Palladyne AI (NASDAQ:PDYN) Stock Price Up 5.1% - Should You Buy?

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.

Shares of Palladyne AI Corp. (NASDAQ:PDYN - Get Free Report) shot up 5.1% on Friday . The company traded as high as $7.71 and last traded at $7.60. 2,311,035 shares changed hands 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 stock's 50 day moving average price is $8.89 and its 200-day moving average price is $7.73. The company has a market cap of $264.50 million, a PE ratio of -4.02 and a beta of 3.76.

Insiders Place Their Bets

In other news, CTO Denis Garagic sold 15,653 shares of the stock in a transaction dated 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 directly owned 598,668 shares in the company, valued at approximately $4,334,356.32. This represents a 2.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Kristi Martindale sold 6,772 shares of the company's stock in a transaction 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 completion of the transaction, the insider owned 318,307 shares of the company's stock, valued at $2,304,542.68. This trade represents a 2.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 28,470 shares of company stock worth $206,123. Insiders own 13.40% of the company's stock.

Hedge Funds Weigh In On Palladyne AI

A number of hedge funds have recently added to or reduced their stakes in PDYN. OMERS ADMINISTRATION Corp lifted its holdings in Palladyne AI by 8.6% in the first quarter. OMERS ADMINISTRATION Corp now owns 26,600 shares of the company's stock valued at $156,000 after acquiring an additional 2,100 shares during the period. Police & Firemen s Retirement System of New Jersey bought a new position in shares of Palladyne AI in the 2nd quarter worth approximately $51,000. PNC Financial Services Group Inc. bought a new stake in Palladyne AI during the first quarter valued at approximately $35,000. SBI Securities Co. Ltd. raised its stake in Palladyne AI by 19.4% during the 2nd 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. Finally, Dimensional Fund Advisors LP bought a new stake in Palladyne AI during the 4th quarter worth approximately $126,000. 26.02% of the stock is currently 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.