Palladyne AI Corp. (NASDAQ:PDYN) Short Interest Down 25.9% in March

Palladyne AI Corp. (NASDAQ:PDYN) saw a large drop in short interest in the month of March. As of March 31st, there was short interest totalling 2,380,000 shares, a drop of 25.9% from the March 15th total of 3,210,000 shares. Approximately 9.9% of the shares of the stock are sold short. Based on an average trading volume of 4,190,000 shares, the short-interest ratio is currently 0.6 days.

Insider Activity

In other news, CFO Trevor Thatcher sold 10,919 shares of the business’s stock in a transaction on Monday, March 31st. The stock was sold at an average price of $5.82, for a total value of $63,548.58. Following the completion of the transaction, the chief financial officer now directly owns 171,720 shares of the company’s stock, valued at $999,410.40. The trade was a 5.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Stephen Sonne sold 10,529 shares of Palladyne AI stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $7.03, for a total value of $74,018.87. Following the sale, the insider now owns 127,218 shares of the company’s stock, valued at approximately $894,342.54. This represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 93,892 shares of company stock worth $644,817. Company insiders own 12.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. bought a new position in shares of Palladyne AI during the third quarter valued at approximately $29,000. XTX Topco Ltd acquired a new stake in shares of Palladyne AI in the 3rd quarter worth about $55,000. State Street Corp bought a new stake in Palladyne AI in the 3rd quarter valued at about $91,000. Dimensional Fund Advisors LP acquired a new position in Palladyne AI during the 4th quarter valued at about $126,000. Finally, Cubist Systematic Strategies LLC bought a new position in Palladyne AI in the 4th quarter worth about $129,000. 26.02% of the stock is owned by institutional investors and hedge funds.

Palladyne AI Stock Down 1.4 %

Shares of NASDAQ PDYN traded down $0.08 during trading on Friday, reaching $5.72. 504,730 shares of the stock were exchanged, compared to its average volume of 3,063,570. The business’s 50-day moving average price is $6.92 and its 200 day moving average price is $5.89. The company has a market capitalization of $201.46 million, a price-to-earnings ratio of -2.65 and a beta of 3.78. Palladyne AI has a twelve month low of $1.26 and a twelve month high of $14.95.

Analysts Set New Price Targets

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