Ark Invest Stock Portfolio: 5 Biggest Positions

2. UiPath Inc. (NYSE:PATH)

Cathie Wood & Ark Invest’s Q3 2023 Investment: $809.75 million

Number of Hedge Fund Investors: 30

UiPath (NYSE:PATH) is an international software company specializing in robotic process automation (RPA) software. Established in Bucharest, Romania, it was founded by Daniel Dines and Marius Tîrcă.

UiPath Inc. (NYSE:PATH) witnessed a surge of over 25% on December 1 following the release of its third-quarter earnings report, which significantly surpassed analyst expectations. The quarter recorded revenue of $326 million and annual recurring revenue (ARR) of $1.38 billion, marking a 24% year-over-year increase. Despite a $45 million rise in total operating expenses compared to the same quarter last year, gross profit experienced a noteworthy uptick of $56 million.

At the close of Q3, 30 out of the 910 hedge funds surveyed by Insider Monkey had invested in the company. UiPath Inc. (NYSE:PATH)’s largest hedge fund shareholder in Q3 2023 was ARK Investment Management as it owned 48.2 million shares that are worth $809.75 million.