Palladyne AI (NASDAQ:PDYN) Coverage Initiated at Lake Street Capital

Investment analysts at Lake Street Capital assumed coverage on shares of Palladyne AI (NASDAQ:PDYN) in a report issued on Friday, MarketBeat reports. The brokerage set a “buy” rating and a $11.00 price target on the stock. Lake Street Capital’s target price would suggest a potential upside of 67.43% from the company’s current price.

Other research analysts have also issued reports about the company. Weiss Ratings raised Palladyne AI from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Thursday, March 5th. Jefferies Financial Group increased their target price on Palladyne AI from $7.00 to $8.00 and gave the stock a “hold” rating in a research report on Tuesday, March 10th. Northland Securities assumed 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. Wall Street Zen lowered Palladyne AI from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Finally, Zacks Research raised Palladyne AI to a “hold” rating in a research report on Wednesday, April 8th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $9.67.

Palladyne AI Trading Down 0.9%

Shares of PDYN opened at $6.57 on Friday. The firm has a market capitalization of $305.44 million, a P/E ratio of 29.86 and a beta of 3.75. The stock’s fifty day simple moving average is $6.80 and its 200 day simple moving average is $6.69. Palladyne AI has a twelve month low of $4.14 and a twelve month high of $13.00.

Palladyne AI (NASDAQ:PDYN) last issued its earnings results on Thursday, March 5th. The company reported ($0.16) earnings per share 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 return on equity of 8.82% and a net margin of 191.37%.

Insider Activity at Palladyne AI

In related news, CTO Denis Garagic sold 12,945 shares of the stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $7.55, for a total value of $97,734.75. Following the completion of the sale, the chief technology officer directly owned 592,284 shares in the company, valued at approximately $4,471,744.20. This represents a 2.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Stephen Sonne sold 6,802 shares of the stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $7.55, for a total value of $51,355.10. Following the completion of the sale, the insider owned 206,206 shares of the company’s stock, valued at approximately $1,556,855.30. This represents a 3.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 27,396 shares of company stock worth $206,840. Corporate insiders own 13.40% of the company’s stock.

Institutional Trading of Palladyne AI

Several large investors have recently added to or reduced their stakes in PDYN. Millennium Management LLC increased its holdings in Palladyne AI by 767.3% in the 3rd quarter. Millennium Management LLC now owns 565,693 shares of the company’s stock valued at $4,859,000 after purchasing an additional 500,472 shares in the last quarter. Geode Capital Management LLC increased its holdings in Palladyne AI by 172.9% in the 2nd quarter. Geode Capital Management LLC now owns 592,640 shares of the company’s stock valued at $5,133,000 after purchasing an additional 375,440 shares in the last quarter. Vanguard Group Inc. increased its holdings in Palladyne AI by 26.0% in the 3rd quarter. Vanguard Group Inc. now owns 1,528,052 shares of the company’s stock valued at $13,126,000 after purchasing an additional 315,660 shares in the last quarter. Raymond James Financial Inc. increased its holdings in Palladyne AI by 96.5% in the 3rd quarter. Raymond James Financial Inc. now owns 412,586 shares of the company’s stock valued at $3,544,000 after purchasing an additional 202,571 shares in the last quarter. Finally, Cadent Capital Advisors LLC acquired a new stake in Palladyne AI in the 3rd quarter valued at $1,494,000. 26.02% of the stock is currently owned by institutional investors and hedge funds.

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.