Palladyne AI (NASDAQ:PDYN) Downgraded to Sell Rating by Wall Street Zen

Key Points

• Palladyne AI (NASDAQ:PDYN) has been downgraded from a "hold" to a "sell" rating by Wall Street Zen, reflecting declining investor confidence.
• The stock currently has a consensus rating of "Hold" and a target price of $11.50, with significant fluctuations noted over the past year.
• Insiders have sold a total of 26,963 shares of Palladyne AI stock recently, indicating potential concerns from executives regarding the company's outlook.

Palladyne AI (NASDAQ:PDYN - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a note issued to investors on Sunday.

PDYN has been the subject of a number of other reports. 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. Weiss Ratings restated a "sell (e+)" rating on shares of Palladyne AI in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $11.50.

Palladyne AI Trading Down 2.2%

PDYN stock opened at $8.81 on Friday. The firm has a 50 day moving average of $8.15 and a 200-day moving average of $7.85. Palladyne AI has a 12-month low of $1.69 and a 12-month high of $14.95. The company has a market cap of $369.57 million, a price-to-earnings ratio of -4.71 and a beta of 3.75.

Insider Activity at Palladyne AI

In other Palladyne AI news, CTO Denis Garagic sold 14,809 shares of Palladyne AI 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 $109,882.78. Following the completion of the sale, the chief technology officer directly owned 584,859 shares of the company's stock, valued at approximately $4,339,653.78. The trade was a 2.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kristi Martindale sold 6,406 shares of Palladyne AI 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 $47,532.52. Following the completion of the sale, the insider directly owned 312,236 shares of the company's stock, valued at $2,316,791.12. The trade was a 2.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 26,963 shares of company stock valued at $200,065 over the last 90 days. Insiders own 13.40% of the company's stock.

Institutional Trading of Palladyne AI

Hedge funds and other institutional investors have recently bought and sold shares of the company. PNC Financial Services Group Inc. purchased a new stake in Palladyne AI in the 1st quarter worth approximately $35,000. Osaic Holdings Inc. grew its stake in Palladyne AI by 94.3% in the 2nd quarter. Osaic Holdings Inc. now owns 5,098 shares of the company's stock worth $44,000 after acquiring an additional 2,474 shares during the period. Police & Firemen s Retirement System of New Jersey purchased a new stake in Palladyne AI in the 2nd quarter worth approximately $51,000. Covestor Ltd grew its stake in shares of Palladyne AI by 5,657.0% during the 1st quarter. Covestor Ltd now owns 14,047 shares of the company's stock valued at $83,000 after buying an additional 13,803 shares during the period. Finally, New York State Common Retirement Fund purchased a new stake in shares of Palladyne AI during the 2nd quarter valued at $92,000. 26.02% of the stock is owned by hedge funds and other institutional investors.

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.

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