Cathie Wood is Not Letting Go of These 5 Stocks Despite Losses

4. UiPath Inc. (NYSE:PATH)

Number of Hedge Fund Holders: 33

YTD Share Price Decline as of July 22: 55.50%

UiPath Inc. (NYSE:PATH) offers an end-to-end automation platform with a range of robotic process automation solutions to clients in the United States, Romania, and Japan. Cathie Wood’s ARK Investment Management added 12% to her existing UiPath Inc. (NYSE:PATH) stake in Q2 2022, holding 37.5 million shares worth $641.75 million. The stock has declined 55.5% year to date as of July 22. 

Canaccord analyst Kingsley Crane on July 7 initiated coverage of UiPath Inc. (NYSE:PATH) with a Buy rating and a $25 price target. He remains bullish on UiPath Inc. (NYSE:PATH)’s ability to leverage automation in a wide range of use cases and expects partners, like EY and PwC, to give it “critical sales leverage,” the analyst told investors.

According to Insider Monkey’s data, 33 hedge funds were long UiPath Inc. (NYSE:PATH) at the end of Q1 2022, up from 28 funds in the earlier quarter. Alkeon Capital Management is a prominent shareholder of the company, with 13 million shares worth $281.7 million. 

Here is what ClearBridge Investments has to say about UiPath Inc. (NYSE:PATH) in its Q2 2021 investor letter:

“We participated in the IPO of UiPath, a developer of software for robotic process automation that uses AI, natural language processing and design to streamline complex processes across a variety of technology environments. The company is an industry leader with a superior solution for leveraging software to optimize workloads. Organizations around the world are beginning to understand the power of automation, with momentum picking up toward fully automating business processes, a $60 billion market today that could grow to $200 billion or more by 2030. UiPath has a unique pricing model, broad partner ecosystem and thoughtful management team supporting one of the strongest growth profiles in technology. Risks we are watching include a partial cloud transition ahead and increased competition from larger software platforms over time.”