Tesla Inc (NASDAQ:TSLA) bull Cathie Wood’s Ark Investment Management on Monday raised its exposure in the New York-based software automation company UiPath Inc (NYSE:PATH).
The popular investment firm scooped up 867,331 shares, estimated to be worth $19.7 million based on the latest closing price of UiPath, via the flagship Ark Innovation ETF (NYSE:ARKK) ETF.
Ark owns shares in the Bucharest, Romania-founded software company via all of its six active ETFs. The asset management firm held 30.88 million shares, worth $684.9 million, in UiPath, prior to Monday’s trade.
The latest buy lifts Ark Invest’s stake in UiPath by 2.7% based on the number of shares that it held as of Friday’s closing. Wood’s firm had last week bought 3.47 million shares in UiPath.
UiPath shares fell over 25% on Thursday after the company cut forward guidance based primarily on its outsized exposure to Europe.
“We maintain high conviction in UiPath's ability to integrate Robotic Process Automation (RPA) into many business processes across large enterprises around the world,” Wood said in a note on Saturday.
UiPath products are used by organizations to help efficiently automate their various business processes.
UiPath provides a suite of RPA products that automate complex processes under specified compliance and governance standards.
UiPath stock closed 2.8% higher at $22.8 a share on Monday and is down 48% year-to-date.
Photo courtesy: UiPath
