Short Interest in Palladyne AI Corp. (NASDAQ:PDYN) Decreases By 22.4%

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

Analyst Upgrades and Downgrades

PDYN has been the topic of several research analyst reports. Wall Street Zen raised shares of 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 equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $8.00.

Hedge Funds Weigh In On Palladyne AI

Large investors have recently made changes to their positions in the stock. Millennium Management LLC grew its holdings in shares of Palladyne AI by 767.3% during the third quarter. Millennium Management LLC now owns 565,693 shares of the company’s stock worth $4,859,000 after buying an additional 500,472 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Palladyne AI by 172.9% in the 2nd quarter. Geode Capital Management LLC now owns 592,640 shares of the company’s stock worth $5,133,000 after acquiring an additional 375,440 shares in the last quarter. Vanguard Group Inc. grew 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 worth $13,126,000 after buying an additional 315,660 shares during the last quarter. 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 acquiring an additional 202,571 shares in the last quarter. Finally, Soviero Asset Management LP acquired a new stake in Palladyne AI in the 2nd quarter valued at about $1,645,000. Hedge funds and other institutional investors own 26.02% of the company’s stock.

Palladyne AI Stock Performance

Shares of PDYN stock opened at $7.49 on Monday. Palladyne AI has a 1 year low of $4.14 and a 1 year high of $13.00. The firm has a market cap of $314.90 million, a price-to-earnings ratio of -4.43 and a beta of 3.80. The stock’s 50-day moving average is $6.29 and its two-hundred day moving average is $6.90.

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.