Perigon Wealth Management LLC Makes New Investment in Palladyne AI Corp. $PDYN

Key Points

• Perigon Wealth Management LLC has made a new investment in Palladyne AI Corp. by purchasing 38,100 shares valued at approximately $330,000.
• Hedge funds and institutional investors now own 26.02% of Palladyne AI's stock, with multiple firms increasing their stakes in the company during the first quarter.
• Palladyne AI Corp.'s stock is currently trading at $8.59, with a market cap of $360.35 million, and has a consensus rating of "Moderate Buy" from analysts.

Perigon Wealth Management LLC purchased a new position in Palladyne AI Corp. (NASDAQ:PDYN - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 38,100 shares of the company's stock, valued at approximately $330,000. Perigon Wealth Management LLC owned 0.11% of Palladyne AI at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. OMERS ADMINISTRATION Corp raised its stake in shares of Palladyne AI by 8.6% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 26,600 shares of the company's stock worth $156,000 after buying an additional 2,100 shares during the period. PNC Financial Services Group Inc. acquired a new position in Palladyne AI during the first quarter worth $35,000. SBI Securities Co. Ltd. raised its position in Palladyne AI by 47.7% during the first quarter. SBI Securities Co. Ltd. now owns 32,803 shares of the company's stock worth $193,000 after acquiring an additional 10,599 shares during the period. Millennium Management LLC purchased a new position in Palladyne AI during the fourth quarter valued at $134,000. Finally, Covestor Ltd grew its position in shares of Palladyne AI by 5,657.0% in the first quarter. Covestor Ltd now owns 14,047 shares of the company's stock valued at $83,000 after purchasing an additional 13,803 shares during the period. Hedge funds and other institutional investors own 26.02% of the company's stock.

Palladyne AI Trading Down 0.1%

Shares of NASDAQ PDYN opened at $8.59 on Wednesday. The stock has a market cap of $360.35 million, a PE ratio of -4.59 and a beta of 3.75. Palladyne AI Corp. has a 12-month low of $1.68 and a 12-month high of $14.95. The company has a 50-day moving average of $7.97 and a 200 day moving average of $7.62.

Insider Buying and Selling

In related news, insider Kristi Martindale sold 6,406 shares of the stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $7.42, for a total value of $47,532.52. Following the completion of the sale, the insider owned 312,236 shares of the company's stock, valued at approximately $2,316,791.12. This trade represents a 2.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Denis Garagic sold 14,809 shares of the business's stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $7.42, for a total value of $109,882.78. Following the transaction, the chief technology officer directly owned 584,859 shares in the company, valued at $4,339,653.78. This trade represents a 2.47% decrease in their position. The disclosure for this sale can be found here. Insiders sold 26,963 shares of company stock valued at $200,065 over the last 90 days. Company insiders own 13.40% of the company's stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Jefferies Financial Group started coverage on shares of Palladyne AI in a research report on Thursday, September 11th. They set a "hold" rating and a $8.00 price target for the company. Wall Street Zen lowered Palladyne AI from a "hold" rating to a "sell" rating in a research note on Saturday, September 13th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $11.50.

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.

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