Palladyne AI (NASDAQ:PDYN) Cut to "Hold" at Wall Street Zen

Key Points

• Palladyne AI (NASDAQ:PDYN) has been downgraded from a "buy" rating to a "hold" rating by Wall Street Zen, indicating a potential shift in investor sentiment.
• The company's stock, which has experienced significant price fluctuations, currently trades at around $7.60 with a market cap of $267.67 million.
• Recent insider trading shows that significant stock sales were made by company insiders, representing a 2.08% and 2.55% decrease in their holdings, raising questions about future ownership confidence.

Wall Street Zen cut shares of Palladyne AI (NASDAQ:PDYN - Free Report) from a buy rating to a hold rating in a research note released on Saturday morning.

Palladyne AI Stock Up 1.6%

NASDAQ PDYN traded up $0.12 during midday trading on Friday, hitting $7.63. The company had a trading volume of 1,503,662 shares, compared to its average volume of 3,286,847. The stock has a market cap of $268.73 million, a price-to-earnings ratio of -4.08 and a beta of 3.76. The firm has a fifty day simple moving average of $8.89 and a two-hundred day simple moving average of $7.73. Palladyne AI has a fifty-two week low of $1.38 and a fifty-two week high of $14.95.

Insider Transactions at Palladyne AI

In other news, insider Kristi Martindale sold 6,772 shares of the firm's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $7.24, for a total transaction of $49,029.28. Following the completion of the transaction, the insider directly owned 318,307 shares of the company's stock, valued at approximately $2,304,542.68. This trade represents a 2.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Denis Garagic sold 15,653 shares of the firm's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $7.24, for a total transaction of $113,327.72. Following the transaction, the chief technology officer directly owned 598,668 shares of the company's stock, valued at $4,334,356.32. The trade was a 2.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,470 shares of company stock valued at $206,123 over the last ninety days. 13.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Palladyne AI

Several institutional investors have recently added to or reduced their stakes in PDYN. Geode Capital Management LLC lifted its holdings in Palladyne AI by 18.9% during the 4th quarter. Geode Capital Management LLC now owns 209,752 shares of the company's stock valued at $2,574,000 after purchasing an additional 33,308 shares during the last quarter. Cerity Partners LLC bought a new position in shares of Palladyne AI in the fourth quarter worth about $164,000. Raymond James Financial Inc. bought a new position in shares of Palladyne AI in the fourth quarter worth about $645,000. Dimensional Fund Advisors LP bought a new position in shares of Palladyne AI in the fourth quarter worth about $126,000. Finally, Northern Trust Corp raised its stake in shares of Palladyne AI by 54.6% in the fourth quarter. Northern Trust Corp now owns 31,804 shares of the company's stock worth $390,000 after acquiring an additional 11,226 shares during the last quarter. 26.02% of the stock is owned by institutional investors.

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.