Palladyne AI Corp. (NASDAQ:PDYN) Short Interest Down 18.9% in March

Palladyne AI Corp. (NASDAQ:PDYN) was the target of a significant decrease in short interest in the month of March. As of March 13th, there was short interest totaling 6,154,483 shares, a decrease of 18.9% from the February 26th total of 7,585,236 shares. Currently, 15.3% of the shares of the company are sold short. Based on an average daily volume of 6,301,606 shares, the short-interest ratio is currently 1.0 days.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PDYN. Wall Street Zen downgraded shares of Palladyne AI from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. Weiss Ratings raised shares of Palladyne AI from a “sell (d-)” rating to a “hold (c-)” rating in a report on Thursday, March 5th. Finally, Jefferies Financial Group upped their price objective on shares of Palladyne AI from $7.00 to $8.00 and gave the stock a “hold” rating in a research report on Tuesday, March 10th. Two analysts have rated the stock with a Hold rating, According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $8.00.

Insider Transactions at Palladyne AI

In other Palladyne AI news, CFO Trevor Thatcher sold 7,649 shares of Palladyne AI stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $7.55, for a total transaction of $57,749.95. Following the completion of the sale, the chief financial officer directly owned 183,288 shares in the company, valued at approximately $1,383,824.40. The trade was a 4.01% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CTO Denis Garagic sold 12,945 shares of the company’s stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $7.55, for a total transaction of $97,734.75. Following the completion of the sale, the chief technology officer directly owned 592,284 shares in the company, valued at $4,471,744.20. This trade represents a 2.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 27,396 shares of company stock worth $206,840 over the last three months. 13.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Palladyne AI

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. 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 worth $13,126,000 after purchasing an additional 315,660 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Palladyne AI by 12.5% in the 4th 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 increased its stake in 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 in the last quarter. Millennium Management LLC increased its stake in Palladyne AI by 767.3% during the 3rd quarter. Millennium Management LLC now owns 565,693 shares of the company’s stock worth $4,859,000 after buying an additional 500,472 shares in the last quarter. Finally, Raymond James Financial Inc. raised its holdings in shares of Palladyne AI by 96.5% during the third quarter. Raymond James Financial Inc. now owns 412,586 shares of the company’s stock valued at $3,544,000 after acquiring an additional 202,571 shares during the last quarter. 26.02% of the stock is owned by hedge funds and other institutional investors.

Palladyne AI Stock Up 12.8%

Shares of Palladyne AI stock traded up $0.69 on Tuesday, reaching $6.07. The company’s stock had a trading volume of 1,474,532 shares, compared to its average volume of 4,774,526. The company has a market capitalization of $282.19 million, a P/E ratio of 27.59 and a beta of 3.78. Palladyne AI has a 52-week low of $4.14 and a 52-week high of $13.00. The stock has a 50-day moving average price of $6.89 and a 200-day moving average price of $6.84.

Palladyne AI (NASDAQ:PDYN) last announced its earnings results on Thursday, March 5th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $0.81 million.

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.