Palladyne AI (NASDAQ:PDYN) Stock Rating Upgraded by Jefferies Financial Group

Palladyne AI (NASDAQ:PDYN) was upgraded by investment analysts at Jefferies Financial Group to a “hold” rating in a report issued on Wednesday,Zacks.com reports.

A number of other research analysts have also commented on PDYN. Lake Street Capital initiated coverage on Palladyne AI in a report on Friday, April 17th. They set a “buy” rating and a $11.00 price target for the company. Zacks Research upgraded Palladyne AI to a “hold” rating in a report on Wednesday, April 8th. Wall Street Zen lowered Palladyne AI from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. Alliance Global Partners reiterated a “buy” rating on shares of Palladyne AI in a report on Tuesday, May 5th. Finally, Weiss Ratings lowered Palladyne AI from a “hold (c-)” rating to a “sell (d-)” rating in a report on Wednesday, May 6th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $11.00.

Palladyne AI Stock Down 3.4%

Shares of Palladyne AI stock opened at $6.19 on Wednesday. The stock has a market capitalization of $287.80 million, a P/E ratio of -10.15 and a beta of 3.59. The stock has a 50 day moving average price of $6.68 and a two-hundred day moving average price of $6.36. Palladyne AI has a 12-month low of $4.14 and a 12-month high of $13.00.

Palladyne AI (NASDAQ:PDYN) last announced its earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.12). The company had revenue of $3.54 million for the quarter, compared to the consensus estimate 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 anticipate that Palladyne AI will post -0.91 earnings per share for the current year.

Insider Activity

In other news, CTO Denis Garagic sold 17,176 shares of the firm’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $6.14, for a total value of $105,460.64. Following the completion of the sale, the chief technology officer directly owned 559,959 shares in the company, valued at approximately $3,438,148.26. This trade represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Stephen Sonne sold 5,245 shares of the firm’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $6.14, for a total value of $32,204.30. Following the completion of the sale, the insider owned 197,490 shares of the company’s stock, valued at approximately $1,212,588.60. This trade represents a 2.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 26,982 shares of company stock worth $165,669. 13.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Palladyne AI

A number of hedge funds and other institutional investors have recently bought and sold shares of PDYN. Goldman Sachs Group Inc. raised its position in Palladyne AI by 507.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 115,407 shares of the company’s stock valued at $679,000 after buying an additional 96,402 shares during the last quarter. Focus Partners Wealth acquired a new stake in Palladyne AI in the 1st quarter valued at approximately $138,000. Geode Capital Management LLC raised its position 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 buying an additional 375,440 shares during the last quarter. JPMorgan Chase & Co. raised its position 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 buying an additional 12,065 shares during the last quarter. Finally, Rhumbline Advisers acquired a new stake in Palladyne AI in the 2nd quarter valued at approximately $330,000. Institutional investors and hedge funds own 26.02% of the company’s stock.

Palladyne AI Company Profile

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.