Key Points
- Palladyne AI’s CTO Denis Garagic sold 17,255 shares at an average price of $6.16, generating $106,290.80 and reducing his ownership by 1.71% to 990,798 shares.
- The company reported weaker-than-expected quarterly results, with an adjusted loss of $0.27 per share versus the $0.23 consensus estimate and revenue of $5.78 million, slightly below expectations.
- Analyst views remain mixed, resulting in a consensus “Hold” rating and an average price target of $11.00; institutional investors own 26.02% of the stock.
Palladyne AI Corp. (NASDAQ:PDYN - Get Free Report) CFO Trevor Thatcher sold 4,636 shares of the stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $6.16, for a total transaction of $28,557.76. Following the transaction, the chief financial officer owned 319,602 shares of the company's stock, valued at approximately $1,968,748.32. This represents a 1.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Palladyne AI Stock Up 0.5%
Palladyne AI stock opened at $6.13 on Friday. The company's 50-day moving average price is $5.81 and its two-hundred day moving average price is $6.45. The stock has a market cap of $302.45 million, a P/E ratio of -9.01 and a beta of 3.65. Palladyne AI Corp. has a twelve month low of $4.14 and a twelve month high of $10.73.
Palladyne AI (NASDAQ:PDYN - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.04). Palladyne AI had a negative return on equity of 53.29% and a negative net margin of 254.75%.The company had revenue of $5.78 million for the quarter, compared to analyst estimates of $5.80 million. Equities analysts anticipate that Palladyne AI Corp. will post -0.95 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
Several research analysts recently weighed in on PDYN shares. Jefferies Financial Group upgraded shares of Palladyne AI to a "hold" rating in a report on Wednesday, June 10th. Weiss Ratings restated a "sell (d-)" rating on shares of Palladyne AI in a research note on Monday, August 3rd. Northland Securities set a $15.00 price target on shares of Palladyne AI in a research report on Monday, June 8th. Finally, Alliance Global Partners restated a "buy" rating on shares of Palladyne AI in a research report on Tuesday, May 5th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $11.00.
Check Out Our Latest Research Report on PDYN
Hedge Funds Weigh In On Palladyne AI
Institutional investors have recently bought and sold shares of the stock. Quarry LP bought a new position in shares of Palladyne AI in the 3rd quarter worth approximately $28,000. Osaic Holdings Inc. grew its stake in Palladyne AI by 94.3% in the second quarter. Osaic Holdings Inc. now owns 5,098 shares of the company's stock worth $44,000 after purchasing an additional 2,474 shares during the period. Boothbay Fund Management LLC purchased a new position in Palladyne AI during the fourth quarter valued at $44,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Palladyne AI by 103.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 12,484 shares of the company's stock valued at $53,000 after buying an additional 6,343 shares in the last quarter. Finally, Atom Investors LP bought a new stake in shares of Palladyne AI during the 4th quarter valued at $56,000. 26.02% of the stock is owned by institutional investors.
About Palladyne AI
(
Get Free Report)
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.
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