Palladyne AI (NASDAQ:PDYN) Coverage Initiated by Analysts at Lake Street Capital

Investment analysts at Lake Street Capital initiated coverage on shares of Palladyne AI (NASDAQ:PDYN) in a research note issued on Friday, Marketbeat reports. The firm set a “buy” rating and a $11.00 price target on the stock. Lake Street Capital’s target price indicates a potential upside of 59.44% from the stock’s previous close.

Several other brokerages have also commented on PDYN. Northland Securities initiated coverage on shares of Palladyne AI in a research note on Wednesday, April 1st. They set an “outperform” rating and a $10.00 price target on the stock. Weiss Ratings upgraded shares of Palladyne AI from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Thursday, March 5th. Zacks Research upgraded Palladyne AI to a “hold” rating in a research report on Wednesday, April 8th. Wall Street Zen downgraded Palladyne AI from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. Finally, Jefferies Financial Group upped their target price on Palladyne AI from $7.00 to $8.00 and gave the company a “hold” rating in a research report on Tuesday, March 10th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $9.67.

Palladyne AI Trading Up 5.5%

PDYN stock opened at $6.90 on Friday. The business’s fifty day moving average price is $6.81 and its 200 day moving average price is $6.71. The company has a market capitalization of $320.77 million, a PE ratio of 30.14 and a beta of 3.75. Palladyne AI has a 12-month low of $4.14 and a 12-month high of $13.00.

Palladyne AI (NASDAQ:PDYN) last announced its quarterly earnings results on Thursday, March 5th. The company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.18) by $0.02. The company had revenue of $1.66 million for the quarter, compared to analyst estimates of $0.81 million. Palladyne AI had a net margin of 191.37% and a return on equity of 8.82%.

Insider Buying and Selling

In other news, CTO Denis Garagic sold 12,945 shares of the company’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $7.55, for a total transaction of $97,734.75. Following the completion of the sale, the chief technology officer owned 592,284 shares in the company, valued at $4,471,744.20. This represents a 2.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 shares were 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 owned 183,288 shares in the company, valued at approximately $1,383,824.40. This trade represents a 4.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 27,396 shares of company stock valued at $206,840 over the last quarter. 13.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Palladyne AI

A number of large investors have recently modified their holdings of PDYN. Cadent Capital Advisors LLC purchased a new stake in Palladyne AI during the third quarter worth about $1,494,000. Quantbot Technologies LP acquired a new stake in shares of Palladyne AI during the 3rd quarter valued at approximately $597,000. United Capital Management of KS Inc. acquired a new stake in shares of Palladyne AI during the 3rd quarter valued at approximately $441,000. Aristides Capital LLC purchased a new stake in shares of Palladyne AI during the 4th quarter worth approximately $99,000. Finally, Themes Management Co LLC purchased a new stake in shares of Palladyne AI during the 4th quarter worth approximately $253,000. 26.02% of the stock is owned by hedge funds and other institutional investors.

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.