Palladyne AI (NASDAQ:PDYN) Rating Lowered to “Sell” at Wall Street Zen

Palladyne AI (NASDAQ:PDYN) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Sunday.

Other research analysts also recently issued research reports about the stock. Jefferies Financial Group began coverage on shares of Palladyne AI in a research report on Thursday, September 11th. They issued a “hold” rating and a $8.00 price objective for the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Palladyne AI in a report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $11.50.

Palladyne AI Trading Up 0.7%

NASDAQ:PDYN opened at $8.87 on Friday. The stock has a market capitalization of $372.10 million, a PE ratio of -4.74 and a beta of 3.75. Palladyne AI has a 1-year low of $1.69 and a 1-year high of $14.95. The firm has a fifty day simple moving average of $8.18 and a 200 day simple moving average of $7.89.

Insider Buying and Selling

In related news, insider Kristi Martindale sold 6,406 shares of Palladyne AI stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $7.42, for a total transaction of $47,532.52. Following the completion of the sale, the insider directly owned 312,236 shares of the company’s stock, valued at approximately $2,316,791.12. This trade represents a 2.01% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Denis Garagic sold 14,809 shares of the company’s stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $7.42, for a total value of $109,882.78. Following the completion of the transaction, the chief technology officer directly owned 584,859 shares in the company, valued at approximately $4,339,653.78. This represents a 2.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 26,963 shares of company stock worth $200,065. 13.40% of the stock is owned by corporate insiders.

Institutional Trading of Palladyne AI

Institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC grew its position in shares of Palladyne AI by 172.9% during the 2nd quarter. Geode Capital Management LLC now owns 592,640 shares of the company’s stock worth $5,133,000 after purchasing an additional 375,440 shares in the last quarter. Soviero Asset Management LP acquired a new stake in Palladyne AI during the second quarter worth approximately $1,645,000. Cadent Capital Advisors LLC bought a new position in Palladyne AI during the 3rd quarter worth $1,494,000. Jump Financial LLC acquired a new position in Palladyne AI in the 2nd quarter valued at $1,177,000. Finally, Goldman Sachs Group Inc. lifted its position in shares of Palladyne AI by 507.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 115,407 shares of the company’s stock valued at $679,000 after acquiring an additional 96,402 shares during the period. 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.