Palladyne AI (NASDAQ:PDYN) Stock Bumped Down to “Strong Sell” by Wall Street Zen

Wall Street Zen lowered shares of Palladyne AI (NASDAQ:PDYN) from a sell rating to a strong sell rating in a research note released on Saturday,Wall Street Zen reports.

Several other research firms have also issued reports on PDYN. Jefferies Financial Group lowered their price objective on Palladyne AI from $7.00 to $5.50 and set a “hold” rating for the company in a research note on Wednesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Palladyne AI in a research note on Friday, October 30th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $10.50.

Palladyne AI Stock Performance

Shares of PDYN traded down $0.15 during midday trading on Friday, hitting $3.09. 795,944 shares of the company traded hands, compared to its average volume of 1,179,354. The firm has a 50 day moving average of $4.56 and a 200-day moving average of $5.95. Palladyne AI has a 52 week low of $2.66 and a 52 week high of $10.00. The stock has a market cap of $152.46 million, a price-to-earnings ratio of -3.68 and a beta of 3.87.

Palladyne AI (NASDAQ:PDYN) last released its quarterly earnings results on Tuesday, November 10th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.01). Palladyne AI had a negative net margin of 196.74% and a negative return on equity of 60.34%. The firm had revenue of $8.56 million for the quarter, compared to analysts’ expectations of $7.54 million. During the same quarter in the prior year, the business earned ($0.09) EPS. Sell-side analysts predict that Palladyne AI will post -0.95 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Stephen Sonne sold 5,341 shares of the company’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $6.16, for a total transaction of $32,900.56. Following the completion of the sale, the insider directly owned 340,690 shares in the company, valued at $2,098,650.40. This represents a 1.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CTO Denis Garagic sold 17,255 shares of the stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $6.16, for a total transaction of $106,290.80. Following the sale, the chief technology officer directly owned 990,798 shares of the company’s stock, valued at approximately $6,103,315.68. The trade was a 1.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 27,232 shares of company stock worth $167,749. 13.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Palladyne AI

A number of institutional investors have recently made changes to their positions in PDYN. Themes Management Co LLC lifted its stake in shares of Palladyne AI by 561.7% during the first quarter. Themes Management Co LLC now owns 392,259 shares of the company’s stock worth $2,381,000 after buying an additional 332,982 shares during the period. CenterBook Partners LP acquired a new position in shares of Palladyne AI in the third quarter valued at about $534,000. Arkadios Wealth Advisors purchased a new position in shares of Palladyne AI in the first quarter worth about $375,000. Empowered Funds LLC purchased a new position in Palladyne AI during the 3rd quarter worth approximately $225,000. Finally, FORA Capital LLC purchased a new position in shares of Palladyne AI during the third quarter worth $174,000. Institutional investors and hedge funds own 26.02% of the company’s stock.

About Palladyne AI

Palladyne AI Corp. develops artificial intelligence software designed to help robots and other machines operate more autonomously in complex, changing environments. Its technology is intended to enable systems to perceive their surroundings, learn tasks and adapt their actions, including in settings where tasks may be difficult to pre-program. The company offers the Palladyne™ IQ software platform, which is designed to work with robotic hardware and support applications across industrial and other sectors.