UiPath (NYSE:PATH) Shares Gap Up – Still a Buy?

UiPath Inc. (NYSE:PATH)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $13.28, but opened at $13.98. UiPath shares last traded at $14.12, with a volume of 2,573,795 shares traded.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Morgan Stanley lifted their target price on UiPath from $15.00 to $16.00 and gave the company an “equal weight” rating in a research note on Friday, December 6th. BMO Capital Markets lifted their target price on UiPath from $15.00 to $16.00 and gave the company a “market perform” rating in a research note on Friday, December 6th. Wells Fargo & Company lowered their target price on UiPath from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 23rd. Barclays lifted their target price on UiPath from $15.00 to $16.00 and gave the company an “equal weight” rating in a research note on Friday, December 6th. Finally, JPMorgan Chase & Co. lifted their target price on UiPath from $17.00 to $18.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $17.50.

UiPath Stock Up 8.1 %

The stock has a market capitalization of $7.89 billion, a price-to-earnings ratio of -89.69 and a beta of 0.96. The firm has a fifty day moving average of $13.48 and a 200-day moving average of $12.72.

Hedge Funds Weigh In On UiPath

Several institutional investors have recently added to or reduced their stakes in PATH. Commonwealth Equity Services LLC increased its stake in UiPath by 5.6% in the second quarter. Commonwealth Equity Services LLC now owns 107,468 shares of the company’s stock valued at $1,363,000 after purchasing an additional 5,742 shares during the last quarter. Van ECK Associates Corp increased its stake in UiPath by 266.5% in the second quarter. Van ECK Associates Corp now owns 44,510 shares of the company’s stock valued at $564,000 after purchasing an additional 32,365 shares during the last quarter. CIBC Asset Management Inc increased its stake in UiPath by 30.6% in the second quarter. CIBC Asset Management Inc now owns 13,564 shares of the company’s stock valued at $172,000 after purchasing an additional 3,177 shares during the last quarter. Rhumbline Advisers increased its stake in UiPath by 2.6% in the second quarter. Rhumbline Advisers now owns 511,011 shares of the company’s stock valued at $6,480,000 after purchasing an additional 12,836 shares during the last quarter. Finally, TD Asset Management Inc increased its stake in UiPath by 11.8% in the second quarter. TD Asset Management Inc now owns 32,200 shares of the company’s stock valued at $408,000 after purchasing an additional 3,400 shares during the last quarter. 62.50% of the stock is currently owned by institutional investors and hedge funds.

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.