Wall Street Zen Downgrades Palladyne AI (NASDAQ:PDYN) to Sell

Key Points

• Wall Street Zen has downgraded Palladyne AI (NASDAQ:PDYN) from a "hold" rating to a "sell" rating, indicating a negative outlook for the stock.
• Jefferies Financial Group has initiated coverage on Palladyne AI with a "hold" rating and a price target of $8.00, while the average analyst rating remains a "Moderate Buy" with a target of $11.50.
• CTO Denis Garagic and insider Kristi Martindale have recently sold shares of the company's stock, revealing potential insider confidence issues given their declining ownership percentages.

Palladyne AI (NASDAQ:PDYN - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report released on Saturday.

Separately, Jefferies Financial Group began coverage on shares of Palladyne AI in a research report on Thursday. They set a "hold" rating and a $8.00 price target on the stock. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $11.50.

Palladyne AI Stock Up 2.9%

Shares of NASDAQ:PDYN opened at $7.37 on Friday. The company's 50 day moving average price is $8.29 and its two-hundred day moving average price is $7.49. Palladyne AI has a 12-month low of $1.49 and a 12-month high of $14.95. The firm has a market cap of $309.17 million, a PE ratio of -3.94 and a beta of 3.75.

Insider Activity at Palladyne AI

In other news, CTO Denis Garagic sold 14,809 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 transaction of $109,882.78. Following the completion of the transaction, 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 is accessible 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 transaction of $47,532.52. Following the transaction, the insider directly owned 312,236 shares of the company's stock, valued at $2,316,791.12. The trade was 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 insiders.

Hedge Funds Weigh In On Palladyne AI

Large investors have recently modified their holdings of the business. PNC Financial Services Group Inc. bought a new position in shares of Palladyne AI during the first quarter valued at $35,000. Osaic Holdings Inc. raised its stake in shares of Palladyne AI by 94.3% during the second quarter. Osaic Holdings Inc. now owns 5,098 shares of the company's stock valued at $44,000 after acquiring an additional 2,474 shares during the last quarter. Police & Firemen s Retirement System of New Jersey bought a new position in Palladyne AI during the second quarter worth $51,000. Covestor Ltd raised its stake in Palladyne AI by 5,657.0% during the first quarter. Covestor Ltd now owns 14,047 shares of the company's stock worth $83,000 after buying an additional 13,803 shares during the last quarter. Finally, New York State Common Retirement Fund bought a new position in Palladyne AI during the second quarter worth $92,000. Institutional investors own 26.02% of the company's stock.

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.

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