Palladyne AI (NASDAQ:PDYN) Coverage Initiated at Jefferies Financial Group

Key Points

• Jefferies Financial Group has initiated coverage on Palladyne AI (NASDAQ:PDYN) with a "hold" rating and set a price target of $8.00, indicating a potential upside of 16.79% from the current price.
• Wall Street Zen downgraded Palladyne AI from a "buy" to a "hold" rating, contributing to an average rating of "Moderate Buy" with a price target of $11.50.
• Insiders at Palladyne AI, including key executives, sold a total of 26,963 shares of the company's stock recently, reflecting a decrease in their positions.

Analysts at Jefferies Financial Group started coverage on shares of Palladyne AI (NASDAQ:PDYN - Get Free Report) in a research report issued on Thursday,Benzinga reports. The brokerage set a "hold" rating and a $8.00 price target on the stock. Jefferies Financial Group's price target points to a potential upside of 16.79% from the stock's current price.

Separately, Wall Street Zen cut shares of Palladyne AI from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $11.50.

Palladyne AI Stock Performance

NASDAQ PDYN opened at $6.85 on Thursday. Palladyne AI has a one year low of $1.45 and a one year high of $14.95. The company has a 50-day simple moving average of $8.33 and a 200-day simple moving average of $7.48. The firm has a market capitalization of $287.36 million, a PE ratio of -3.66 and a beta of 3.75.

Insider Transactions at Palladyne AI

In related news, insider Kristi Martindale sold 6,406 shares of the stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $7.42, for a total value of $47,532.52. Following the completion of the transaction, the insider owned 312,236 shares in the company, valued at $2,316,791.12. This represents a 2.01% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CTO Denis Garagic sold 14,809 shares of the stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $7.42, for a total transaction of $109,882.78. Following the completion of the transaction, the chief technology officer owned 584,859 shares of the company's stock, valued at $4,339,653.78. This represents a 2.47% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,963 shares of company stock valued at $200,065 in the last quarter. 13.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Palladyne AI

Large investors have recently made changes to their positions in the business. Osaic Holdings Inc. boosted its position in shares of Palladyne AI by 94.3% during the 2nd quarter. Osaic Holdings Inc. now owns 5,098 shares of the company's stock valued at $44,000 after purchasing an additional 2,474 shares in the last quarter. Police & Firemen s Retirement System of New Jersey bought a new position in shares of Palladyne AI during the 2nd quarter valued at about $51,000. PNC Financial Services Group Inc. bought a new position in shares of Palladyne AI during the 1st quarter valued at about $35,000. Dimensional Fund Advisors LP bought a new position in shares of Palladyne AI during the 4th quarter valued at about $126,000. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Palladyne AI during the 4th quarter valued at about $129,000. Institutional investors own 26.02% of the company's stock.

About Palladyne AI

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.