UiPath, Inc. (NYSE:PATH) shares traded higher on Monday. The move marks a break from the stock’s selloff which has lasted since the end of December.
What To Know: UiPath stock hit a 52-week high at the end of December. However, the stock pulled back by nearly 20% from the strength in the following weeks.
Rising Treasury yields and general market weakness hit the software sector, in addition to the broader market, contributing to UiPath stock’s selloff.
However, on Monday, shares rose over 7.50%. While there was no major catalyst moving the stock, it is worth noting that the company announced before the market open that Pradeep Kumar will join as Senior Vice President of Services and Customer Success.
Other noteworthy news from UiPath during January included the company’s announcement of the appointment of Rob Enslin, UiPath Co-CEO, and June Yang to its Board of Directors effective Feb. 1. Also, Barclays analyst Raimo Lenschow maintained UiPath with a Equal-Weight and raised the price target from $21 to $23.
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PATH Price Action: Shares of UiPath were up 5.67% at $23.49 at the time of publication, according to Benzinga Pro.
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