One important metric to look for in a stock is an 80 or higher Relative Strength Rating. Computer software maker UiPath stock now clears that threshold, with a jump from 80 to 85 Wednesday.
UiPath's business automation platform uses robotic-process automation (RPA) and artificial intelligence (AI), which allows businesses to to identify tasks and processes suited to automation, then build and manage software robots capable of automating those jobs.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
This unique rating measures technical performance by showing how a stock's price movement over the last 52 weeks compares to that of the other stocks in our database.
History reveals that the stocks that go on to make the biggest gains typically have an 80 or higher RS Rating in the early stages of their moves.
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Is UiPath Stock A Buy?
UiPath stock is building a consolidation with a 19.40 buy point. Its' been trading in a tight range between 12 and 20 in the last nine months. See if the tech stock can break out in volume at least 40% higher than normal. Read "Looking For The Next Big Stock Market Winners? Start With These 3 Steps" for more tips.
The computer software maker posted 0% EPS growth last quarter, while sales growth came in at 19%. UnPath has seen some slower growth as businesses have pared back spending under uncertain macroeconomic climate.
UiPath stock earns the No. 1 rank among its peers in the Computer Software-Enterprise industry group.
