Palladyne AI (NASDAQ:PDYN) Insider Stephen Sonne Sells 6,802 Shares

Palladyne AI Corp. (NASDAQ:PDYN) insider Stephen Sonne sold 6,802 shares of the stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $7.55, for a total transaction of $51,355.10. Following the sale, the insider directly owned 206,206 shares in the company, valued at $1,556,855.30. This trade represents a 3.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Palladyne AI Stock Down 5.0%

Palladyne AI stock traded down $0.37 during midday trading on Thursday, hitting $7.06. 1,927,029 shares of the stock were exchanged, compared to its average volume of 3,864,746. Palladyne AI Corp. has a 52 week low of $4.14 and a 52 week high of $13.00. The stock has a market capitalization of $296.80 million, a PE ratio of 32.09 and a beta of 3.78. The company has a fifty day simple moving average of $6.88 and a two-hundred day simple moving average of $6.93.

Palladyne AI (NASDAQ:PDYN) last announced its earnings results on Thursday, March 5th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.02. Palladyne AI had a return on equity of 8.82% and a net margin of 191.37%.The business had revenue of $1.66 million for the quarter, compared to analyst estimates of $0.81 million.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PDYN. Wall Street Zen downgraded shares of Palladyne AI from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Weiss Ratings raised Palladyne AI from a “sell (d-)” rating to a “hold (c-)” rating in a report on Thursday, March 5th. Finally, Jefferies Financial Group lifted their price target on shares of Palladyne AI from $7.00 to $8.00 and gave the stock a “hold” rating in a research note on Tuesday. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $8.00.

Institutional Trading of Palladyne AI

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Palladyne AI by 26.0% in the 3rd quarter. Vanguard Group Inc. now owns 1,528,052 shares of the company’s stock worth $13,126,000 after buying an additional 315,660 shares during the period. Geode Capital Management LLC increased its holdings in Palladyne AI by 12.5% during the 4th quarter. Geode Capital Management LLC now owns 721,997 shares of the company’s stock worth $3,077,000 after purchasing an additional 80,075 shares during the period. State Street Corp boosted its stake in shares of Palladyne AI by 24.4% during the fourth quarter. State Street Corp now owns 588,570 shares of the company’s stock valued at $2,507,000 after purchasing an additional 115,409 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Palladyne AI by 767.3% during the 3rd quarter. Millennium Management LLC now owns 565,693 shares of the company’s stock valued at $4,859,000 after purchasing an additional 500,472 shares during the last quarter. Finally, Raymond James Financial Inc. boosted its stake in shares of Palladyne AI by 96.5% in the third quarter. Raymond James Financial Inc. now owns 412,586 shares of the company’s stock worth $3,544,000 after buying an additional 202,571 shares during the last quarter. 26.02% of the stock is owned by hedge funds and other institutional investors.

About Palladyne AI

Palladyne AI Corp., a software company, focuses on delivering software that enhances the utility and functionality of third-party stationary and mobile robotic systems in the United States. Its Artificial Intelligence (AI)/ Machine Learning (ML) software platform enables robots to observe, learn, reason, and act in structured and unstructured environments. The company's software platform enables robotic systems to perceive their environment and quickly adapt to changing circumstances by generalizing from their experience using dynamic real-time operations without extensive programming and with minimal robot training.