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

Palladyne AI Corp. (NASDAQ:PDYN) was the target of a significant decline in short interest in March. As of March 13th, there was short interest totaling 6,154,483 shares, a decline of 18.9% from the February 26th total of 7,585,236 shares. Based on an average daily volume of 6,301,606 shares, the short-interest ratio is currently 1.0 days. Approximately 15.3% of the shares of the stock are sold short.

Palladyne AI Stock Performance

Shares of PDYN traded down $0.36 during trading hours on Monday, reaching $5.43. The stock had a trading volume of 1,029,256 shares, compared to its average volume of 4,519,629. Palladyne AI has a 12 month low of $4.14 and a 12 month high of $13.00. The stock has a market capitalization of $252.21 million, a PE ratio of 24.70 and a beta of 3.78. The company’s 50-day moving average is $6.93 and its two-hundred day moving average is $6.86.

Palladyne AI (NASDAQ:PDYN) last issued its quarterly earnings data on Thursday, March 5th. The company reported ($0.16) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.02. Palladyne AI had a return on equity of 8.82% and a net margin of 191.37%.The business had revenue of $1.66 million for the quarter, compared to analyst estimates of $0.81 million.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on PDYN. Wall Street Zen cut Palladyne AI from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Jefferies Financial Group raised their price target on shares of Palladyne AI from $7.00 to $8.00 and gave the company a “hold” rating in a research note on Tuesday, March 10th. Finally, Weiss Ratings raised shares of Palladyne AI from a “sell (d-)” rating to a “hold (c-)” rating in a report on Thursday, March 5th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $8.00.

Insiders Place Their Bets

In other news, insider Stephen Sonne sold 6,802 shares of Palladyne AI stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $7.55, for a total value of $51,355.10. Following the transaction, the insider owned 206,206 shares in the company, valued at approximately $1,556,855.30. This trade represents a 3.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Trevor Thatcher sold 7,649 shares of the business’s stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $7.55, for a total value of $57,749.95. Following the transaction, the chief financial officer directly owned 183,288 shares of the company’s stock, valued at $1,383,824.40. This trade represents a 4.01% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 27,396 shares of company stock worth $206,840 over the last three months. Insiders own 13.40% of the company’s stock.

Institutional Trading of Palladyne AI

Several hedge funds and other institutional investors have recently made changes to their positions in PDYN. Osaic Holdings Inc. increased its stake in shares of Palladyne AI by 94.3% in the second quarter. Osaic Holdings Inc. now owns 5,098 shares of the company’s stock valued at $44,000 after buying an additional 2,474 shares during the period. J.W. Cole Advisors Inc. boosted its position in Palladyne AI by 18.6% during the 2nd quarter. J.W. Cole Advisors Inc. now owns 17,200 shares of the company’s stock worth $149,000 after buying an additional 2,700 shares during the period. SBI Securities Co. Ltd. grew its holdings in Palladyne AI by 7.3% during the 3rd quarter. SBI Securities Co. Ltd. now owns 42,027 shares of the company’s stock worth $361,000 after acquiring an additional 2,855 shares during the last quarter. Quarry LP bought a new stake in Palladyne AI during the 3rd quarter worth approximately $28,000. Finally, Bridgeway Capital Management LLC increased its position in Palladyne AI by 9.7% in the 2nd quarter. Bridgeway Capital Management LLC now owns 48,700 shares of the company’s stock valued at $422,000 after acquiring an additional 4,300 shares during the period. 26.02% of the stock is currently owned by institutional investors.

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.