The stock’s drop came despite stronger-than-expected earnings reported Wednesday.
Ark’s kitty was worth $45.6 million as of Thursday’s close. And it was worth $43.5 million recently, with UiPath trading at $44.85, down 5%
The flagship ARK Innovation ETF (ARKK) - Get ARK Innovation ETF Report snapped up 430,278 shares, ARK Genomic Revolution ETF (ARKG) - Get ARK Genomic Revolution ETF Report snatched 245,247 shares, ARK Next Generation Internet ETF (ARKW) - Get ARK Next Generation Internet ETF Report bought 194,241 shares and ARK Autonomous Technology & Robotics ETF (ARKQ) - Get ARK Autonomous Technology & Robotics ETF Report purchased 100,124 shares.
UiPath stock has slumped 35% over the last six months.
As for earnings, in the quarter ended Oct. 31, UiPath posted adjusted profit of zero cents per share, beating analysts’ forecast of a 4-cent loss. And it registered revenue of $220.8 million, topping the analyst consensus of $208.3 million.
Last Friday too, Wood went to catch a falling knife. Ark grabbed 746,964 shares of DocuSign (DOCU) - Get DocuSign, Inc. Report, as the e-signature company plunged on disappointing billing numbers for the latest quarter.
That stash was valued at $100.9 million as of Friday’s close and $106.8 million in recent trading.
DocuSign tanked 42% last Friday and recently traded at $143.15, down 4%. It is down 36% year to date.
ARK Innovation ETF purchased 461,662 shares of DocuSign, ARK Next Generation Internet accounted for 178,334 shares, and Ark Fintech Innovation snatched 106,968, shares.
Morningstar analyst Dan Romanoff thought DocuSign’s drop was overdone, too. He lowered his fair value estimates to $244 from $290 after the company’s weak guidance.