Why UiPath Stock Is Rising

UiPath Inc PATH shares are trading higher Thursday after the company reported better-than-expected financial results and issued guidance above analyst estimates.

UiPath said first-quarter revenue increased 32% year-over-year to $245.1 million, which beat the estimate of $225.26 million, according to data from Benzinga Pro. The company reported a quarterly loss of 3 cents per share, which beat the estimate for a loss of 5 cents per share.

UiPath said it expects second-quarter revenue to be between $229 million and $231 million versus the estimate of $227.4 million. The company expects full-year fiscal 2023 revenue to be between $1.085 billion and $1.09 billion versus the estimate of $1.07 billion.

Analyst Assessment:

• Oppenheimer analyst Brian Schwartz maintained UiPath with an Outperform rating and lowered the price target from $35 to $23.
• RBC Capital analyst Matthew Hedberg maintained UiPath with a Sector Perform rating and lowered the price target from $27 to $22.
• Credit Suisse analyst Phil Winslow maintained UiPath with an Outperform rating and lowered the price target from $57.50 to $45.

See Also: Morning Brief: Top Financial Stories Dominating on Thursday, June 2

PATH Price Action: UiPath has traded between $13.66 and $83.10 over a 52-week period.

The stock was up 11.1% at $18.70 at press time.

Photo: courtesy of UiPath.