Palladyne AI (NASDAQ:PDYN) Insider Sells $32,900.56 in Stock

Palladyne AI Corp. (NASDAQ:PDYN) insider Stephen Sonne sold 5,341 shares of the business’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $6.16, for a total value of $32,900.56. Following the transaction, the insider directly owned 340,690 shares of the company’s stock, valued at approximately $2,098,650.40. This represents a 1.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Palladyne AI Stock Performance

PDYN stock opened at $6.13 on Monday. The company’s 50 day moving average price is $5.81 and its 200 day moving average price is $6.45. The firm has a market capitalization of $302.45 million, a price-to-earnings ratio of -9.01 and a beta of 3.65. Palladyne AI Corp. has a fifty-two week low of $4.14 and a fifty-two week high of $10.73.

Palladyne AI (NASDAQ:PDYN) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.04). Palladyne AI had a negative return on equity of 53.29% and a negative net margin of 254.75%.The firm had revenue of $5.78 million during the quarter, compared to analysts’ expectations of $5.80 million. Equities analysts forecast that Palladyne AI Corp. will post -0.95 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PDYN. Vanguard Group Inc. raised its stake in Palladyne AI by 26.0% during the 3rd quarter. Vanguard Group Inc. now owns 1,528,052 shares of the company’s stock worth $13,126,000 after acquiring an additional 315,660 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Palladyne AI by 12.5% during the fourth quarter. Geode Capital Management LLC now owns 721,997 shares of the company’s stock worth $3,077,000 after purchasing an additional 80,075 shares during the last quarter. State Street Corp grew its holdings in shares of Palladyne AI by 24.4% during the fourth quarter. State Street Corp now owns 588,570 shares of the company’s stock worth $2,507,000 after purchasing an additional 115,409 shares during the last quarter. Millennium Management LLC increased its position 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. Finally, Raymond James Financial Inc. increased its position in shares of Palladyne AI by 96.5% during the third 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 in the last quarter. 26.02% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on PDYN shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Palladyne AI in a research note on Monday, August 3rd. Northland Securities set a $15.00 price target on Palladyne AI in a research note on Monday, June 8th. Alliance Global Partners reaffirmed a “buy” rating on shares of Palladyne AI in a report on Tuesday, May 5th. Finally, Jefferies Financial Group raised Palladyne AI to a “hold” rating in a research report on Wednesday, June 10th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $11.00.

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.