Palladyne AI (NASDAQ:PDYN) Shares Up 9.8% – Here’s Why

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

Analyst Ratings Changes

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

Palladyne AI Stock Up 9.8 %

The stock has a 50 day simple moving average of $8.58 and a 200 day simple moving average of $4.61. The company has a market capitalization of $194.82 million, a price-to-earnings ratio of -3.00 and a beta of 3.84.

Insider Buying and Selling at Palladyne AI

In other news, CRO Matthew Vogt sold 14,938 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $7.03, for a total transaction of $105,014.14. Following the completion of the transaction, the executive now directly owns 96,923 shares in the company, valued at approximately $681,368.69. The trade was a 13.35 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Stephen Sonne sold 10,529 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $7.03, for a total value of $74,018.87. Following the completion of the sale, the insider now owns 127,218 shares in the company, valued at approximately $894,342.54. This represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 81,294 shares of company stock worth $571,497. 12.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. State Street Corp bought a new stake in Palladyne AI in the third quarter worth about $91,000. Delta Air Lines Inc. acquired a new position in shares of Palladyne AI in the 3rd quarter worth approximately $676,000. Geode Capital Management LLC bought a new stake in shares of Palladyne AI in the 3rd quarter worth approximately $316,000. XTX Topco Ltd acquired a new stake in Palladyne AI during the third quarter valued at approximately $55,000. Finally, Charles Schwab Investment Management Inc. bought a new stake in Palladyne AI during the third quarter worth approximately $29,000. Institutional investors and hedge funds 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.