Michael Young Purchases 5,300 Shares of Palladyne AI (NASDAQ:PDYN) Stock

Palladyne AI Corp. (NASDAQ:PDYN) Director Michael Young acquired 5,300 shares of the business’s stock in a transaction dated Tuesday, November 18th. The stock was purchased at an average cost of $5.61 per share, for a total transaction of $29,733.00. Following the completion of the acquisition, the director directly owned 20,119 shares of the company’s stock, valued at approximately $112,867.59. This trade represents a 35.76% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link.

Palladyne AI Stock Down 5.0%

Shares of Palladyne AI stock traded down $0.28 on Wednesday, reaching $5.35. 1,650,641 shares of the stock were exchanged, compared to its average volume of 2,818,692. The business has a 50 day moving average price of $8.10 and a two-hundred day moving average price of $8.08. The firm has a market capitalization of $224.43 million, a price-to-earnings ratio of -3.17 and a beta of 3.74. Palladyne AI Corp. has a twelve month low of $1.87 and a twelve month high of $14.95.

Palladyne AI (NASDAQ:PDYN) last announced its quarterly earnings results on Wednesday, November 12th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.11. The company had revenue of $0.86 million for the quarter, compared to the consensus estimate of $1.15 million. Palladyne AI had a negative return on equity of 133.19% and a negative net margin of 953.45%.

Wall Street Analyst Weigh In

PDYN has been the topic of a number of analyst reports. Jefferies Financial Group began coverage on shares of Palladyne AI in a research note on Thursday, September 11th. They set a “hold” rating and a $8.00 price objective on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Palladyne AI in a report on Thursday, November 13th. Finally, Wall Street Zen raised shares of Palladyne AI from a “sell” rating to a “hold” rating in a report on Saturday. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Palladyne AI has a consensus rating of “Hold” and an average price target of $11.50.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. PharVision Advisers LLC acquired a new stake in Palladyne AI in the 3rd quarter valued at $155,000. Quarry LP acquired a new stake in shares of Palladyne AI in the third quarter valued at about $28,000. Millennium Management LLC increased its stake in shares of Palladyne AI by 767.3% during the third quarter. Millennium Management LLC now owns 565,693 shares of the company’s stock worth $4,859,000 after purchasing an additional 500,472 shares in the last quarter. Schonfeld Strategic Advisors LLC acquired a new position in shares of Palladyne AI during the 3rd quarter worth about $204,000. Finally, Raymond James Financial Inc. raised its position in shares of Palladyne AI by 96.5% during the 3rd quarter. Raymond James Financial Inc. now owns 412,586 shares of the company’s stock worth $3,544,000 after purchasing an additional 202,571 shares during the last quarter. 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.