Palladyne AI (NASDAQ:PDYN) Upgraded by Wall Street Zen to "Hold" Rating

Key Points

• Palladyne AI has been upgraded from a "sell" rating to a "hold" rating by Wall Street Zen, indicating a shift in investor sentiment.
• The stock currently has an average target price of $11.50 and a market cap of $347.77 million.
• Insider trading activity showed that significant shares were sold recently, leading to a 2.47% decrease in ownership by the company's CTO.

Palladyne AI (NASDAQ:PDYN - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Saturday.

Other equities analysts have also issued reports about the stock. Weiss Ratings restated a "sell (e+)" rating on shares of Palladyne AI in a research report on Wednesday. Jefferies Financial Group began coverage on shares of Palladyne AI in a research report on Thursday, September 11th. They set a "hold" rating and a $8.00 target price on the stock. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Palladyne AI presently has an average rating of "Hold" and an average target price of $11.50.

Palladyne AI Trading Down 11.7%

Shares of PDYN opened at $8.29 on Friday. The firm has a market cap of $347.77 million, a PE ratio of -4.43 and a beta of 3.75. The company's 50 day simple moving average is $8.01 and its 200-day simple moving average is $7.73. Palladyne AI has a 12-month low of $1.69 and a 12-month high of $14.95.

Insiders Place Their Bets

In other Palladyne AI news, CTO Denis Garagic sold 14,809 shares of the firm's stock in a transaction on Thursday, August 21st. The stock was 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 owned 584,859 shares of the company's stock, valued at approximately $4,339,653.78. This trade represents a 2.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kristi Martindale sold 6,406 shares of the firm's stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $7.42, for a total value of $47,532.52. Following the completion of the sale, the insider directly owned 312,236 shares of the company's stock, valued at approximately $2,316,791.12. This trade represents a 2.01% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 26,963 shares of company stock valued at $200,065. 13.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Osaic Holdings Inc. raised its stake in shares of Palladyne AI by 94.3% during the 2nd quarter. Osaic Holdings Inc. now owns 5,098 shares of the company's stock worth $44,000 after buying an additional 2,474 shares during the last quarter. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Palladyne AI during the 2nd quarter worth $51,000. PNC Financial Services Group Inc. acquired a new position in shares of Palladyne AI during the 1st quarter worth $35,000. New York State Common Retirement Fund acquired a new position in Palladyne AI in the 2nd quarter valued at about $92,000. Finally, BNP Paribas Financial Markets raised its stake in Palladyne AI by 136.7% in the 2nd quarter. BNP Paribas Financial Markets now owns 10,759 shares of the company's stock valued at $93,000 after purchasing an additional 6,213 shares during the last quarter. Institutional investors and hedge funds own 26.02% of the company's stock.

Palladyne AI Company Profile

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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