We recently published a list of These 10 Stocks Were Wednesday’s Worst Performers. In this article, we are going to take a look at where UiPath Inc. (NYSE:PATH) stands among Wednesday’s worst-performing stocks.

The stock market declined on Wednesday, with all major indices finishing in the red, driven by losses in technology stocks.

The Nasdaq dropped 0.51%, while the S&P 500 and Dow Jones fell 0.47% and 0.31%, respectively.

Ten companies, mostly from the technology sector, led the downturn.  In this article, we will highlight the biggest decliners and examine the factors driving their performance.

To identify Wednesday’s biggest losers, we focused on stocks with a market capitalization of at least $2 billion and a daily trading volume of over $5 million.

A symbolic representation of innovation, with a programmer working on a laptop in front of robotic arms and low code development environment.

UiPath Inc. (NYSE:PATH)

UiPath Inc. (NYSE:PATH) saw its share prices on Wednesday drop by 5.2 percent as investors resorted to profit-taking following a 10-percent increase in its valuation the trading day prior on the back of research reports that 90 percent of IT executives have business processes that agentic AI would improve, while 77 percent said they are prepared to invest in agentic AI this year.

The company stands to benefit from any potential increase in investments in Agentic AI, a probabilistic technology with high adaptability to changing environments and events. It relies on patterns and likelihoods to make decisions and take actions, as opposed to deterministic systems—such as Robotic Process Automation (RPA)—that follow fixed rules and predefined outcomes.

In other news, UiPath Inc. (NYSE:PATH) received a downgraded rating from several analysts. Earlier this month, Barclays decreased its price target for the company to $15 from $16 apiece, while giving it an “equal weight” rating.

On January 15, Needham & Company LLC reissued a “hold” rating for the company, while Wells & Fargo dropped its target price on UiPath’s stock to $13 from $15 each.

Overall, PATH ranks 6th on our list of Wednesday’s worst-performing stocks. While we acknowledge the potential of PATH as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than PATH but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap

Disclosure: None. This article is originally published at Insider Monkey.