Wall Street Zen Downgrades Palladyne AI (NASDAQ:PDYN) to Sell

Palladyne AI (NASDAQ:PDYN) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Tuesday.

Other research analysts have also issued research reports about the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Palladyne AI in a report on Wednesday, October 8th. Jefferies Financial Group initiated coverage on shares of Palladyne AI in a research note on Thursday, September 11th. They set a “hold” rating and a $8.00 price target on the stock. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $11.50.

Palladyne AI Trading Up 5.5%

NASDAQ PDYN opened at $7.48 on Tuesday. The business’s 50 day moving average is $8.28 and its two-hundred day moving average is $8.07. Palladyne AI has a 12-month low of $1.69 and a 12-month high of $14.95. The stock has a market capitalization of $313.79 million, a price-to-earnings ratio of -4.00 and a beta of 3.74.

Insider Buying and Selling at Palladyne AI

In other Palladyne AI news, insider Kristi Martindale sold 6,406 shares of the company’s stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $7.42, for a total value of $47,532.52. Following the sale, the insider owned 312,236 shares of the company’s stock, valued at approximately $2,316,791.12. This represents a 2.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Denis Garagic sold 14,809 shares of the stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $7.42, for a total transaction of $109,882.78. Following the completion of the sale, the chief technology officer directly owned 584,859 shares in the company, valued at approximately $4,339,653.78. The trade was a 2.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 26,963 shares of company stock worth $200,065 in the last three months. 13.40% of the stock is owned by corporate insiders.

Institutional Trading of Palladyne AI

Several large investors have recently modified their holdings of the business. Geode Capital Management LLC grew its holdings in Palladyne AI by 172.9% during the 2nd quarter. Geode Capital Management LLC now owns 592,640 shares of the company’s stock valued at $5,133,000 after buying an additional 375,440 shares during the last quarter. Soviero Asset Management LP acquired a new stake in shares of Palladyne AI during the second quarter valued at $1,645,000. Cadent Capital Advisors LLC acquired a new stake in shares of Palladyne AI during the third quarter valued at $1,494,000. Jump Financial LLC acquired a new stake in shares of Palladyne AI during the second quarter valued at $1,177,000. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Palladyne AI by 507.2% during the first quarter. Goldman Sachs Group Inc. now owns 115,407 shares of the company’s stock valued at $679,000 after acquiring an additional 96,402 shares during the last quarter. 26.02% of the stock is currently owned by institutional investors and hedge funds.

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.