Palladyne AI Corp. (NASDAQ:PDYN) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Palladyne AI Corp. (NASDAQ:PDYN) have received a consensus recommendation of “Hold” from the six ratings firms that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have issued a buy recommendation on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $9.3333.

A number of equities analysts have commented on the stock. Lake Street Capital assumed coverage on shares of Palladyne AI in a report on Friday, April 17th. They issued a “buy” rating and a $11.00 price objective for the company. Jefferies Financial Group reaffirmed a “hold” rating and issued a $7.00 price objective on shares of Palladyne AI in a report on Wednesday, May 6th. Zacks Research raised shares of Palladyne AI to a “hold” rating in a report on Wednesday, April 8th. Wall Street Zen downgraded shares of Palladyne AI from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. Finally, Weiss Ratings downgraded shares of Palladyne AI from a “hold (c-)” rating to a “sell (d-)” rating in a report on Wednesday, May 6th.

Palladyne AI Trading Down 4.2%

PDYN stock opened at $6.18 on Tuesday. Palladyne AI has a twelve month low of $4.14 and a twelve month high of $13.00. The company has a market capitalization of $287.31 million, a P/E ratio of -10.13 and a beta of 3.52. The firm has a 50 day simple moving average of $6.53 and a 200-day simple moving average of $6.31.

Palladyne AI (NASDAQ:PDYN) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.12). Palladyne AI had a negative return on equity of 49.17% and a negative net margin of 358.04%.The company had revenue of $3.54 million for the quarter, compared to analyst estimates of $4.93 million. On average, research analysts predict that Palladyne AI will post -0.87 EPS for the current year.

Insiders Place Their Bets

In other Palladyne AI news, insider Stephen Sonne sold 6,802 shares of Palladyne AI stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $7.55, for a total value of $51,355.10. Following the completion of the transaction, the insider owned 206,206 shares of the company’s stock, valued at $1,556,855.30. The trade was a 3.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Trevor Thatcher sold 7,649 shares of Palladyne AI stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $7.55, for a total transaction of $57,749.95. Following the completion of the transaction, the chief financial officer directly owned 183,288 shares of the company’s stock, valued at approximately $1,383,824.40. This represents a 4.01% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 27,396 shares of company stock valued at $206,840 over the last 90 days. 13.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Palladyne AI

A number of hedge funds have recently added to or reduced their stakes in PDYN. Goldman Sachs Group Inc. lifted its stake in Palladyne AI by 507.2% in the first quarter. Goldman Sachs Group Inc. now owns 115,407 shares of the company’s stock valued at $679,000 after buying an additional 96,402 shares during the last quarter. Focus Partners Wealth bought a new stake in Palladyne AI in the first quarter valued at $138,000. Geode Capital Management LLC lifted its stake in Palladyne AI by 172.9% in the second quarter. Geode Capital Management LLC now owns 592,640 shares of the company’s stock valued at $5,133,000 after buying an additional 375,440 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Palladyne AI by 94.3% in the second quarter. JPMorgan Chase & Co. now owns 24,862 shares of the company’s stock valued at $215,000 after buying an additional 12,065 shares during the last quarter. Finally, Rhumbline Advisers bought a new stake in Palladyne AI in the second quarter valued at $330,000. 26.02% of the stock is currently owned by 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.