Stephen Sonne Sells 5,245 Shares of Palladyne AI (NASDAQ:PDYN) Stock

Palladyne AI Corp. (NASDAQ:PDYN) insider Stephen Sonne sold 5,245 shares of the firm’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $6.14, for a total value of $32,204.30. Following the completion of the sale, the insider directly owned 197,490 shares in the company, valued at approximately $1,212,588.60. This represents a 2.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Stephen Sonne also recently made the following trade(s):

• On Thursday, March 12th, Stephen Sonne sold 6,802 shares of Palladyne AI stock. The shares were sold at an average price of $7.55, for a total value of $51,355.10.

Palladyne AI Stock Performance

Shares of NASDAQ:PDYN traded up $0.24 during midday trading on Thursday, hitting $6.21. The company’s stock had a trading volume of 1,023,359 shares, compared to its average volume of 1,328,346. The stock has a market capitalization of $288.70 million, a price-to-earnings ratio of -10.18 and a beta of 3.52. The stock’s 50 day simple moving average is $6.41 and its 200 day simple moving average is $6.27. Palladyne AI Corp. has a fifty-two week low of $4.14 and a fifty-two week high of $13.00.

Palladyne AI (NASDAQ:PDYN) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.12). The business 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%. As a group, analysts anticipate that Palladyne AI Corp. will post -0.87 EPS for the current year.

Institutional Investors Weigh In On Palladyne AI

Institutional investors have recently added to or reduced their stakes in the stock. Arkadios Wealth Advisors bought a new position in shares of Palladyne AI in the first quarter valued at approximately $375,000. Royal Bank of Canada raised its stake in shares of Palladyne AI by 14.6% in the first quarter. Royal Bank of Canada now owns 90,825 shares of the company’s stock valued at $551,000 after acquiring an additional 11,565 shares during the last quarter. Themes Management Co LLC raised its stake in shares of Palladyne AI by 561.7% in the first quarter. Themes Management Co LLC now owns 392,259 shares of the company’s stock valued at $2,381,000 after acquiring an additional 332,982 shares during the last quarter. Sei Investments Co. bought a new position in shares of Palladyne AI in the first quarter valued at approximately $89,000. Finally, Cetera Investment Advisers raised its stake in shares of Palladyne AI by 25.6% in the first quarter. Cetera Investment Advisers now owns 13,769 shares of the company’s stock valued at $84,000 after acquiring an additional 2,803 shares during the last quarter. 26.02% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on PDYN shares. Weiss Ratings downgraded Palladyne AI from a “hold (c-)” rating to a “sell (d-)” rating in a research report on Wednesday, May 6th. Northland Securities started coverage on Palladyne AI in a research report on Wednesday, April 1st. They set an “outperform” rating and a $10.00 target price on the stock. Wall Street Zen downgraded Palladyne AI from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Lake Street Capital started coverage on Palladyne AI in a research report on Friday, April 17th. They set a “buy” rating and a $11.00 target price on the stock. Finally, Jefferies Financial Group reissued a “hold” rating and set a $7.00 target price on shares of Palladyne AI in a research report on Wednesday, May 6th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $9.33.

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.