Palladyne AI (NASDAQ:PDYN) Coverage Initiated by Analysts at Jefferies Financial Group

Jefferies Financial Group started coverage on shares of Palladyne AI (NASDAQ:PDYN) in a research report report published on Thursday morning, Marketbeat Ratings reports. The brokerage issued a hold rating and a $8.00 price objective on the stock.

Separately, Wall Street Zen downgraded shares of Palladyne AI from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $11.50.

Palladyne AI Trading Up 4.5%

Shares of PDYN opened at $7.16 on Thursday. Palladyne AI has a twelve month low of $1.45 and a twelve month high of $14.95. The company has a market cap of $300.36 million, a P/E ratio of -3.83 and a beta of 3.75. The company’s fifty day simple moving average is $8.31 and its 200-day simple moving average is $7.48.

Insider Activity

In related news, CTO Denis Garagic sold 14,809 shares of the firm’s stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $7.42, for a total value of $109,882.78. Following the transaction, the chief technology officer owned 584,859 shares of the company’s stock, valued at $4,339,653.78. This trade represents a 2.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Kristi Martindale sold 6,406 shares of the firm’s stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $7.42, for a total transaction of $47,532.52. Following the completion of the transaction, the insider directly owned 312,236 shares in the company, valued at $2,316,791.12. This represents a 2.01% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,963 shares of company stock worth $200,065 in the last ninety days. 13.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PDYN. Dimensional Fund Advisors LP bought a new position in Palladyne AI during the 4th quarter worth about $126,000. Northern Trust Corp grew its holdings in Palladyne AI by 54.6% during the 4th quarter. Northern Trust Corp now owns 31,804 shares of the company’s stock worth $390,000 after acquiring an additional 11,226 shares in the last quarter. Jane Street Group LLC bought a new position in Palladyne AI during the 4th quarter worth about $1,054,000. Cubist Systematic Strategies LLC bought a new position in Palladyne AI during the 4th quarter worth about $129,000. Finally, Millennium Management LLC bought a new position in Palladyne AI during the 4th quarter worth about $134,000. 26.02% of the stock is currently owned by institutional investors.

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.