PATH
New haircut, same robot
UiPath may have had a decent-looking top line, but Capital Impact clearly decided it didn’t need quite so much exposure. The fund sold 2,753,724 shares last quarter, trimming roughly $35 million worth of PATH from its bag.
The part that makes you squint
On paper, this is awkward timing: UiPath’s revenue was still growing 17%, which is the kind of number companies usually put on slides with a dramatic sunrise background. But money managers don’t always buy the story just because the headline metrics look shiny.
What could be going on?
- The fund may be locking in gains after a run-up.
- It could be rebalancing away from software names.
- Or it might simply think UiPath’s growth story still isn’t converting fast enough into the kind of profits that make institutions swoon.
Why investors should care
One fund selling doesn’t mean the sky is falling. But it does tell you that even with revenue moving in the right direction, some investors may be asking the annoying-but-important question: “Cool growth. Now where’s the durable payoff?”
Big picture: UiPath can keep selling the automation dream, but the market still wants proof that the dream has a return policy.