UiPath Inc (NYSE: PATH) stock has been a solid gainer in early morning trading, up more than 1% from Friday’s close of $69.77. The gains have been aided by Cathie Wood’s ARK Genomic Revolution (NYSEARCA: ARKG) Exchange-Traded Fund (ETF) — up 92% y/y — which added nearly 137,000 shares of the next-gen enterprise software automation company on Friday.
The popular money manager behind ARK Invest’s widely followed ETFs, now holds over 10 million UiPath shares, worth around $670 million.
The products of UiPath, a company that continues to establish itself as a key player in the fast-growth Robotic Process Automation (RPA) industry, are used by organizations to help them scale their digital business operations. This basically translates in robotics taking over some tasks to help improve efficiency and labor costs while allowing organizations around the world become faster and more active in the face of increased demand and rapidly changing environments.
As one of fastest growing Software as a service (SaaS) companies in the world, UiPath already counts 61% of the Fortune Global 500 among its 6,000 customers — including Adobe Inc. (NASDAQ:ADBE), Chevron (NYSE:CVX) and Uber Technologies (NASDAQ:UBER).
PATH closed 74 cents, or 1.04%, higher on Friday, giving the company that went public in April at $56, a market cap of nearly $36 billion.
Some of the other key Ark Invest trades on Friday include selling Pluristem Therapeutics (NASDAQ:PSTI) and buying include Quantum-Si Inc (NASDAQ:QSI).