UiPath (NYSE: PATH) initially impressed investors when it went public in April 2021. The developer of tools for robotic process automation (RPA) listed its IPO at $56, and its stock rallied to a record high of $85.12 the following month.

At the time, investors were dazzled by the growth potential of its RPA tools, which could be plugged into a company's applications to automate repetitive tasks like entering data, processing invoices, onboarding customers, and sending mass emails.

UiPath's growth supported that bullish thesis. Its revenue soared 81% in fiscal 2021 (which ended in January 2021) and rose 47% in fiscal 2022. The pandemic also drove more companies to automate their office tasks.

Continue reading

Source Fool.com