Cathie Wood Sells $22 Million of Surging Tech Stock

ARK Invest CEO Cathie Wood has sold $22 million worth of shares in UiPath (PATH), a hyper-automation company, in the midst of a major tech rally.

Wood's ARK Invest funds sold 794,750 shares of UiPath on Tuesday, according to a daily trading update. The sales were made at an average price of $27.74 per share, for total proceeds of $22,043,582.50.

The sale comes as UiPath's stock has surged in recent weeks.

The company's share price has more than doubled since the start of the year, as investors bet on the growing demand for automation software.

However, UiPath's stock has also been volatile, and it is unclear whether the recent rally can be sustained.

Wood's sale of UiPath shares is a sign that she is taking a more cautious approach to the tech sector.

In recent months, Wood has sold shares in other high-flying tech stocks, including Tesla (TSLA) and ZoomInfo (ZI). However, she has also bought shares in other tech companies, such as Roku (ROKU) and Coinbase (COIN).

It is unclear what Wood's long-term plans for UiPath are. She could be taking profits after the recent rally, or she could be reducing her exposure to the tech sector.

Only time will tell whether Wood's decision to sell UiPath shares was the right one.