Cathie Wood-led Ark Invest has been piling up shares in the New York-based software automation company UiPath Inc (NYSE:PATH), a stock that has continuously slumped in the past few months.
The popular investment first bought shares in UiPath in April just after it made a trading debut on the New York Stock Exchange. Wood’s firm snapped up millions of shares in the robotic software company on the day the stock began trading on the bourses.
The money managing firm owns PATH shares via all of its six active ETFs including the flagship Ark Innovation ETF (NYSE:ARKK). It had piled up 24.54 million shares — worth $1.08 billion — in the company ahead of Monday's trade.
See Also: Cathie Wood Loads Up Heavily On Debutant Uipath, Trims Tesla
The products of the Bucharest, Romania-based software company are used by organizations to help efficiently automate their various business processes.
UiPath shares fell last week despite the company reporting results that topped analyst expectations.
PATH shares are down about 37% so far this year, significantly below its listing price of $65.50 a share. The stock closed 1.25% lower at $43.50 a share on Monday, giving it a market cap of $22.34 billion.
