PATH - UiPath rallies for second day following IPO to gain more than 35% in two sessions

Unicorn stock UiPath (PATH) is extending its rally to a second day Thursday following the company’s strong initial public offering, rising as much as 15.9% intraday to take the stock more than 40% above its IPO price.PATH soared to as high as $80 a share Thursday -- up 42.9% from the $56 a share that the IPO priced at, which was already above the offering’s expected range.Although UiPath pulled back some later Thursday, it was still changing hands at $77.85 shortly after 2:30 p.m. ET, up 12.8% on Thursday’s session. The stock had already jumped 23.2% to close at $69 on Wednesday, its first trading day.UiPath has been rallying even though the company continues to lose money, as its revenues are growing rapidly and its red ink is shrinking.The company wrote in its S-1 filing with the U.S. Securities and Exchange Commission that revenues shot up to $607.6M in the fiscal year

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UiPath rallies for second day following IPO to gain more than 35% in two sessions