Investing in artificial intelligence (AI) stocks has been a great move for investors this year. And one stock that helps companies automate their processes is UiPath (NYSE: PATH). Its software makes it easy for organizations to automate routine tasks and generate reports. With a wide appeal and many potential use cases, business has been booming lately for UiPath.

The big question, however, is after already gaining an impressive 90% this year, is the stock still a good buy heading into 2024, and can its shares continue rising?

UiPath is an unprofitable company; it incurred losses totaling $363.8 million over the trailing 12 months. But it is posting strong revenue growth, and with gross profit margins in excess of 80%, there's hope that as sales rise, the bottom line can finally get into the black.

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Source Fool.com