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Cathie Wood-led Ark Investment Management bought over 3.4 million shares of software company UiPath Inc PATH valued at over $47 million based on Wednesday’s closing price. The share purchases were done through five of the company’s exchange-traded funds including the flagship Ark Innovation ETF ARKK.
UiPath is the ninth largest holding in Ark Innovation ETF which holds over 20 million shares of the company valued at over $320 million.
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Price Action: UiPath shares closed over 11% lower on Wednesday after the company issued weak guidance. UiPath said it expected fiscal third-quarter revenue to be between $243 million and $245 million versus the estimate of $269.6 million. The company, that makes robotic process automation software, expects full-year revenue in the range of $1.002 billion to $1.007 billion versus the estimate of $1.09 billion.
UiPath registered a second-quarter net loss of 2 cents per share, which beat average analyst estimates of a loss of 11 cents per share.
Shares of UiPath have lost over 36% in one month. Several analysts have made changes to their price targets on UiPath.
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Image and article originally from www.benzinga.com. Read the original article here.