Palladyne AI Corp. (NASDAQ:PDYN) Stock Rated "Hold" by Wall Street Analysts

Key Points

• Wall Street rates Palladyne AI “Hold” overall: Three analysts recommend buying, two recommend holding, and one recommends selling. The average 12-month price target is $11.00, while Weiss Ratings reiterated a “sell (D-)” rating.
• Recent results were weaker than expected: Palladyne AI reported a quarterly loss of $0.27 per share versus the $0.23 consensus estimate, with revenue of $5.78 million slightly below expectations. Analysts project a full-year loss of $0.95 per share.
• The stock remains highly volatile and insiders have been selling: Shares opened at $3.34, compared with a 52-week range of $3.21 to $10.00, and carry a beta of 3.66. The CTO and CFO sold shares in August, while insiders have sold 27,232 shares worth about $167,749 over the past three months.

Shares of Palladyne AI Corp. (NASDAQ:PDYN - Get Free Report) have been given a consensus rating of "Hold" by the six research firms that are covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have issued a buy recommendation on the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $11.00.

Separately, Weiss Ratings reiterated a "sell (d-)" rating on shares of Palladyne AI in a report on Friday.

Palladyne AI Stock Performance

Shares of Palladyne AI stock opened at $3.34 on Tuesday. Palladyne AI has a one year low of $3.21 and a one year high of $10.00. The company has a market cap of $164.80 million, a PE ratio of -4.91 and a beta of 3.66. The business has a 50-day simple moving average of $5.01 and a 200-day simple moving average of $6.11.

Palladyne AI (NASDAQ:PDYN - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($0.27) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $5.78 million during the quarter, compared to analyst estimates of $5.80 million. On average, sell-side analysts predict that Palladyne AI will post -0.95 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO Denis Garagic sold 17,255 shares of Palladyne AI stock in a transaction on Friday, August 21st. The shares were sold at an average price of $6.16, for a total transaction of $106,290.80. Following the completion of the sale, the chief technology officer directly owned 990,798 shares of the company's stock, valued at approximately $6,103,315.68. The trade was a 1.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Trevor Thatcher sold 4,636 shares of the company's stock in a transaction dated 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 approximately $1,968,748.32. This represents a 1.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 27,232 shares of company stock worth $167,749. 13.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. CenterBook Partners LP acquired a new position in shares of Palladyne AI in the third quarter valued at approximately $534,000. Covestor Ltd raised its stake in shares of Palladyne AI by 9.9% during the third quarter. Covestor Ltd now owns 103,067 shares of the company's stock worth $532,000 after purchasing an additional 9,251 shares during the last quarter. Integrity Alliance LLC. acquired a new stake in shares of Palladyne AI during the third quarter worth $157,000. Oppenheimer & Co. Inc. acquired a new stake in shares of Palladyne AI during the third quarter worth $68,000. Finally, SBI Securities Co. Ltd. lifted its holdings in shares of Palladyne AI by 65.7% during the third quarter. SBI Securities Co. Ltd. now owns 77,070 shares of the company's stock worth $398,000 after purchasing an additional 30,572 shares during the period. Hedge funds and other 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 perceive their surroundings, learn from experience and perform complex physical tasks with greater autonomy. Its technology is intended to enable robots to operate in dynamic, unstructured environments while reducing the need for detailed task-by-task programming.

The company's software platform, Palladyne IQ, uses machine learning, computer vision and related AI capabilities to support robotic perception, decision-making and control.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.