Soviero Asset Management LP Acquires New Holdings in Palladyne AI Corp. (NASDAQ:PDYN)

Soviero Asset Management LP bought a new position in Palladyne AI Corp. (NASDAQ:PDYN - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 100,000 shares of the company's stock, valued at approximately $1,227,000. Soviero Asset Management LP owned 0.33% of Palladyne AI as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Dimensional Fund Advisors LP acquired a new stake in shares of Palladyne AI in the fourth quarter worth $126,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Palladyne AI in the fourth quarter worth $129,000. Millennium Management LLC acquired a new stake in shares of Palladyne AI in the fourth quarter worth $134,000. Man Group plc acquired a new stake in shares of Palladyne AI in the fourth quarter worth $149,000. Finally, Cerity Partners LLC acquired a new stake in shares of Palladyne AI in the fourth quarter worth $164,000. Institutional investors and hedge funds own 26.02% of the company's stock.

Palladyne AI Price Performance

PDYN traded up $0.30 during trading on Friday, reaching $7.43. 1,800,189 shares of the stock traded hands, compared to its average volume of 3,168,740. The stock has a market cap of $261.68 million, a price-to-earnings ratio of -3.44 and a beta of 3.77. Palladyne AI Corp. has a fifty-two week low of $1.38 and a fifty-two week high of $14.95. The stock's 50-day simple moving average is $6.32 and its two-hundred day simple moving average is $6.59.

Insider Activity at Palladyne AI

In other news, insider Kristi Martindale sold 6,772 shares of the stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $7.24, for a total transaction of $49,029.28. Following the transaction, the insider now owns 318,307 shares of the company's stock, valued at approximately $2,304,542.68. This represents a 2.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Denis Garagic sold 55,827 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $7.03, for a total value of $392,463.81. Following the transaction, the chief technology officer now directly owns 495,978 shares in the company, valued at approximately $3,486,725.34. This represents a 10.12% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 122,362 shares of company stock valued at $850,940. Insiders own 12.00% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Alliance Global Partners assumed coverage on Palladyne AI in a research report on Monday, January 27th. They set a "buy" rating and a $15.00 price objective for the company.

Palladyne AI 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.