Covestor Ltd Grows Position in Palladyne AI Corp. $PDYN

Covestor Ltd boosted its stake in shares of Palladyne AI Corp. (NASDAQ:PDYN) by 482.2% during the fourth quarter, HoldingsChannel.com reports. The firm owned 127,345 shares of the company’s stock after acquiring an additional 105,471 shares during the period. Covestor Ltd’s holdings in Palladyne AI were worth $542,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in PDYN. PharVision Advisers LLC acquired a new stake in shares of Palladyne AI during the 3rd quarter worth $155,000. Quarry LP purchased a new stake in Palladyne AI during the third quarter valued at about $28,000. Millennium Management LLC increased its stake in 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 acquiring an additional 500,472 shares during the last quarter. Schonfeld Strategic Advisors LLC acquired a new stake in Palladyne AI during the third quarter worth about $204,000. Finally, Raymond James Financial Inc. raised its holdings in shares of Palladyne AI by 96.5% in 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 period. Institutional investors and hedge funds own 26.02% of the company’s stock.

Insiders Place Their Bets

In other news, insider Stephen Sonne sold 6,802 shares of Palladyne AI stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $7.55, for a total transaction of $51,355.10. Following the sale, the insider owned 206,206 shares in the company, valued at $1,556,855.30. This trade represents a 3.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Denis Garagic sold 12,945 shares of the business’s stock in a transaction 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 transaction, the chief technology officer directly owned 592,284 shares in the company, valued at approximately $4,471,744.20. The trade was a 2.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 27,396 shares of company stock worth $206,840 in the last 90 days. 13.40% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on PDYN. Wall Street Zen lowered Palladyne AI from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Jefferies Financial Group restated a “hold” rating and issued a $7.00 price target on shares of Palladyne AI in a report on Wednesday, May 6th. Lake Street Capital assumed coverage on shares of Palladyne AI in a research report on Friday, April 17th. They set a “buy” rating and a $11.00 price target on the stock. Alliance Global Partners reiterated a “buy” rating on shares of Palladyne AI in a research note on Tuesday, May 5th. Finally, Northland Securities assumed coverage on shares of Palladyne AI in a research report on Wednesday, April 1st. They issued an “outperform” rating and a $10.00 price objective for the company. 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 company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $9.33.

Palladyne AI Price Performance

Shares of PDYN opened at $5.94 on Wednesday. Palladyne AI Corp. has a 12 month low of $4.14 and a 12 month high of $13.00. The stock’s 50-day moving average is $6.48 and its two-hundred day moving average is $6.30. The stock has a market cap of $276.15 million, a PE ratio of -9.74 and a beta of 3.52.

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

Palladyne AI 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.