Analysts Set Palladyne AI Corp. (NASDAQ:PDYN) Target Price at $11.00

Palladyne AI Corp. (NASDAQ:PDYN) has earned an average recommendation of “Hold” from the six research firms that are currently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $11.00.

A number of analysts have weighed in on PDYN shares. Northland Securities set a $15.00 price objective on shares of Palladyne AI in a research note on Monday, June 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Palladyne AI in a research report on Monday, August 3rd. Finally, Jefferies Financial Group raised Palladyne AI to a “hold” rating in a report on Wednesday, June 10th.

Palladyne AI Stock Performance

PDYN opened at $5.68 on Monday. The company has a market cap of $280.25 million, a price-to-earnings ratio of -8.35 and a beta of 3.67. The stock has a fifty day simple moving average of $5.67 and a two-hundred day simple moving average of $6.28. Palladyne AI has a 12-month low of $4.14 and a 12-month high of $10.73.

Palladyne AI (NASDAQ:PDYN) last announced its quarterly earnings data 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). The company had revenue of $5.78 million for the quarter, compared to analysts’ expectations of $5.80 million. Palladyne AI had a negative net margin of 254.75% and a negative return on equity of 53.29%. On average, analysts predict that Palladyne AI will post -0.95 EPS for the current year.

Insider Activity

In other news, CFO Trevor Thatcher sold 4,636 shares of Palladyne AI stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $6.16, for a total value of $28,557.76. Following the completion of the sale, the chief financial officer directly owned 319,602 shares in the company, valued at $1,968,748.32. The trade was a 1.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Stephen Sonne sold 5,341 shares of the stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $6.16, for a total transaction of $32,900.56. Following the transaction, the insider owned 340,690 shares in the company, valued at approximately $2,098,650.40. This trade represents a 1.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 27,232 shares of company stock valued at $167,749 in the last 90 days. 13.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Themes Management Co LLC grew its position in Palladyne AI by 561.7% during the first quarter. Themes Management Co LLC now owns 392,259 shares of the company’s stock valued at $2,381,000 after buying an additional 332,982 shares during the period. Covestor Ltd boosted its stake in shares of Palladyne AI by 482.2% during the 4th quarter. Covestor Ltd now owns 127,345 shares of the company’s stock worth $542,000 after acquiring an additional 105,471 shares during the last quarter. Arkadios Wealth Advisors purchased a new stake in shares of Palladyne AI in the 1st quarter worth $375,000. Symphony Financial Ltd. Co. bought a new stake in Palladyne AI during the second quarter valued at about $184,000. Finally, Independent Financial Group LLC purchased a new stake in Palladyne AI in the first quarter worth about $174,000. 26.02% of the stock is owned by hedge funds and other institutional investors.

Palladyne AI Company Profile

Palladyne AI Corp. (NASDAQ: PDYN) develops artificial intelligence software designed to enable robots and autonomous systems to perceive their surroundings, learn from experience, make decisions and perform tasks with limited human intervention. Its technology is intended to support applications across defense, industrial, commercial and other robotic markets.

The company’s offerings include the Palladyne IQ software platform, which is designed to provide autonomous capabilities for unmanned aerial, ground and other robotic systems.