Insider Selling: Palladyne AI (NASDAQ:PDYN) CTO Sells 12,945 Shares of Stock

Palladyne AI Corp. (NASDAQ:PDYN) CTO Denis Garagic sold 12,945 shares of the 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 $97,734.75. Following the completion of the transaction, the chief technology officer owned 592,284 shares of the company’s stock, valued at $4,471,744.20. This trade represents a 2.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Palladyne AI Price Performance

Shares of PDYN traded down $0.37 during trading hours on Thursday, hitting $7.06. 1,927,029 shares of the company were exchanged, compared to its average volume of 3,864,746. The firm has a fifty day simple moving average of $6.88 and a 200-day simple moving average of $6.93. The company has a market capitalization of $296.80 million, a PE ratio of 32.09 and a beta of 3.78. Palladyne AI Corp. has a one year low of $4.14 and a one year high of $13.00.

Palladyne AI (NASDAQ:PDYN) last issued its earnings results on Thursday, March 5th. The company reported ($0.16) EPS for the quarter, topping 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 business had revenue of $1.66 million during the quarter, compared to analysts’ expectations of $0.81 million.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in PDYN. Soviero Asset Management LP bought a new stake in shares of Palladyne AI during the 2nd quarter worth about $1,645,000. Cadent Capital Advisors LLC acquired a new stake in shares of Palladyne AI during the 3rd quarter worth $1,494,000. Quantbot Technologies LP bought a new position in Palladyne AI in the 3rd quarter valued at about $597,000. XTX Topco Ltd acquired a new position in Palladyne AI during the second quarter valued at approximately $800,000. Finally, Wealthspire Advisors LLC bought a new stake in shares of Palladyne AI during the 2nd quarter worth $216,000. Institutional investors and hedge funds 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.