Palladyne AI (NASDAQ:PDYN) Shares Up 9.8% – What’s Next?

Palladyne AI Corp. (NASDAQ:PDYN)’s stock price rose 9.8% on Wednesday . The company traded as high as $6.83 and last traded at $6.47. Approximately 3,908,259 shares traded hands during mid-day trading, a decline of 39% from the average daily volume of 6,457,314 shares. The stock had previously closed at $5.89.

Wall Street Analyst Weigh In

Separately, Alliance Global Partners started coverage on Palladyne AI in a report on Monday, January 27th. They set a “buy” rating and a $15.00 price objective on the stock.

Palladyne AI Trading Up 9.8 %

The company’s 50-day moving average is $8.58 and its 200 day moving average is $4.61. The firm has a market cap of $194.82 million, a PE ratio of -3.00 and a beta of 3.84.

Insider Buying and Selling

In related news, CTO Denis Garagic sold 55,827 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $7.03, for a total value of $392,463.81. Following the transaction, the chief technology officer now owns 495,978 shares in the company, valued at approximately $3,486,725.34. This represents a 10.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Stephen Sonne sold 10,529 shares of Palladyne AI stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $7.03, for a total transaction of $74,018.87. Following the completion of the sale, the insider now owns 127,218 shares of the company’s stock, valued at $894,342.54. This trade represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 81,294 shares of company stock worth $571,497. Corporate insiders own 12.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PDYN. Charles Schwab Investment Management Inc. bought a new stake in Palladyne AI in the third quarter worth $29,000. XTX Topco Ltd acquired a new stake in shares of Palladyne AI in the third quarter worth about $55,000. State Street Corp bought a new stake in shares of Palladyne AI during the 3rd quarter worth about $91,000. Dimensional Fund Advisors LP acquired a new position in shares of Palladyne AI during the 4th quarter valued at about $126,000. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Palladyne AI in the 4th quarter valued at approximately $129,000. 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.