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

Palladyne AI Corp. (NASDAQ:PDYN) has been given a consensus rating of “Hold” by the six brokerages that are covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have given a buy recommendation to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $11.00.

Several brokerages have recently weighed in on PDYN. Weiss Ratings downgraded shares of Palladyne AI from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Wednesday, May 6th. Alliance Global Partners reaffirmed a “buy” rating on shares of Palladyne AI in a research note on Tuesday, May 5th. Jefferies Financial Group raised Palladyne AI to a “hold” rating in a research report on Wednesday, June 10th. Lake Street Capital began coverage on Palladyne AI in a research note on Friday, April 17th. They issued a “buy” rating and a $11.00 target price on the stock. Finally, Northland Securities set a $15.00 target price on Palladyne AI in a report on Monday, June 8th.

Palladyne AI Price Performance

Shares of NASDAQ:PDYN opened at $4.94 on Friday. The stock has a market cap of $229.66 million, a P/E ratio of -8.10 and a beta of 3.63. The firm has a fifty day moving average price of $6.29 and a 200 day moving average price of $6.54. Palladyne AI has a 1-year low of $4.14 and a 1-year high of $10.73.

Palladyne AI (NASDAQ:PDYN) last issued its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $4.93 million. Palladyne AI had a negative return on equity of 49.17% and a negative net margin of 358.04%. Sell-side analysts expect that Palladyne AI will post -0.91 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Stephen Sonne sold 5,245 shares of the stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $6.14, for a total transaction of $32,204.30. Following the completion of the sale, the insider directly owned 197,490 shares of the company’s stock, valued at $1,212,588.60. This trade represents a 2.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Trevor Thatcher sold 4,561 shares of Palladyne AI 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 transaction, the chief financial officer owned 175,697 shares in the company, valued at approximately $1,078,779.58. This trade represents a 2.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 26,982 shares of company stock valued at $165,669 over the last three months. 13.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PDYN. Goldman Sachs Group Inc. increased its stake in shares of Palladyne AI by 507.2% during the first quarter. Goldman Sachs Group Inc. now owns 115,407 shares of the company’s stock worth $679,000 after acquiring an additional 96,402 shares during the period. Focus Partners Wealth acquired a new stake in Palladyne AI in the first quarter valued at about $138,000. Geode Capital Management LLC boosted its holdings in Palladyne AI by 172.9% in the 2nd quarter. Geode Capital Management LLC now owns 592,640 shares of the company’s stock valued at $5,133,000 after purchasing an additional 375,440 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Palladyne AI by 94.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 24,862 shares of the company’s stock valued at $215,000 after purchasing an additional 12,065 shares in the last quarter. Finally, Rhumbline Advisers acquired a new position in Palladyne AI during the 2nd quarter worth approximately $330,000. 26.02% of the stock is currently owned by institutional investors and hedge funds.

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.