Palladyne AI (NASDAQ:PDYN) Lowered to "Hold" Rating by 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 report report published on Saturday.

Palladyne AI Price Performance

Shares of PDYN stock traded down $0.03 during trading hours on Friday, reaching $7.60. 945,181 shares of the company were exchanged, compared to its average volume of 3,271,320. Palladyne AI has a fifty-two week low of $1.38 and a fifty-two week high of $14.95. The stock's fifty day moving average is $8.90 and its two-hundred day moving average is $7.73. The company has a market cap of $267.67 million, a price-to-earnings ratio of -4.06 and a beta of 3.76.

Insider Buying and Selling

In other news, CTO Denis Garagic sold 15,653 shares of Palladyne AI stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $7.24, for a total transaction of $113,327.72. Following the completion of the sale, the chief technology officer owned 598,668 shares in the company, valued at $4,334,356.32. The trade was a 2.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Kristi Martindale sold 6,772 shares of Palladyne AI stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $7.24, for a total transaction of $49,029.28. Following the sale, the insider owned 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 disclosure for this sale can be found here. Insiders have sold 28,470 shares of company stock worth $206,123 over the last quarter. 13.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Palladyne AI

Several institutional investors have recently modified their holdings of the business. Geode Capital Management LLC raised its position in shares of Palladyne AI by 172.9% in the 2nd quarter. Geode Capital Management LLC now owns 592,640 shares of the company's stock valued at $5,133,000 after acquiring an additional 375,440 shares during the period. EntryPoint Capital LLC acquired a new position in Palladyne AI during the first quarter valued at approximately $673,000. Soviero Asset Management LP acquired a new position in Palladyne AI during the fourth quarter valued at approximately $1,227,000. Goldman Sachs Group Inc. boosted its position in Palladyne AI by 507.2% during the first quarter. Goldman Sachs Group Inc. now owns 115,407 shares of the company's stock valued at $679,000 after purchasing an additional 96,402 shares during the last quarter. Finally, XTX Topco Ltd acquired a new position in Palladyne AI during the second quarter worth approximately $800,000. Institutional investors and hedge funds 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.