Tuesday, 02 January 2024 12:17 GMT

Uipath Stock Turns Retail Traders More Bullish After Nvidia-Led AI Partnerships


(MENAFN- AsiaNet News)

UiPath stock climbed nearly 6% last week and rose by an additional 8% in overnight trading, according to Yahoo Finance. The buoyancy in the stock stemmed from a few partnerships the company announced in recent weeks.

On Stocktwits, retail sentiment toward UiPath stock remained 'extremely bullish' (93/100) as of late Sunday, and the message volume on the stream was 'extremely high.' The seven-day message volume rose 90% leading up to late Sunday. The stock is among the top 10 trending equity tickers on the platform.

PATH sentiment and message volume as of 12 midnight, Oct. 6 | source: Stocktwits

New York-based UiPath is an agentic automation company that helps enterprises deploy artificial intelligence (AI) agents to execute and optimize complex business processes autonomously. On Sept. 30, the company announced collaborations with AI startup OpenAI, Nvidia, Alphabet's Google, Microsoft and Snowflake.

Last week, BMO Capital Markets analyst Keith Bachman upped the price target for the stock to $13 from $12.50 but maintained a 'Market Perform' rating, the Fly reported. The analyst noted the several products and partnerships announced by the company, as well as the updates to its Maestro orchestration platform. The analyst said he was encouraged by the company's updates, yet remained wary due to the highly competitive market. These investments will take time to contribute to the topline, he added.

A user shared a technical chart showing a setup that has preceded huge moves in the past, and flagged $20.34 and $25.61 as key levels to watch.

Another user noted that the stock has underperformed for a long time, despite its potential, and remains poised for a reversal. Other users echoed a similar sentiment as well.

UiPath's stock has gained merely 1.5% this year, underperforming the SPDR S & P Software & Services ETF (XSW), which has gained about 6%.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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