Palladyne AI (NASDAQ:PDYN) Stock Price Down 3.9% - Here's What Happened

Key Points

• Palladyne AI shares fell 3.9% to $5.12 in midday trading, with volume 54% above the average session level.
• Analysts have a consensus “Hold” rating and an average price target of $11.00, though ratings range from Buy to Sell.
• The company’s latest quarter showed a larger-than-expected loss of $0.27 per share, while revenue of $5.78 million was roughly in line with estimates; insiders have also sold $167,749 of stock over the past 90 days.

Palladyne AI Corp. (NASDAQ:PDYN - Get Free Report)'s stock price fell 3.9% during mid-day trading on Monday. The company traded as low as $5.09 and last traded at $5.12. 1,246,164 shares were traded during trading, an increase of 54% from the average session volume of 810,715 shares. The stock had previously closed at $5.33.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Jefferies Financial Group upgraded Palladyne AI to a "hold" rating in a research report on Wednesday, June 10th. Northland Securities set a $15.00 price target on shares of Palladyne AI in a report on Monday, June 8th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Palladyne AI in a report on Monday, August 3rd. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Palladyne AI has an average rating of "Hold" and an average target price of $11.00.

Palladyne AI Price Performance

The firm has a market cap of $252.62 million, a PE ratio of -7.53 and a beta of 3.66. The firm has a 50-day simple moving average of $5.72 and a 200 day simple moving average of $6.11.

Palladyne AI (NASDAQ:PDYN - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.04). The business had revenue of $5.78 million during the quarter, compared to the consensus estimate of $5.80 million. Palladyne AI had a negative return on equity of 53.29% and a negative net margin of 254.75%. Sell-side analysts forecast that Palladyne AI Corp. will post -0.95 earnings per share for the current fiscal year.

Insider Transactions at Palladyne AI

In other news, insider Stephen Sonne sold 5,341 shares of the business's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $6.16, for a total value of $32,900.56. Following the sale, the insider directly owned 340,690 shares of the company's stock, valued at $2,098,650.40. The trade was a 1.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Trevor Thatcher sold 4,636 shares of the company's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $6.16, for a total value of $28,557.76. Following the completion of the sale, the chief financial officer owned 319,602 shares in the company, valued at $1,968,748.32. The trade was a 1.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 27,232 shares of company stock valued at $167,749 in the last ninety days. 13.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Palladyne AI

A number of hedge funds have recently bought and sold shares of PDYN. Envestnet Asset Management Inc. increased its stake in Palladyne AI by 4.6% during the 2nd quarter. Envestnet Asset Management Inc. now owns 53,877 shares of the company's stock valued at $328,000 after purchasing an additional 2,358 shares in the last quarter. Engineers Gate Manager LP purchased a new stake in shares of Palladyne AI during the second quarter valued at approximately $167,000. Symphony Financial Ltd. Co. bought a new stake in shares of Palladyne AI during the second quarter valued at approximately $184,000. Headlands Technologies LLC purchased a new position in Palladyne AI in the 2nd quarter worth approximately $123,000. Finally, Key Client Fiduciary Advisors LLC purchased a new position in Palladyne AI in the 2nd quarter worth approximately $64,000. Institutional investors own 26.02% of the company's stock.

Palladyne AI Company Profile

Palladyne AI Corp. develops artificial intelligence software designed to enable robots and autonomous machines to operate in complex, unstructured environments. Its technology is intended to help robotic systems perceive their surroundings, learn from experience, make decisions and perform physical tasks with reduced human intervention.

The company's software offerings include Palladyne IQ, an artificial intelligence platform for robotic perception, learning and autonomy, and Palladyne Pilot, which is designed to provide autonomous control for robotic systems.

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