Lake Street Capital Initiates Coverage on Palladyne AI (NASDAQ:PDYN)

Investment analysts at Lake Street Capital began coverage on shares of Palladyne AI (NASDAQ:PDYN) in a research note issued on Friday, MarketBeat reports. The firm set a “buy” rating and a $11.00 price target on the stock. Lake Street Capital’s price target would suggest a potential upside of 59.44% from the stock’s current price.

Several other analysts have also issued reports on the stock. Zacks Research upgraded shares of Palladyne AI to a “hold” rating in a research report on Wednesday, April 8th. Weiss Ratings upgraded Palladyne AI from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Thursday, March 5th. Wall Street Zen cut Palladyne AI from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. Northland Securities initiated coverage on Palladyne AI in a research report on Wednesday, April 1st. They issued an “outperform” rating and a $10.00 target price on the stock. Finally, Jefferies Financial Group boosted their price target on Palladyne AI from $7.00 to $8.00 and gave the stock a “hold” rating in a research report on Tuesday, March 10th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $9.67.

Palladyne AI Trading Up 5.5%

Shares of PDYN stock opened at $6.90 on Friday. The business’s fifty day simple moving average is $6.81 and its 200-day simple moving average is $6.71. The company has a market cap of $320.77 million, a PE ratio of 30.14 and a beta of 3.75. Palladyne AI has a 12-month low of $4.14 and a 12-month high of $13.00.

Palladyne AI (NASDAQ:PDYN) last posted its 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. The business had revenue of $1.66 million for the quarter, compared to analyst estimates of $0.81 million. Palladyne AI had a net margin of 191.37% and a return on equity of 8.82%.

Insiders Place Their Bets

In other news, CFO Trevor Thatcher sold 7,649 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer directly owned 183,288 shares in the company, valued at $1,383,824.40. The trade was a 4.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Stephen Sonne sold 6,802 shares of Palladyne AI stock in a transaction that occurred 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. The trade was a 3.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 27,396 shares of company stock valued at $206,840 in the last ninety days. 13.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Palladyne AI

Institutional investors and hedge funds have recently bought and sold shares of the company. Quarry LP purchased a new stake in shares of Palladyne AI during the 3rd quarter valued at approximately $28,000. Osaic Holdings Inc. lifted its position in 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 last quarter. Boothbay Fund Management LLC purchased a new position in Palladyne AI during the fourth quarter worth about $44,000. Caitong International Asset Management Co. Ltd raised its stake in shares of Palladyne AI by 103.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 12,484 shares of the company’s stock valued at $53,000 after acquiring an additional 6,343 shares during the period. Finally, Atom Investors LP acquired a new position in shares of Palladyne AI in the 4th quarter worth approximately $56,000. 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. 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.