5 Best Young Stocks To Buy Now

4. UiPath Inc. (NYSE:PATH)

Number of Hedge Fund Holders: 46

IPO Date: April 21, 2021

UiPath Inc. (NYSE:PATH), an American software company, reported solid earnings in Q2 2021, with revenue reaching $186.2 million, up 64% from the prior-year quarter. The company posted an EPS of $0.02, beating the consensus by $0.07. Founded in 2005, UiPath Inc. (NYSE:PATH) remains one of the best young stocks to buy.

ARK Investment Management is the largest shareholder of UiPath Inc. (NYSE:PATH) in Q2, owning over 11.8 million shares, worth $806.7 million. In addition to this, 46 hedge funds tracked by Insider Monkey reported having stakes in the company as of the end of the second quarter.

UiPath Inc. (NYSE:PATH) went public in April 2021 and raised $1.34 billion. This September, Barclays lifted UiPath Inc. (NYSE:PATH) to Overweight, with a $71 price target.

ClearBridge Investments released its Q2 2021 investor letter and mentioned UiPath Inc. (NYSE: PATH) in it. Here is what the firm has to say:

“We participated in the IPO of UiPath, a developer of software for robotic process automation that uses AI, natural language processing and design to streamline complex processes across a variety of technology environments. The company is an industry leader with a superior solution for leveraging software to optimize workloads. Organizations around the world are beginning to understand the power of automation, with momentum picking up toward fully automating business processes, a $60 billion market today that could grow to $200 billion or more by 2030. UiPath has a unique pricing model, broad partner ecosystem and thoughtful management team supporting one of the strongest growth profiles in technology. Risks we are watching include a partial cloud transition ahead and increased competition from larger software platforms over time.”