Palladyne AI Corp. (NASDAQ:PDYN) Given Consensus Rating of "Hold" by Brokerages

Key Points

• Analyst consensus is “Hold”: Six firms cover Palladyne AI, with three buys, two holds and one sell. The average 12-month price target is $11.00, compared with the stock’s recent opening price of $5.77.
• Quarterly results fell short of expectations: Palladyne AI reported a loss of $0.27 per share versus the $0.23 consensus estimate, while revenue of $5.78 million was slightly below forecasts. The company continues to report substantial negative margins and return on equity.
• Insiders have been selling while institutions increased holdings: Insiders sold 27,232 shares worth about $167,749 over the past three months, while institutional investors own 26.02% of the company and several major firms expanded their positions.

Palladyne AI Corp. (NASDAQ:PDYN - Get Free Report) has been assigned an average rating of "Hold" from the six research firms that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $11.00.

Several equities research analysts have recently commented on PDYN shares. Weiss Ratings restated a "sell (d-)" rating on shares of Palladyne AI in a research note on Monday, August 3rd. Jefferies Financial Group raised shares of Palladyne AI to a "hold" rating in a research note on Wednesday, June 10th. Finally, Northland Securities set a $15.00 price objective on shares of Palladyne AI in a research report on Monday, June 8th.

Palladyne AI Price Performance

Shares of PDYN stock opened at $5.77 on Monday. The stock has a market capitalization of $284.69 million, a PE ratio of -8.49 and a beta of 3.67. Palladyne AI has a 52-week low of $4.14 and a 52-week high of $10.73. The stock's 50-day moving average price is $5.65 and its 200 day moving average price is $6.33.

Palladyne AI (NASDAQ:PDYN - Get Free Report) last posted its quarterly earnings data 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 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. Analysts expect that Palladyne AI will post -0.95 earnings per share for the current fiscal year.

Insider Activity

In other Palladyne AI news, CFO Trevor Thatcher sold 4,636 shares of the stock in a transaction 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 completion of the transaction, the chief financial officer owned 319,602 shares in the company, 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 SEC, which can be accessed through this link. Also, insider Stephen Sonne sold 5,341 shares of the firm's stock in a transaction 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 sale, the insider directly owned 340,690 shares of the company's stock, valued at approximately $2,098,650.40. This trade represents a 1.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 27,232 shares of company stock valued at $167,749 in the last three months. 13.40% of the stock is currently owned by company insiders.

Institutional Trading of Palladyne AI

Several hedge funds and other institutional investors have recently made changes to their positions in PDYN. Goldman Sachs Group Inc. boosted its holdings in Palladyne AI by 507.2% during the first quarter. Goldman Sachs Group Inc. now owns 115,407 shares of the company's stock worth $679,000 after buying an additional 96,402 shares in the last quarter. Focus Partners Wealth acquired a new stake in shares of Palladyne AI during the 1st quarter valued at approximately $138,000. Geode Capital Management LLC lifted its position in shares of Palladyne AI by 172.9% during the 2nd quarter. Geode Capital Management LLC now owns 592,640 shares of the company's stock valued at $5,133,000 after acquiring an additional 375,440 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Palladyne AI by 94.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 24,862 shares of the company's stock valued at $215,000 after acquiring an additional 12,065 shares during the period. Finally, Rhumbline Advisers purchased a new stake in shares of Palladyne AI during the 2nd quarter worth approximately $330,000. Institutional investors and hedge funds own 26.02% of the company's stock.

Palladyne AI Company Profile

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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