Insider Selling: Palladyne AI (NASDAQ:PDYN) Insider Sells $51,355.10 in Stock

Palladyne AI Corp. (NASDAQ:PDYN) insider Stephen Sonne sold 6,802 shares of the company’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $7.55, for a total transaction of $51,355.10. Following the completion of the sale, the insider directly owned 206,206 shares of the company’s stock, valued at $1,556,855.30. The trade was a 3.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Palladyne AI Trading Down 5.0%

Shares of NASDAQ PDYN traded down $0.37 during midday trading on Thursday, reaching $7.06. The company had a trading volume of 1,927,029 shares, compared to its average volume of 3,864,746. The stock has a market cap of $296.80 million, a P/E ratio of 32.09 and a beta of 3.78. The business’s 50-day simple moving average is $6.88 and its 200 day simple moving average is $6.93. Palladyne AI Corp. has a 1 year low of $4.14 and a 1 year high of $13.00.

Palladyne AI (NASDAQ:PDYN) last announced its quarterly earnings results on Thursday, March 5th. The company reported ($0.16) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.02. Palladyne AI had a return on equity of 8.82% and a net margin of 191.37%.The firm had revenue of $1.66 million during the quarter, compared to analyst estimates of $0.81 million.

Analyst Ratings Changes

A number of brokerages recently weighed in on PDYN. Jefferies Financial Group boosted their price target on shares of Palladyne AI from $7.00 to $8.00 and gave the company a “hold” rating in a research report on Tuesday. Wall Street Zen downgraded Palladyne AI from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Finally, Weiss Ratings upgraded shares of Palladyne AI from a “sell (d-)” rating to a “hold (c-)” rating in a report on Thursday, March 5th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $8.00.

Hedge Funds Weigh In On Palladyne AI

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Palladyne AI by 26.0% during the third 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 last quarter. Geode Capital Management LLC increased its position in 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 buying an additional 80,075 shares during the last quarter. State Street Corp boosted its holdings in shares of Palladyne AI by 24.4% during the 4th quarter. State Street Corp now owns 588,570 shares of the company’s stock worth $2,507,000 after buying an additional 115,409 shares during the period. Millennium Management LLC grew its holdings in Palladyne AI by 767.3% in the 3rd quarter. Millennium Management LLC now owns 565,693 shares of the company’s stock valued at $4,859,000 after buying an additional 500,472 shares during the last quarter. Finally, Raymond James Financial Inc. increased its holdings 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 worth $3,544,000 after purchasing an additional 202,571 shares during the period. Institutional investors own 26.02% of the company’s stock.

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.