Palladyne AI (NASDAQ:PDYN) Now Covered by Analysts at Northland Securities

Research analysts at Northland Securities started coverage on shares of Palladyne AI (NASDAQ:PDYN) in a research note issued on Wednesday. The brokerage set an “outperform” rating and a $10.00 price target on the stock. Northland Securities’ price objective suggests a potential upside of 64.74% from the stock’s current price.

A number of other brokerages have also recently commented on PDYN. Wall Street Zen cut shares of Palladyne AI from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Jefferies Financial Group increased their price target on shares of Palladyne AI from $7.00 to $8.00 and gave the company a “hold” rating in a report on Tuesday, March 10th. Finally, Weiss Ratings upgraded Palladyne AI from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Thursday, March 5th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $9.00.

Palladyne AI Price Performance

Shares of PDYN opened at $6.07 on Wednesday. The stock has a market capitalization of $282.19 million, a price-to-earnings ratio of 27.59 and a beta of 3.78. Palladyne AI has a 1 year low of $4.14 and a 1 year high of $13.00. The business’s 50 day simple moving average is $6.89 and its 200-day simple moving average is $6.84.

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, topping the consensus estimate of ($0.18) by $0.02. The company had revenue of $1.66 million for the quarter, compared to analysts’ expectations of $0.81 million. Palladyne AI had a net margin of 191.37% and a return on equity of 8.82%.

Insider Buying and Selling

In other Palladyne AI news, insider Stephen Sonne sold 6,802 shares of the firm’s stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $7.55, for a total value of $51,355.10. Following the completion of the sale, the insider owned 206,206 shares of the company’s stock, valued at $1,556,855.30. This trade represents a 3.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Denis Garagic sold 12,945 shares of the company’s stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $7.55, for a total value of $97,734.75. Following the transaction, the chief technology officer directly owned 592,284 shares in the company, valued at approximately $4,471,744.20. This represents a 2.14% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 27,396 shares of company stock valued at $206,840 in the last ninety days. 13.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Palladyne AI

Several hedge funds have recently bought and sold shares of PDYN. Quarry LP purchased a new stake in Palladyne AI in the third quarter worth $28,000. Osaic Holdings Inc. boosted its stake in shares of Palladyne AI by 94.3% during the second quarter. Osaic Holdings Inc. now owns 5,098 shares of the company’s stock valued at $44,000 after purchasing an additional 2,474 shares during the period. Boothbay Fund Management LLC bought a new position in shares of Palladyne AI in the fourth quarter worth about $44,000. Caitong International Asset Management Co. Ltd increased its stake in Palladyne AI by 103.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 12,484 shares of the company’s stock worth $53,000 after buying an additional 6,343 shares during the period. Finally, Atom Investors LP purchased a new position in Palladyne AI in the 4th quarter worth about $56,000. 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.