Wall Street Zen upgraded shares of Palladyne AI (NASDAQ:PDYN - Free Report) from a hold rating to a buy rating in a report issued on Saturday.
Palladyne AI Stock Down 0.2%
Shares of PDYN traded down $0.02 during mid-day trading on Friday, hitting $8.19. 688,104 shares of the company's stock were exchanged, compared to its average volume of 3,515,257. The firm has a fifty day moving average of $7.64 and a two-hundred day moving average of $7.60. Palladyne AI has a twelve month low of $1.38 and a twelve month high of $14.95. The stock has a market cap of $288.45 million, a price-to-earnings ratio of -4.38 and a beta of 3.77.
Insiders Place Their Bets
In related news, CTO Denis Garagic sold 15,653 shares of the firm's 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 transaction, the chief technology officer directly owned 598,668 shares in the company, valued at approximately $4,334,356.32. This trade represents a 2.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Kristi Martindale sold 6,772 shares of the firm's stock in a transaction on Tuesday, May 20th. The shares were 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 in the company, valued at $2,304,542.68. The trade was a 2.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,470 shares of company stock worth $206,123 over the last quarter. 13.40% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. PNC Financial Services Group Inc. bought a new stake in Palladyne AI in the 1st quarter valued at $35,000. Covestor Ltd boosted its holdings in Palladyne AI by 5,657.0% in the 1st quarter. Covestor Ltd now owns 14,047 shares of the company's stock valued at $83,000 after purchasing an additional 13,803 shares during the period. Dimensional Fund Advisors LP bought a new stake in Palladyne AI in the 4th quarter valued at $126,000. Cubist Systematic Strategies LLC bought a new stake in Palladyne AI in the 4th quarter valued at $129,000. Finally, AlphaQuest LLC bought a new stake in Palladyne AI in the 1st quarter valued at $132,000. 26.02% of the stock is currently owned by institutional investors and hedge funds.
About Palladyne AI
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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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