Palladyne AI (NASDAQ:PDYN) Now Covered by 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.

Jefferies Financial Group began coverage on shares of Palladyne AI (NASDAQ:PDYN - Free Report) in a research note published on Thursday, Marketbeat reports. The firm issued a hold rating and a $8.00 price target on the stock.

Separately, Wall Street Zen downgraded 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 assigned a Hold rating to the company's stock. Based on data from MarketBeat, Palladyne AI currently has a consensus rating of "Moderate Buy" and a consensus price target of $11.50.

Palladyne AI Stock Down 1.4%

Shares of PDYN stock traded down $0.10 on Thursday, reaching $7.12. The company's stock had a trading volume of 829,241 shares, compared to its average volume of 3,033,425. Palladyne AI has a 12-month low of $1.61 and a 12-month high of $14.95. The company has a market capitalization of $298.68 million, a P/E ratio of -3.81 and a beta of 3.75. The stock's 50 day simple moving average is $8.28 and its 200-day simple moving average is $7.51.

Insider Buying and Selling

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

Institutional Investors Weigh In On Palladyne AI

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Osaic Holdings Inc. boosted its holdings in Palladyne AI by 94.3% in the second quarter. Osaic Holdings Inc. now owns 5,098 shares of the company's stock worth $44,000 after purchasing an additional 2,474 shares during the last quarter. Police & Firemen s Retirement System of New Jersey bought a new stake in shares of Palladyne AI during the 2nd quarter valued at $51,000. PNC Financial Services Group Inc. bought a new stake in shares of Palladyne AI during the 1st quarter valued at $35,000. Dimensional Fund Advisors LP bought a new stake in shares of Palladyne AI during the 4th quarter valued at $126,000. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of Palladyne AI during the 4th quarter valued at $129,000. Hedge funds and other institutional investors 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.