Cathie Wood Adds $47M In This Automation Firm As Shares Dive 36% In A Month

Cathie Wood-led Ark Investment Management bought over 3.4 million shares of software company UiPath Inc (NYSE: 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 (NYSE: ARKK).

UiPath is the nin^th 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.