Cadent Capital Advisors LLC Makes New Investment in Palladyne AI Corp. $PDYN

Cadent Capital Advisors LLC acquired a new stake in Palladyne AI Corp. (NASDAQ:PDYN) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 173,974 shares of the company’s stock, valued at approximately $1,494,000. Cadent Capital Advisors LLC owned approximately 0.41% of Palladyne AI at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in PDYN. AlphaQuest LLC acquired a new stake in shares of Palladyne AI in the 1st quarter worth about $132,000. OMERS ADMINISTRATION Corp increased its holdings in Palladyne AI by 8.6% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 26,600 shares of the company’s stock worth $156,000 after purchasing an additional 2,100 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Palladyne AI by 507.2% in the first quarter. Goldman Sachs Group Inc. now owns 115,407 shares of the company’s stock worth $679,000 after purchasing an additional 96,402 shares during the last quarter. Focus Partners Wealth purchased a new stake in shares of Palladyne AI in the first quarter worth approximately $138,000. Finally, Perigon Wealth Management LLC bought a new position in shares of Palladyne AI in the second quarter valued at approximately $330,000. 26.02% of the stock is owned by institutional investors.

Palladyne AI Trading Up 3.5%

PDYN stock opened at $4.86 on Thursday. Palladyne AI Corp. has a 1-year low of $4.14 and a 1-year high of $14.95. The stock has a market cap of $204.10 million, a P/E ratio of -2.87 and a beta of 3.77. The stock’s fifty day simple moving average is $6.27 and its two-hundred day simple moving average is $7.74.

Palladyne AI (NASDAQ:PDYN) last issued its quarterly earnings results on Wednesday, November 12th. The company reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.11. The company had revenue of $0.86 million for the quarter, compared to the consensus estimate of $1.15 million. Palladyne AI had a negative net margin of 953.45% and a negative return on equity of 133.19%.

Wall Street Analysts Forecast Growth

PDYN has been the subject of several recent research reports. Wall Street Zen upgraded Palladyne AI from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Jefferies Financial Group initiated coverage on shares of Palladyne AI in a report on Thursday, September 11th. They set a “hold” rating and a $8.00 price objective on the stock. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Palladyne AI in a report on Monday. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $11.50.

Insider Activity

In other news, Director Michael T. Young acquired 5,300 shares of Palladyne AI stock in a transaction on Tuesday, November 18th. The stock was acquired at an average cost of $5.61 per share, with a total value of $29,733.00. Following the completion of the acquisition, the director owned 20,119 shares in the company, valued at approximately $112,867.59. This trade represents a 35.76% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Denis Garagic sold 15,611 shares of the firm’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $5.11, for a total value of $79,772.21. Following the completion of the sale, the chief technology officer directly owned 569,248 shares of the company’s stock, valued at $2,908,857.28. This represents a 2.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 28,423 shares of company stock valued at $145,242 in the last three months. Company insiders own 13.40% 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. The company's software platform enables robotic systems to perceive their environment and quickly adapt to changing circumstances by generalizing from their experience using dynamic real-time operations without extensive programming and with minimal robot training.