Cathie Wood-led Ark Investment Management bought over 87,000 shares of software company UiPath Inc PATH on Friday, valued at over $1.2 million based on the day’s closing price. The share purchases were done through five of the company’s exchange-traded funds, including the flagship Ark Innovation ETF ARKK, according to data provided by the firm.
Wood has been on a buying spree and loaded up close to 5 million shares of UiPath last week, roughly valued at over $70 million based on Friday’s closing price. The software company is the 11th largest holding in Ark Innovation ETF holds over 24 million shares of the company valued at over $338 million.
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Price Action: Shares of UiPath closed about 5% higher on Friday, but have lost close to 30% in one month. The company has issued weak guidance and expects full-year revenue of $1.002 billion to $1.007 billion versus the estimate of $1.09 billion.
Last week, UiPath, announced a partnership with Snowflake Inc SNOW. By leveraging the Snowflake Data Cloud, UiPath robots can quickly connect data directly to business processes in the data cloud without using complex code, speeding up time to value, the company said in a statement.
DraftKings Purchase: Wood also loaded up on shares of fantasy sports company DraftKings Inc DKNG, having bought over 54,000 shares valued at over $956,000, based on Friday’s closing price. The stock lost about 15% in the last month, but the majority of analysts have upped their targets on the stock in August and September.
Image and article originally from www.benzinga.com. Read the original article here.