Covestor Ltd Increases Holdings in Palladyne AI Corp. $PDYN

Covestor Ltd increased its position in Palladyne AI Corp. (NASDAQ:PDYN) by 482.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 127,345 shares of the company’s stock after acquiring an additional 105,471 shares during the period. Covestor Ltd owned approximately 0.30% of Palladyne AI worth $542,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Quarry LP purchased a new stake in Palladyne AI during the third quarter worth $28,000. Osaic Holdings Inc. increased its position in shares of Palladyne AI by 94.3% in the second quarter. Osaic Holdings Inc. now owns 5,098 shares of the company’s stock valued at $44,000 after buying an additional 2,474 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in shares of Palladyne AI during the 3rd quarter worth $61,000. Virtu Financial LLC acquired a new position in shares of Palladyne AI during the 3rd quarter worth $86,000. Finally, New York State Common Retirement Fund purchased a new stake in shares of Palladyne AI in the 2nd quarter worth about $92,000. 26.02% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Jefferies Financial Group reissued a “hold” rating and issued a $7.00 price objective on shares of Palladyne AI in a research note on Wednesday, May 6th. Weiss Ratings downgraded shares of Palladyne AI from a “hold (c-)” rating to a “sell (d-)” rating in a report on Wednesday, May 6th. Alliance Global Partners reiterated a “buy” rating on shares of Palladyne AI in a research report on Tuesday, May 5th. Zacks Research raised shares of Palladyne AI to a “hold” rating in a research note on Wednesday, April 8th. Finally, Wall Street Zen downgraded Palladyne AI from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $9.33.

Insiders Place Their Bets

In related news, CTO Denis Garagic sold 12,945 shares of the stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $7.55, for a total transaction of $97,734.75. Following the transaction, the chief technology officer directly owned 592,284 shares in the company, valued at approximately $4,471,744.20. This represents a 2.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Stephen Sonne sold 6,802 shares of the firm’s stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $7.55, for a total value of $51,355.10. Following the completion of the sale, the insider directly owned 206,206 shares in the company, valued at approximately $1,556,855.30. The trade was a 3.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 27,396 shares of company stock valued at $206,840. Company insiders own 13.40% of the company’s stock.

Palladyne AI Trading Down 3.9%

Shares of PDYN stock opened at $5.94 on Wednesday. The company has a market capitalization of $276.15 million, a price-to-earnings ratio of -9.74 and a beta of 3.52. The firm has a 50-day moving average price of $6.48 and a 200 day moving average price of $6.30. Palladyne AI Corp. has a twelve month low of $4.14 and a twelve month high of $13.00.

Palladyne AI (NASDAQ:PDYN) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.12). The firm had revenue of $3.54 million for the quarter, compared to analyst estimates of $4.93 million. Palladyne AI had a negative return on equity of 49.17% and a negative net margin of 358.04%. As a group, research analysts predict that Palladyne AI Corp. will post -0.87 earnings per share for the current year.

Palladyne AI 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.