Palladyne AI (NASDAQ:PDYN) Trading Up 5.1% - Here's Why

Key Points

• Palladyne AI Corp.'s stock price increased by 5.1%, closing at $7.60, despite a 37% decline in trading volume from its average.
• Wall Street Zen has downgraded Palladyne AI from a "buy" rating to a "hold" rating, indicating changing analyst sentiment towards the stock.
• Insider trading activity included sales from CTO Denis Garagic and another insider, reflecting a 2.55% and 2.08% decrease in their holdings, respectively.

Palladyne AI Corp. (NASDAQ:PDYN - Get Free Report) shot up 5.1% during mid-day trading on Friday . The stock traded as high as $7.71 and last traded at $7.60. 2,311,035 shares were traded during trading, a decline of 37% from the average session volume of 3,656,173 shares. The stock had previously closed at $7.23.

Analyst Ratings Changes

Separately, Wall Street Zen lowered shares of Palladyne AI from a "buy" rating to a "hold" rating in a research report on Saturday.

Palladyne AI Stock Performance

The business has a fifty day moving average price of $8.90 and a 200 day moving average price of $7.73. The company has a market cap of $272.78 million, a price-to-earnings ratio of -4.15 and a beta of 3.76.

Insider Activity

In other Palladyne AI news, insider Kristi Martindale sold 6,772 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $7.24, for a total value of $49,029.28. Following the sale, the insider owned 318,307 shares in the company, valued at $2,304,542.68. This trade represents a 2.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CTO Denis Garagic sold 15,653 shares of the firm's 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. This represents a 2.55% decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,470 shares of company stock worth $206,123 over the last ninety days. 13.40% of the stock is currently owned by insiders.

Institutional Trading of Palladyne AI

Several hedge funds and other institutional investors have recently made changes to their positions in the company. OMERS ADMINISTRATION Corp lifted its stake in shares of Palladyne AI by 8.6% in the first quarter. OMERS ADMINISTRATION Corp now owns 26,600 shares of the company's stock worth $156,000 after acquiring an additional 2,100 shares during the period. J.W. Cole Advisors Inc. lifted its stake in shares of Palladyne AI by 18.6% in the second quarter. J.W. Cole Advisors Inc. now owns 17,200 shares of the company's stock worth $149,000 after acquiring an additional 2,700 shares during the period. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Palladyne AI in the second quarter worth approximately $51,000. PNC Financial Services Group Inc. acquired a new position in shares of Palladyne AI in the first quarter worth approximately $35,000. Finally, SBI Securities Co. Ltd. lifted its stake in shares of Palladyne AI by 19.4% in the second quarter. SBI Securities Co. Ltd. now owns 39,172 shares of the company's stock worth $339,000 after acquiring an additional 6,369 shares during the period. 26.02% of the stock is currently owned by 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.