Palladyne AI Corp. (NASDAQ:PDYN) Sees Significant Drop in Short Interest

Palladyne AI Corp. (NASDAQ:PDYN) saw a significant drop in short interest in February. As of February 13th, there was short interest totaling 6,755,528 shares, a drop of 22.4% from the January 29th total of 8,710,257 shares. Based on an average daily trading volume, of 3,438,591 shares, the days-to-cover ratio is currently 2.0 days. Approximately 18.6% of the shares of the company are sold short. Approximately 18.6% of the shares of the company are sold short. Based on an average daily trading volume, of 3,438,591 shares, the days-to-cover ratio is currently 2.0 days.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Millennium Management LLC increased its position in shares of 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 purchasing an additional 500,472 shares in the last quarter. Geode Capital Management LLC grew its stake in Palladyne AI by 172.9% during the second quarter. Geode Capital Management LLC now owns 592,640 shares of the company’s stock worth $5,133,000 after buying an additional 375,440 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Palladyne AI by 26.0% during the third quarter. Vanguard Group Inc. now owns 1,528,052 shares of the company’s stock worth $13,126,000 after buying an additional 315,660 shares in the last quarter. Raymond James Financial Inc. raised its stake in shares of Palladyne AI by 96.5% in 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. Finally, Soviero Asset Management LP acquired a new position in shares of Palladyne AI in the 2nd quarter worth approximately $1,645,000. 26.02% of the stock is owned by institutional investors.

Palladyne AI Stock Performance

Shares of NASDAQ:PDYN traded up $0.21 on Wednesday, hitting $7.43. 1,425,187 shares of the company were exchanged, compared to its average volume of 4,269,567. Palladyne AI has a one year low of $4.14 and a one year high of $13.00. The company’s 50 day moving average price is $6.39 and its two-hundred day moving average price is $6.90. The firm has a market capitalization of $312.36 million, a price-to-earnings ratio of -4.40 and a beta of 3.78.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Wall Street Zen raised Palladyne AI from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Palladyne AI in a research report on Monday, December 29th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Palladyne AI currently has a consensus rating of “Reduce” and a consensus target price of $8.00.

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.