Bank of Nova Scotia Makes New $3.91 Million Investment in UiPath, Inc. (NYSE:PATH)

Key Points

• The Bank of Nova Scotia acquired 379,300 shares in UiPath, Inc., valued at approximately $3.9 million, increasing its ownership to about 0.07% of the company.
• UiPath's stock currently has an average rating of "Hold" and a consensus price target of $13.83, with BMO Capital Markets raising its target price from $11.50 to $15.50.
• Company insiders sold a total of 831,310 shares worth over $10.4 million in the last quarter, with CEO Daniel Dines selling 9,988 shares valued at $119,856.

Bank of Nova Scotia bought a new position in shares of UiPath, Inc. (NYSE:PATH - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 379,300 shares of the company's stock, valued at approximately $3,907,000. Bank of Nova Scotia owned approximately 0.07% of UiPath as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Versant Capital Management Inc boosted its holdings in shares of UiPath by 198.6% in the 1st quarter. Versant Capital Management Inc now owns 2,962 shares of the company's stock worth $31,000 after purchasing an additional 1,970 shares in the last quarter. CX Institutional bought a new position in UiPath during the 1st quarter valued at approximately $36,000. True Wealth Design LLC raised its position in UiPath by 18.4% during the 4th quarter. True Wealth Design LLC now owns 5,163 shares of the company's stock valued at $66,000 after purchasing an additional 801 shares during the last quarter. MRP Capital Investments LLC bought a new position in shares of UiPath in the 1st quarter worth approximately $82,000. Finally, Aster Capital Management DIFC Ltd bought a new position in shares of UiPath in the 4th quarter worth approximately $102,000. 62.50% of the stock is currently owned by hedge funds and other institutional investors.

UiPath Price Performance

Shares of PATH stock traded down $0.28 during trading hours on Friday, hitting $10.65. The stock had a trading volume of 9,073,690 shares, compared to its average volume of 14,424,310. UiPath, Inc. has a one year low of $9.38 and a one year high of $15.93. The stock's 50-day moving average price is $12.45 and its two-hundred day moving average price is $12.30. The stock has a market capitalization of $5.70 billion, a price-to-earnings ratio of -88.74, a PEG ratio of 13.97 and a beta of 1.03.

UiPath (NYSE:PATH - Get Free Report) last issued its earnings results on Thursday, May 29th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.01. The firm had revenue of $356.62 million for the quarter, compared to analysts' expectations of $332.17 million. UiPath had a negative return on equity of 3.05% and a negative net margin of 4.65%. The business's revenue was up 6.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.13 earnings per share. As a group, equities research analysts predict that UiPath, Inc. will post -0.17 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

PATH has been the subject of several research reports. Morgan Stanley increased their target price on UiPath from $12.00 to $15.00 and gave the stock an "equal weight" rating in a research report on Monday, June 2nd. Mizuho cut their target price on UiPath from $12.00 to $11.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. Needham & Company LLC restated a "hold" rating on shares of UiPath in a research note on Friday, May 30th. Scotiabank raised their price target on UiPath from $12.00 to $13.00 and gave the stock a "sector perform" rating in a research note on Friday, May 30th. Finally, BMO Capital Markets raised their target price on UiPath from $11.50 to $15.50 and gave the stock a "market perform" rating in a report on Friday, May 30th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $13.83.

Insider Buying and Selling

In related news, CEO Daniel Dines sold 45,000 shares of the business's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $12.43, for a total value of $559,350.00. Following the completion of the sale, the chief executive officer owned 5,058,376 shares in the company, valued at approximately $62,875,613.68. The trade was a 0.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Ashim Gupta sold 56,322 shares of the business's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $12.72, for a total value of $716,415.84. Following the completion of the sale, the chief financial officer owned 859,991 shares of the company's stock, valued at $10,939,085.52. The trade was a 6.15% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 831,310 shares of company stock worth $10,428,922. Insiders own 23.19% of the company's stock.

UiPath Profile

UiPath Inc provides an end-to-end automation platform that offers a range of robotic process automation (RPA) solutions primarily in the United States, Romania, the United Kingdom, the Netherlands, and internationally. The company offers a suite of interrelated software to build, manage, run, engage, measure, and govern automation within the organization.