Brokerages Set Palladyne AI Corp. (NASDAQ:PDYN) Target Price at $11.00

Shares of Palladyne AI Corp. (NASDAQ:PDYN) have received a consensus recommendation of “Hold” from the six research firms that are presently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $11.00.

PDYN has been the subject of several research analyst reports. Weiss Ratings lowered shares of Palladyne AI from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Wednesday, May 6th. Northland Securities set a $15.00 price target on Palladyne AI in a research report on Monday, June 8th. Lake Street Capital started coverage on Palladyne AI in a research note on Friday, April 17th. They set a “buy” rating and a $11.00 price target for the company. Alliance Global Partners reiterated a “buy” rating on shares of Palladyne AI in a research report on Tuesday, May 5th. Finally, Zacks Research upgraded shares of Palladyne AI to a “hold” rating in a research note on Wednesday, April 8th.

Insider Buying and Selling

In related news, CFO Trevor Thatcher sold 4,561 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $6.14, for a total value of $28,004.54. Following the completion of the transaction, the chief financial officer directly owned 175,697 shares of the company’s stock, valued at approximately $1,078,779.58. This trade represents a 2.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Denis Garagic sold 17,176 shares of the business’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $6.14, for a total transaction of $105,460.64. Following the sale, the chief technology officer directly owned 559,959 shares in the company, valued at $3,438,148.26. The trade was a 2.98% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 26,982 shares of company stock valued at $165,669. Company insiders own 13.40% of the company’s stock.

Hedge Funds Weigh In On Palladyne AI

Several hedge funds have recently made changes to their positions in the stock. Themes Management Co LLC boosted its stake in Palladyne AI by 561.7% in the 1st quarter. Themes Management Co LLC now owns 392,259 shares of the company’s stock worth $2,381,000 after purchasing an additional 332,982 shares during the period. Covestor Ltd grew its holdings in Palladyne AI by 482.2% during the 4th quarter. Covestor Ltd now owns 127,345 shares of the company’s stock valued at $542,000 after buying an additional 105,471 shares in the last quarter. Atom Investors LP bought a new stake in shares of Palladyne AI during the fourth quarter valued at about $56,000. Boothbay Fund Management LLC bought a new stake in shares of Palladyne AI during the fourth quarter valued at about $44,000. Finally, Quarry LP bought a new stake in shares of Palladyne AI during the third quarter valued at about $28,000. 26.02% of the stock is currently owned by hedge funds and other institutional investors.

Palladyne AI Stock Performance

NASDAQ PDYN opened at $5.23 on Friday. Palladyne AI has a 52-week low of $4.14 and a 52-week high of $10.73. The company has a 50-day simple moving average of $6.19 and a 200 day simple moving average of $6.51. The company has a market capitalization of $243.17 million, a PE ratio of -8.57 and a beta of 3.63.

Palladyne AI (NASDAQ:PDYN) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.12). The company had revenue of $3.54 million during the quarter, compared to the consensus estimate of $4.93 million. Palladyne AI had a negative return on equity of 49.17% and a negative net margin of 358.04%. As a group, analysts forecast that Palladyne AI will post -0.91 EPS for the current fiscal year.

Palladyne AI Company Profile

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.