UiPath (NYSE:PATH) saw its stock price surge by 8% after the announcement that it will be added to the S&P MidCap 400 index, replacing Synovus Financial Corp. This move is expected to widen the company’s investor base and demonstrate its growing market presence. Shares closed at $17.12, up 7.2% from the previous close.

Despite the volatility in UiPath’s stock, today’s 8% jump suggests that the market views this news as significant. The company recently reported strong third-quarter financial results, with revenue of $411.1 million and an operating margin of 3.2%. UiPath’s Annual Recurring Revenue (ARR) also grew to $1.78 billion.

Overall, UiPath is up 32.9% year-to-date but still trading below its 52-week high. Investors who bought shares at the IPO in April 2021 would see a significant return on investment.

Read more at StockStory Inc.: Why Are UiPath (PATH) Shares Soaring Today