Palladyne AI Corp. (NASDAQ:PDYN) Receives Average Rating of “Hold” from Brokerages

Palladyne AI Corp. (NASDAQ:PDYN) has been given a consensus recommendation of “Hold” by the six brokerages that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $11.00.

Several equities research analysts have weighed in on the company. Jefferies Financial Group raised Palladyne AI to a “hold” rating in a report on Wednesday, June 10th. Lake Street Capital assumed coverage on Palladyne AI in a report on Friday, April 17th. They issued a “buy” rating and a $11.00 price target for the company. Weiss Ratings downgraded Palladyne AI from a “hold (c-)” rating to a “sell (d-)” rating in a report on Wednesday, May 6th. Alliance Global Partners reissued a “buy” rating on shares of Palladyne AI in a report on Tuesday, May 5th. Finally, Northland Securities set a $15.00 price target on Palladyne AI in a report on Monday, June 8th.

Insiders Place Their Bets

In other Palladyne AI news, CFO Trevor Thatcher sold 4,561 shares of the firm’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $6.14, for a total value of $28,004.54. Following the completion of the sale, the chief financial officer owned 175,697 shares of the company’s stock, valued at approximately $1,078,779.58. This trade represents a 2.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Stephen Sonne sold 5,245 shares of the firm’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $6.14, for a total value of $32,204.30. Following the completion of the sale, the insider directly owned 197,490 shares of the company’s stock, valued at approximately $1,212,588.60. This represents a 2.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 26,982 shares of company stock valued at $165,669. 13.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Palladyne AI

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in shares of Palladyne AI by 26.0% in the third 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 raised its stake in shares of Palladyne AI by 12.5% in the fourth quarter. Geode Capital Management LLC now owns 721,997 shares of the company’s stock worth $3,077,000 after purchasing an additional 80,075 shares during the last quarter. State Street Corp raised its stake in shares of Palladyne AI by 24.4% in the fourth quarter. State Street Corp now owns 588,570 shares of the company’s stock worth $2,507,000 after purchasing an additional 115,409 shares during the last quarter. Millennium Management LLC raised its stake in shares of Palladyne AI by 767.3% in the third 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 during the last quarter. Finally, 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 worth $3,544,000 after purchasing an additional 202,571 shares during the last quarter. Institutional investors and hedge funds own 26.02% of the company’s stock.

Palladyne AI Price Performance

PDYN opened at $6.08 on Wednesday. The business’s 50-day moving average is $6.66 and its two-hundred day moving average is $6.45. Palladyne AI has a 1 year low of $4.14 and a 1 year high of $13.00. The firm has a market capitalization of $282.66 million, a PE ratio of -9.97 and a beta of 3.59.

Palladyne AI (NASDAQ:PDYN) last posted its earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.12). Palladyne AI had a negative net margin of 358.04% and a negative return on equity of 49.17%. The company had revenue of $3.54 million during the quarter, compared to analysts’ expectations of $4.93 million. As a group, sell-side analysts expect that Palladyne AI will post -0.91 EPS for the current year.

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.