5 Best ARK Stocks To Buy Now

4. UiPath Inc. (NYSE:PATH)

Value of ARK Investment Management’s 13F Position: $581.120 million

Number of Hedge Fund Holders: 26

UiPath Inc. (NYSE:PATH) is a New York-based company that makes robotic process automation software, a type of business process automation software. The company went public in 2021 and has offices in 31 countries. UiPath Inc. (NYSE:PATH) serves customers globally.

UiPath Inc. (NYSE:PATH) was a part of 26 hedge fund portfolios in Q3 2022 with a combined value of $993.548 million, up from 24 hedge funds with a total stock value of approximately $1.3 billion. ARK Investment Management held over 46 million company shares worth $581.120 million, representing 4.05% of its portfolio.

ClearBridge Investments made the following comment about UiPath Inc. (NYSE:PATH) in its Q3 2022 investor letter:

“Over the last three months, we similarly exited UiPath Inc. (NYSE:PATH) due to a change to our original thesis as we believe a new go-to-market strategy for its automation software could impact near-term execution. While we think process automation is a growing market, in a slowing macro environment single solutions may be more vulnerable than the platform solutions of software providers who can bundle products to meet a wide range of needs. In addition, the company has a material component of sales sourced in Europe where the economy is more vulnerable.”