Brokerages Set Palladyne AI Corp. (NASDAQ:PDYN) Price Target at $11.00

Shares of Palladyne AI Corp. (NASDAQ:PDYN) have earned an average rating of “Hold” from the six research firms that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have given a buy recommendation to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $11.00.

Several equities analysts have weighed in on PDYN shares. Jefferies Financial Group raised Palladyne AI to a “hold” rating in a research note on Wednesday, June 10th. Weiss Ratings reiterated 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 note on Tuesday, May 5th.

Palladyne AI Price Performance

Shares of PDYN stock opened at $5.99 on Thursday. The stock has a fifty day moving average price of $5.78 and a 200 day moving average price of $6.42. Palladyne AI has a one year low of $4.14 and a one year high of $10.73. The stock has a market cap of $295.55 million, a P/E ratio of -8.81 and a beta of 3.65.

Palladyne AI (NASDAQ:PDYN) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.04). Palladyne AI had a negative net margin of 254.75% and a negative return on equity of 53.29%. The business had revenue of $5.78 million for the quarter, compared to analyst estimates of $5.80 million. Equities research analysts anticipate that Palladyne AI will post -0.95 EPS for the current year.

Insider Buying and Selling

In related news, CTO Denis Garagic sold 17,255 shares of the stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $6.16, for a total transaction of $106,290.80. Following the completion of the transaction, the chief technology officer directly owned 990,798 shares of the company’s stock, valued at approximately $6,103,315.68. This represents a 1.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Stephen Sonne sold 5,341 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $6.16, for a total value of $32,900.56. Following the completion of the transaction, the insider owned 340,690 shares of the company’s stock, valued at approximately $2,098,650.40. This represents a 1.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 27,232 shares of company stock worth $167,749. Corporate insiders own 13.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PDYN. Symphony Financial Ltd. Co. bought a new stake in shares of Palladyne AI in the 2nd quarter valued at about $184,000. Headlands Technologies LLC acquired a new position in Palladyne AI during the second quarter worth approximately $123,000. Key Client Fiduciary Advisors LLC acquired a new position in Palladyne AI during the second quarter worth approximately $64,000. Arkadios Wealth Advisors bought a new stake in Palladyne AI in the first quarter valued at approximately $375,000. Finally, Royal Bank of Canada lifted its position in shares of Palladyne AI by 14.6% in the first quarter. Royal Bank of Canada now owns 90,825 shares of the company’s stock valued at $551,000 after buying an additional 11,565 shares during the last quarter. Institutional investors own 26.02% of the company’s stock.

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.