Why UiPath Stock Is Climbing Today - UiPath (NYSE:PATH)

UiPath, Inc. PATH shares are trading higher Thursday after the company reported better-than-expected earnings and issued an upbeat third-quarter outlook on Wednesday.

The Details:

UiPath reported quarterly earnings of 9 cents per share, beating the consensus estimate of 3 cents and representing an increase of 550% from the same period last year.

The company also reported second-quarter sales of $287.00 million, beating the analyst consensus estimate of $282.14 million and representing an 18.49% increase over sales from the same period last year.

UiPath raised its third-quarter revenue guidance to between $313 million and $318 million and fiscal-year 2024 revenue guidance to between $1.273 billion and $1.278 billion.

Several analysts raised price targets on the stock following the earnings report:

Canaccord Genuity analyst Kingsley Crane maintained UiPath with a Buy and raised the price target from $19 to $21.
Needham analyst Scott Berg reiterated UiPath with a Buy and maintained $20 price target.
RBC Capital analyst Matthew Hedberg maintained UiPath with a Sector Perform and raised the price target from $18 to $19.
BMO Capital analyst Keith Bachman maintained UiPath with a Market Perform and raised the price target from $18 to $19.
Macquarie analyst Frederick Havemeyer maintained UiPath with an Outperform and raised the price target from $22 to $23.

According to Benzinga Pro, UiPath shares are moving higher on heavy trading volume with more than 18.7 million shares traded, compared to the stock's 100-day average of just over 8 million shares.

PATH Price Action: According to Benzinga Pro, UiPath shares are trading up more than 10% at $17.99 at the time of publication.

Image: Megan Rexazin from Pixabay

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