Insider Selling: Palladyne AI (NASDAQ:PDYN) CFO Sells 7,649 Shares of Stock

Palladyne AI Corp. (NASDAQ:PDYN) CFO Trevor Thatcher sold 7,649 shares of the stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $7.55, for a total transaction of $57,749.95. Following the sale, the chief financial officer directly owned 183,288 shares in the company, valued at $1,383,824.40. This trade represents a 4.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Palladyne AI Stock Down 5.0%

PDYN stock traded down $0.37 during mid-day trading on Thursday, reaching $7.06. The company had a trading volume of 1,927,029 shares, compared to its average volume of 3,864,746. The stock’s 50-day simple moving average is $6.88 and its two-hundred day simple moving average is $6.93. The stock has a market capitalization of $296.80 million, a P/E 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 released its quarterly earnings results on Thursday, March 5th. The company reported ($0.16) earnings per share (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 company had revenue of $1.66 million during the quarter, compared to analysts’ expectations of $0.81 million.

Institutional Trading of Palladyne AI

Large investors have recently made changes to their positions in the business. Quarry LP bought a new stake in shares of Palladyne AI during the third quarter valued at approximately $28,000. Osaic Holdings Inc. boosted its holdings in Palladyne AI by 94.3% during the second quarter. Osaic Holdings Inc. now owns 5,098 shares of the company’s stock worth $44,000 after buying an additional 2,474 shares during the last quarter. Boothbay Fund Management LLC bought a new position in Palladyne AI during the 4th quarter worth approximately $44,000. Police & Firemen s Retirement System of New Jersey bought a new position in shares of Palladyne AI during the second quarter worth $51,000. Finally, Caitong International Asset Management Co. Ltd increased its holdings in shares of Palladyne AI by 103.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 12,484 shares of the company’s stock worth $53,000 after acquiring an additional 6,343 shares in the last quarter. Institutional investors own 26.02% of the company’s stock.

Wall Street Analyst Weigh In

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