UiPath's stock experienced a significant pre-market decline of 5.01% on Friday. The automation software company's shares moved lower in early trading ahead of the regular session.

The sharp drop appears to be primarily driven by the company's recently released first-quarter financial results. Market reaction to these quarterly earnings has been negative, leading to the pre-market selloff.

Analyst activity surrounding UiPath has been mixed, with some firms adjusting their outlook on the stock. While Bofa Global Research raised its price objective on UiPath from $12.00 to $13.00, the overall market sentiment appears to have been dominated by concerns following the Q1 earnings report.