Palladyne AI (NASDAQ:PDYN) Shares Down 3.9% – Time to Sell?

Palladyne AI Corp. (NASDAQ:PDYN) shares dropped 3.9% during trading on Monday. The company traded as low as $5.09 and last traded at $5.12. Approximately 1,246,164 shares traded hands during mid-day trading, an increase of 54% from the average daily volume of 810,715 shares. The stock had previously closed at $5.33.

Analyst Upgrades and Downgrades

PDYN has been the topic of several analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Palladyne AI in a report on Monday, August 3rd. Jefferies Financial Group raised shares of Palladyne AI to a “hold” rating in a research report on Wednesday, June 10th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $11.00.

Palladyne AI Stock Performance

The firm has a market capitalization of $257.06 million, a P/E ratio of -7.66 and a beta of 3.66. The stock has a fifty day moving average price of $5.73 and a two-hundred day moving average price of $6.10.

Palladyne AI (NASDAQ:PDYN) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.04). The business had revenue of $5.78 million during the quarter, compared to analyst estimates of $5.80 million. Palladyne AI had a negative return on equity of 53.29% and a negative net margin of 254.75%. As a group, research analysts anticipate that Palladyne AI Corp. will post -0.95 earnings per share for the current fiscal year.

Insider Buying and Selling at Palladyne AI

In other news, insider Stephen Sonne sold 5,341 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $6.16, for a total transaction of $32,900.56. Following the completion of the transaction, the insider directly owned 340,690 shares of the company’s stock, valued at approximately $2,098,650.40. This represents a 1.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Trevor Thatcher sold 4,636 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $6.16, for a total value of $28,557.76. Following the transaction, the chief financial officer owned 319,602 shares of the company’s stock, valued at $1,968,748.32. This represents a 1.43% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 27,232 shares of company stock worth $167,749 over the last ninety days. Company insiders own 13.40% of the company’s stock.

Institutional Trading of Palladyne AI

Several hedge funds have recently bought and sold shares of the company. Themes Management Co LLC grew its position 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 last quarter. Royal Bank of Canada increased its stake in shares of Palladyne AI by 14.6% in the first quarter. Royal Bank of Canada now owns 90,825 shares of the company’s stock valued at $551,000 after purchasing an additional 11,565 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Palladyne AI by 27.4% during the first quarter. Bank of New York Mellon Corp now owns 75,908 shares of the company’s stock valued at $461,000 after buying an additional 16,315 shares during the last quarter. Arkadios Wealth Advisors bought a new stake in shares of Palladyne AI during the first quarter valued at approximately $375,000. Finally, Envestnet Asset Management Inc. boosted its position in shares of Palladyne AI by 4.6% during the second quarter. Envestnet Asset Management Inc. now owns 53,877 shares of the company’s stock worth $328,000 after buying an additional 2,358 shares during the period. 26.02% of the stock is currently owned by institutional investors.

About Palladyne AI

Palladyne AI Corp. develops artificial intelligence software designed to enable robots and autonomous machines to operate in complex, unstructured environments. Its technology is intended to help robotic systems perceive their surroundings, learn from experience, make decisions and perform physical tasks with reduced human intervention.

The company’s software offerings include Palladyne IQ, an artificial intelligence platform for robotic perception, learning and autonomy, and Palladyne Pilot, which is designed to provide autonomous control for robotic systems.