Palladyne AI (NASDAQ:PDYN) Upgraded to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Palladyne AI (NASDAQ:PDYN) from a sell rating to a hold rating in a research report sent to investors on Saturday.

Several other research firms have also commented on PDYN. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Palladyne AI in a research report on Thursday. Jefferies Financial Group started coverage on shares of Palladyne AI in a research report on Thursday, September 11th. They set a “hold” rating and a $8.00 target price for the company. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $11.50.

Palladyne AI Price Performance

NASDAQ PDYN opened at $5.94 on Friday. The stock has a market capitalization of $249.18 million, a price-to-earnings ratio of -3.51 and a beta of 3.74. Palladyne AI has a 1-year low of $1.73 and a 1-year high of $14.95. The business’s fifty day moving average price is $8.19 and its 200-day moving average price is $8.10.

Palladyne AI (NASDAQ:PDYN) last posted its quarterly earnings data on Wednesday, November 12th. The company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.11. Palladyne AI had a negative return on equity of 133.19% and a negative net margin of 953.45%.The company had revenue of $0.86 million during the quarter, compared to analysts’ expectations of $1.15 million.

Insider Buying and Selling

In other news, insider Kristi Martindale sold 6,406 shares of the firm’s stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $7.42, for a total transaction of $47,532.52. Following the sale, the insider directly owned 312,236 shares in the company, valued at $2,316,791.12. This trade represents a 2.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Denis Garagic sold 14,809 shares of Palladyne AI stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $7.42, for a total transaction of $109,882.78. Following the transaction, the chief technology officer owned 584,859 shares in the company, valued at approximately $4,339,653.78. This trade represents a 2.47% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 26,963 shares of company stock worth $200,065. 13.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Palladyne AI

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC lifted its position 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 valued at $5,133,000 after acquiring an additional 375,440 shares in the last quarter. Vanguard Group Inc. raised its stake in 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. Raymond James Financial Inc. raised its stake in 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 purchasing an additional 202,571 shares during the period. Soviero Asset Management LP purchased a new position in Palladyne AI in the 2nd quarter worth approximately $1,645,000. Finally, Cadent Capital Advisors LLC bought a new position in Palladyne AI in the 3rd quarter worth approximately $1,494,000. 26.02% of the stock is owned by institutional investors.

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.