Stephen Sonne Sells 5,341 Shares of Palladyne AI (NASDAQ:PDYN) Stock

Palladyne AI Corp. (NASDAQ:PDYN) insider Stephen Sonne sold 5,341 shares of the stock in a transaction on Friday, August 21st. The shares were 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 in the company, valued at $2,098,650.40. The trade was a 1.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Palladyne AI Price Performance

PDYN stock opened at $6.13 on Friday. Palladyne AI Corp. has a 1 year low of $4.14 and a 1 year high of $10.73. The company has a market cap of $302.45 million, a P/E ratio of -9.01 and a beta of 3.65. The stock’s fifty day moving average price is $5.81 and its 200-day moving average price is $6.45.

Palladyne AI (NASDAQ:PDYN) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.04). The firm 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%. As a group, analysts expect that Palladyne AI Corp. will post -0.95 earnings per share for the current year.

Institutional Investors Weigh In On Palladyne AI

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PDYN. Millennium Management LLC boosted its position in shares of Palladyne AI by 767.3% in 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 during the period. Geode Capital Management LLC increased its stake in shares of Palladyne AI by 172.9% in the second quarter. Geode Capital Management LLC now owns 592,640 shares of the company’s stock worth $5,133,000 after purchasing an additional 375,440 shares in the last quarter. Themes Management Co LLC raised its position in shares of Palladyne AI by 561.7% during the 1st quarter. Themes Management Co LLC now owns 392,259 shares of the company’s stock valued at $2,381,000 after purchasing an additional 332,982 shares during the period. Vanguard Group Inc. raised its position in shares of Palladyne AI by 26.0% during the 3rd quarter. Vanguard Group Inc. now owns 1,528,052 shares of the company’s stock valued at $13,126,000 after purchasing an additional 315,660 shares during the period. Finally, Raymond James Financial Inc. lifted its stake in shares of Palladyne AI by 96.5% during the 3rd quarter. Raymond James Financial Inc. now owns 412,586 shares of the company’s stock valued at $3,544,000 after buying an additional 202,571 shares in the last quarter. Institutional investors own 26.02% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on PDYN shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Palladyne AI in a research report on Monday, August 3rd. Jefferies Financial Group upgraded Palladyne AI to a “hold” rating in a research note on Wednesday, June 10th. Northland Securities set a $15.00 target price on Palladyne AI in a report on Monday, June 8th. Finally, Alliance Global Partners reiterated a “buy” rating on shares of Palladyne AI in a research report on Tuesday, May 5th. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target 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.