Palladyne AI (NASDAQ:PDYN) Stock Bumped Down to Strong Sell by Wall Street Zen

Key Points

• Wall Street Zen downgraded Palladyne AI from “sell” to “strong sell.” Other ratings are mixed, with MarketBeat reporting a consensus “Hold” rating and an average price target of $10.50; Jefferies lowered its target to $5.50.
• Palladyne AI reported a quarterly loss of $0.25 per share, slightly worse than the $0.24 loss analysts expected, while revenue of $8.56 million topped estimates of $7.54 million.
• The stock was down 4.6% and opened at $3.09; its 52-week range is $2.66 to $10.00. Company insiders sold 27,232 shares worth about $167,749 over the past 90 days.

Palladyne AI (NASDAQ:PDYN - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a research note issued on Saturday, Wall Street Zen reports.

PDYN has been the topic of several other research reports. Jefferies Financial Group dropped their price target on shares of Palladyne AI from $7.00 to $5.50 and set a "hold" rating on the stock in a research note on Wednesday. Weiss Ratings reiterated a "sell (d-)" rating on shares of Palladyne AI in a report on Friday, October 30th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Palladyne AI has a consensus rating of "Hold" and an average target price of $10.50.

Palladyne AI Trading Down 4.6%

PDYN opened at $3.09 on Friday. The firm's 50 day moving average is $4.56 and its 200-day moving average is $5.95. Palladyne AI has a 52-week low of $2.66 and a 52-week high of $10.00.

Palladyne AI (NASDAQ:PDYN - Get Free Report) last announced its earnings results on Tuesday, November 10th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.01). The firm had revenue of $8.56 million during the quarter, compared to analysts' expectations of $7.54 million. Palladyne AI had a negative net margin of 196.74% and a negative return on equity of 60.34%. During the same quarter last year, the company posted ($0.09) earnings per share. On average, sell-side analysts anticipate that Palladyne AI will post -0.95 EPS for the current year.

Insider Buying and Selling at Palladyne AI

In other Palladyne AI news, CFO Trevor Thatcher sold 4,636 shares of the company's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $6.16, for a total value of $28,557.76. Following the transaction, the chief financial officer directly owned 319,602 shares of the company's stock, valued at $1,968,748.32. This represents a 1.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Denis Garagic sold 17,255 shares of the 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 $106,290.80. Following the transaction, the chief technology officer owned 990,798 shares of the company's stock, valued at approximately $6,103,315.68. This trade represents a 1.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 27,232 shares of company stock worth $167,749 in the last 90 days. 13.40% of the stock is owned by corporate insiders.

Institutional Trading of Palladyne AI

A number of hedge funds and other institutional investors have recently made changes to their positions in PDYN. Themes Management Co LLC grew its holdings in Palladyne AI by 561.7% during the 1st quarter. Themes Management Co LLC now owns 392,259 shares of the company's stock worth $2,381,000 after acquiring an additional 332,982 shares in the last quarter. CenterBook Partners LP bought a new stake in shares of Palladyne AI in the 3rd quarter worth about $534,000. Arkadios Wealth Advisors bought a new stake in shares of Palladyne AI in the 1st quarter worth about $375,000. Empowered Funds LLC bought a new stake in shares of Palladyne AI in the 3rd quarter worth about $225,000. Finally, Symphony Financial Ltd. Co. acquired a new stake in shares of Palladyne AI in the 2nd quarter valued at about $184,000. Institutional investors own 26.02% of the company's stock.

Palladyne AI Company Profile

Palladyne AI Corp. develops artificial intelligence software designed to help robots and other machines operate more autonomously in complex, changing environments. Its technology is intended to enable systems to perceive their surroundings, learn tasks and adapt their actions, including in settings where tasks may be difficult to pre-program. The company offers the Palladyne™ IQ software platform, which is designed to work with robotic hardware and support applications across industrial and other sectors.

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