Northland Securities Begins Coverage on Palladyne AI (NASDAQ:PDYN)

Analysts at Northland Securities initiated coverage on shares of Palladyne AI (NASDAQ:PDYN) in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. The brokerage set an “outperform” rating and a $10.00 price target on the stock. Northland Securities’ price target suggests a potential upside of 54.32% from the stock’s current price.

PDYN has been the topic of several other reports. Jefferies Financial Group upped their price target on Palladyne AI from $7.00 to $8.00 and gave the company a “hold” rating in a research report on Tuesday, March 10th. Weiss Ratings raised shares of Palladyne AI from a “sell (d-)” rating to a “hold (c-)” rating in a report on Thursday, March 5th. Finally, Wall Street Zen lowered shares of Palladyne AI from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $9.00.

Palladyne AI Stock Performance

Shares of PDYN stock opened at $6.48 on Wednesday. The stock has a market capitalization of $301.26 million, a price-to-earnings ratio of 29.45 and a beta of 3.75. Palladyne AI has a one year low of $4.14 and a one year high of $13.00. The company’s 50-day simple moving average is $6.87 and its 200-day simple moving average is $6.84.

Palladyne AI (NASDAQ:PDYN) last announced its quarterly earnings data on Thursday, March 5th. The company reported ($0.16) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.02. Palladyne AI had a return on equity of 8.82% and a net margin of 191.37%.The firm had revenue of $1.66 million during the quarter, compared to analyst estimates of $0.81 million.

Insider Activity

In other news, insider Stephen Sonne sold 6,802 shares of the stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $7.55, for a total transaction of $51,355.10. Following the sale, the insider directly owned 206,206 shares in the company, valued at approximately $1,556,855.30. This represents a 3.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Denis Garagic sold 12,945 shares of the company’s stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $7.55, for a total value of $97,734.75. Following the transaction, the chief technology officer owned 592,284 shares of the company’s stock, valued at approximately $4,471,744.20. The trade was a 2.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 27,396 shares of company stock valued at $206,840. 13.40% of the stock is currently owned by insiders.

Institutional Trading of Palladyne AI

A number of large investors have recently modified their holdings of PDYN. Goldman Sachs Group Inc. lifted its position in Palladyne AI by 507.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 115,407 shares of the company’s stock valued at $679,000 after purchasing an additional 96,402 shares during the last quarter. Focus Partners Wealth bought a new stake in shares of Palladyne AI during the first quarter valued at approximately $138,000. Geode Capital Management LLC raised its holdings in shares of Palladyne AI by 172.9% during the second quarter. Geode Capital Management LLC now owns 592,640 shares of the company’s stock valued at $5,133,000 after buying an additional 375,440 shares during the last quarter. Intech Investment Management LLC acquired a new position in shares of Palladyne AI during the second quarter worth approximately $102,000. Finally, JPMorgan Chase & Co. boosted its position in shares of Palladyne AI by 94.3% during the second quarter. JPMorgan Chase & Co. now owns 24,862 shares of the company’s stock worth $215,000 after buying an additional 12,065 shares during the period. Institutional investors and hedge funds own 26.02% of the company’s stock.

Palladyne AI Company Profile

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.