Palladyne AI (NASDAQ:PDYN) Shares Down 0.2% - Here's What Happened

Palladyne AI Corp. (NASDAQ:PDYN - Get Free Report)'s stock price fell 0.2% during trading on Friday . The company traded as low as $8.10 and last traded at $8.19. 688,104 shares traded hands during trading, a decline of 80% from the average session volume of 3,502,521 shares. The stock had previously closed at $8.21.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded Palladyne AI from a "hold" rating to a "buy" rating in a research note on Saturday.

Palladyne AI Price Performance

The firm has a market capitalization of $296.55 million, a price-to-earnings ratio of -4.50 and a beta of 3.77. The firm has a 50 day moving average price of $7.72 and a 200-day moving average price of $7.67.

Insider Buying and Selling at Palladyne AI

In other news, insider Kristi Martindale sold 6,772 shares of the stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $7.24, for a total value of $49,029.28. Following the sale, the insider directly owned 318,307 shares in the company, valued at approximately $2,304,542.68. This trade represents a 2.08% decrease in their ownership of the stock. The sale 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 stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $7.24, for a total value of $113,327.72. Following the completion of the sale, the chief technology officer owned 598,668 shares in the company, valued at approximately $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. Over the last quarter, insiders sold 28,470 shares of company stock worth $206,123. Insiders own 13.40% of the company's stock.

Institutional Trading of Palladyne AI

Several hedge funds have recently modified their holdings of the stock. Raymond James Financial Inc. purchased a new position in Palladyne AI in the fourth quarter valued at $645,000. CIBC Private Wealth Group LLC purchased a new position in Palladyne AI in the fourth quarter valued at $755,000. Geode Capital Management LLC increased its holdings in Palladyne AI by 18.9% in the fourth quarter. Geode Capital Management LLC now owns 209,752 shares of the company's stock valued at $2,574,000 after buying an additional 33,308 shares during the last quarter. Cerity Partners LLC purchased a new position in Palladyne AI in the fourth quarter valued at $164,000. Finally, Dimensional Fund Advisors LP purchased a new position in Palladyne AI in the fourth quarter valued at $126,000. 26.02% of the stock is currently owned by institutional investors and hedge funds.

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.