5 Best High-Risk High-Reward Stocks To Buy Now

2. UiPath Inc. (NYSE:PATH)

Number of Hedge Fund Holders: 26

UiPath Inc. (NYSE:PATH) is a global software company that provides an end-to-end automation platform that enables monitoring of user activity to automate repetitive front and back office tasks, including those performed using other business software such as customer relationship management or enterprise resource planning (ERP) software. On December 1, UiPath Inc. (NYSE:PATH) posted earnings for the third quarter of 2022, reporting earnings per share of $0.05, beating market estimates by $0.06. The revenue over the period came in at $262.74 million, up 18.99% on a year-over-year basis and surpassing market estimates by $6.81 million.

Mizuho analyst Siti Panigrahi raised the price target on UiPath Inc. (NYSE:PATH) to $15 from $14 and maintained a Neutral rating on the shares of the company on December 2. Panigrahi states that the company delivered better than expected Q3 results and provided solid Q4 guidance despite macro concerns, currency headwinds and near-term disruption given its strategic repositioning.

Among the hedge funds being tracked by Insider Monkey, St. Petersburg, Florida-based investment firm ARK Investment Management is a leading shareholder in UiPath Inc. (NYSE:PATH) with 46.1 million shares worth more than $581 million.

In its Q3 2022 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and UiPath Inc. (NYSE:PATH) was one of them. Here is what the fund said:

“Over the last three months, we similarly exited UiPath Inc. (NYSE:PATH) due to a change to our original thesis as we believe a new go-to-market strategy for its automation software could impact near-term execution. While we think process automation is a growing market, in a slowing macro environment single solution may be more vulnerable than the platform solutions of software providers who can bundle products to meet a wide range of needs. In addition, UiPath Inc. (NYSE:PATH) has a material component of sales sourced in Europe where the economy is more vulnerable.”

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