected loss in the fourth quarter and issued a first-quarter revenue forecast that also was below Wall Street expectations.
Ark Invest, in its weekly commentary over the weekend, said it maintains “high conviction in UiPath’s ability to integrate Robotic Process Automation (RPA) into many business processes across large enterprises around the world.”
The stock was down 1.1% on Tuesday to $22.55. The shares have fallen more than 47% year to date.
Write to Joe Woelfel at joseph.woelfel@barrons.com
Source: finance.yahoo.com