Palladyne AI Corp. (NASDAQ:PDYN) Receives Average Rating of “Hold” from Analysts

Palladyne AI Corp. (NASDAQ:PDYN) has been assigned a consensus rating of “Hold” from the six ratings firms that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $11.00.

PDYN has been the topic of a number of recent analyst reports. Jefferies Financial Group upgraded Palladyne AI to a “hold” rating in a report on Wednesday, June 10th. Lake Street Capital began coverage on Palladyne AI in a research note on Friday, April 17th. They set a “buy” rating and a $11.00 target price for the company. Weiss Ratings downgraded Palladyne AI from a “hold (c-)” rating to a “sell (d-)” rating in a report on Wednesday, May 6th. Alliance Global Partners reiterated a “buy” rating on shares of Palladyne AI in a research note on Tuesday, May 5th. Finally, Northland Securities set a $15.00 price objective on shares of Palladyne AI in a report on Monday, June 8th.

Palladyne AI Trading Down 5.5%

Shares of PDYN stock opened at $4.94 on Friday. The firm has a fifty day moving average price of $6.29 and a 200 day moving average price of $6.54. The company has a market cap of $229.66 million, a P/E ratio of -8.10 and a beta of 3.63. Palladyne AI has a 12 month low of $4.14 and a 12 month high of $10.73.

Palladyne AI (NASDAQ:PDYN) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates 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%. On average, equities analysts forecast that Palladyne AI will post -0.91 EPS for the current year.

Insider Activity

In related news, CTO Denis Garagic sold 17,176 shares of the business’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $6.14, for a total value of $105,460.64. Following the completion of the sale, the chief technology officer directly owned 559,959 shares of the company’s stock, valued at $3,438,148.26. The trade was a 2.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Trevor Thatcher sold 4,561 shares of the business’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $6.14, for a total transaction of $28,004.54. Following the completion of the sale, the chief financial officer directly owned 175,697 shares of the company’s stock, valued at approximately $1,078,779.58. This trade represents a 2.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 26,982 shares of company stock worth $165,669. Corporate insiders own 13.40% of the company’s stock.

Institutional Trading of Palladyne AI

A number of hedge funds and other institutional investors have recently made changes to their positions in PDYN. Goldman Sachs Group Inc. boosted its position in shares of Palladyne AI by 507.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 115,407 shares of the company’s stock valued at $679,000 after purchasing an additional 96,402 shares during the period. Focus Partners Wealth purchased a new position in Palladyne AI during the 1st quarter worth approximately $138,000. Geode Capital Management LLC increased its position in Palladyne AI by 172.9% during the second quarter. Geode Capital Management LLC now owns 592,640 shares of the company’s stock worth $5,133,000 after buying an additional 375,440 shares during the period. JPMorgan Chase & Co. increased its position in Palladyne AI by 94.3% during the second quarter. JPMorgan Chase & Co. now owns 24,862 shares of the company’s stock worth $215,000 after buying an additional 12,065 shares during the period. Finally, Rhumbline Advisers purchased a new stake in Palladyne AI in the second quarter valued at approximately $330,000. Institutional investors and hedge funds own 26.02% of the company’s stock.

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.