UiPath (NYSE:PATH) stock is in the news Thursday after the company’s shares got hit with a price target cut from Mizuho analyst Siti Panigrahi.
The Mizuho analyst reduced the firm’s price target for PATH stock from $25 per share to $14. That’s a potential downside of 23.5% compared to the stock’s closing price on Wednesday. It’s also below the analyst consensus price prediction of $23.12 per share.
Despite the price target cut, Panigrahi still has a “neutral” rating for PATH shares. That’s in line with the analyst consensus rating of hold based on 18 opinions.
What’s Behind the PATH Stock Price Target Cut?
Here’s what the Mizuho analyst said about UiPath in a note to clients obtained by StreetInsider:
“We believe that lowering growth guidance, coupled with the CEO stepping down, has derailed the recovery path and will further raise concerns among investors about the demand for RPA given the AI hype. In our view, UiPath is likely to face several issues (both macro uncertainty and company execution) over the near-term.”
PATH stock is down 35.5% as of Thursday morning. The stock is also down 50.6% year-to-date (YTD). This comes alongside its latest earnings report and CEO changes.
All of this also has PATH stock seeing heavy trading today with some 51 million shares traded. That’s well above its daily average of about 7.5 million shares.
Investors will want to keep reading for more of the most recent stock market stories today!
We have all of the hottest stock market news available to traders on Thursday! That includes what’s happening with shares of Fisker (OTCMKTS:FSRN) stock, why shares are down today and more. All of this news is available at the following links!
More Thursday Stock Market News
- As Fisker Stock Struggles to Survive, Company Cuts Hundreds of Staff in Virtual Meeting
- Why Are Stocks Down Today?
- FFIE Stock: Faraday Preps to Split Its Brand Between the U.S. and China
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
