Palladyne AI Corp. (NASDAQ:PDYN) Sees Significant Increase in Short Interest

Palladyne AI Corp. (NASDAQ:PDYN) was the recipient of a large growth in short interest in the month of January. As of January 15th, there was short interest totalling 4,130,000 shares, a growth of 250.0% from the December 31st total of 1,180,000 shares. Approximately 21.7% of the shares of the company are short sold. Based on an average trading volume of 7,570,000 shares, the short-interest ratio is presently 0.5 days.

Palladyne AI Stock Down 7.0 %

PDYN traded down $0.64 on Wednesday, hitting $8.54. The company’s stock had a trading volume of 2,084,922 shares, compared to its average volume of 7,849,549. The company’s 50 day simple moving average is $6.76 and its 200-day simple moving average is $3.61. The firm has a market cap of $257.19 million, a P/E ratio of -3.97 and a beta of 3.90. Palladyne AI has a 12 month low of $0.45 and a 12 month high of $14.95.

Insider Activity

In related news, Director Dennis M. Weibling bought 215,053 shares of Palladyne AI stock in a transaction dated Thursday, October 31st. The stock was purchased at an average cost of $2.20 per share, with a total value of $473,116.60. Following the transaction, the director now directly owns 389,884 shares of the company’s stock, valued at approximately $857,744.80. The trade was a 123.01 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 12.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. purchased a new stake in Palladyne AI in the 3rd quarter worth approximately $29,000. XTX Topco Ltd purchased a new stake in Palladyne AI in the 3rd quarter worth approximately $55,000. State Street Corp purchased a new stake in Palladyne AI in the 3rd quarter worth approximately $91,000. Pursue Wealth Partners LLC purchased a new stake in Palladyne AI in the 3rd quarter worth approximately $168,000. Finally, Geode Capital Management LLC purchased a new stake in Palladyne AI in the 3rd quarter worth approximately $316,000. 26.02% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Alliance Global Partners began coverage on shares of Palladyne AI in a report on Monday. They issued a “buy” rating and a $15.00 price objective for the company.

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.