Northland Securities Begins Coverage on Palladyne AI (NASDAQ:PDYN)

Equities research analysts at Northland Securities started coverage on shares of Palladyne AI (NASDAQ:PDYN) in a note issued to investors on Wednesday. The firm set an “outperform” rating and a $10.00 price target on the stock. Northland Securities’ target price suggests a potential upside of 64.74% from the company’s current price.

A number of other research firms also recently issued reports on PDYN. Weiss Ratings raised Palladyne AI from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Thursday, March 5th. Jefferies Financial Group increased their target price on shares of Palladyne AI from $7.00 to $8.00 and gave the stock a “hold” rating in a report on Tuesday, March 10th. Finally, Wall Street Zen downgraded shares of Palladyne AI from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $9.00.

Palladyne AI Stock Performance

Palladyne AI stock opened at $6.07 on Wednesday. The company has a market capitalization of $282.19 million, a PE ratio of 27.59 and a beta of 3.78. The company has a 50 day moving average price of $6.89 and a 200-day moving average price of $6.84. Palladyne AI has a fifty-two week low of $4.14 and a fifty-two week high of $13.00.

Palladyne AI (NASDAQ:PDYN) last released its quarterly earnings data on Thursday, March 5th. The company reported ($0.16) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.02. The company had revenue of $1.66 million for the quarter, compared to the consensus estimate of $0.81 million. Palladyne AI had a return on equity of 8.82% and a net margin of 191.37%.

Insider Buying and Selling

In other Palladyne AI news, CTO Denis Garagic sold 12,945 shares of Palladyne AI stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $7.55, for a total value of $97,734.75. Following the transaction, the chief technology officer owned 592,284 shares in the company, valued at $4,471,744.20. The trade was a 2.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Stephen Sonne sold 6,802 shares of Palladyne AI stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $7.55, for a total transaction of $51,355.10. Following the completion of the transaction, the insider directly owned 206,206 shares in the company, valued at approximately $1,556,855.30. The trade was a 3.19% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 27,396 shares of company stock worth $206,840 in the last three months. 13.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Palladyne AI

Hedge funds and other institutional investors have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd grew its holdings in Palladyne AI by 103.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 12,484 shares of the company’s stock worth $53,000 after purchasing an additional 6,343 shares during the last quarter. Aristides Capital LLC purchased a new stake in shares of Palladyne AI during the 4th quarter valued at $99,000. NewEdge Advisors LLC boosted its position in shares of Palladyne AI by 456.7% in the 4th quarter. NewEdge Advisors LLC now owns 21,883 shares of the company’s stock worth $93,000 after purchasing an additional 17,952 shares in the last quarter. XTX Topco Ltd purchased a new position in Palladyne AI during the 4th quarter worth $122,000. Finally, Engineers Gate Manager LP acquired a new position in Palladyne AI during the 4th quarter valued at about $234,000. Hedge funds and other institutional investors own 26.02% of the company’s stock.

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.