Palladyne AI Corp. (NASDAQ:PDYN) Short Interest Down 12.5% in March

Palladyne AI Corp. (NASDAQ:PDYN) was the target of a significant decline in short interest in March. As of March 15th, there was short interest totalling 3,210,000 shares, a decline of 12.5% from the February 28th total of 3,670,000 shares. Based on an average daily trading volume, of 7,500,000 shares, the days-to-cover ratio is presently 0.4 days. Currently, 13.4% of the company’s stock are sold short.

Insider Activity at Palladyne AI

In other Palladyne AI news, CRO Matthew Vogt sold 14,938 shares of Palladyne AI stock in a transaction on Monday, February 24th. The shares were sold at an average price of $7.03, for a total transaction of $105,014.14. Following the completion of the sale, the executive now owns 96,923 shares of the company’s stock, valued at $681,368.69. This trade represents a 13.35 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CTO Denis Garagic sold 55,827 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $7.03, for a total value of $392,463.81. Following the sale, the chief technology officer now owns 495,978 shares of the company’s stock, valued at approximately $3,486,725.34. This represents a 10.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 81,294 shares of company stock valued at $571,497. Company insiders own 12.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PDYN. Soviero Asset Management LP acquired a new stake in Palladyne AI in the 4th quarter worth approximately $1,227,000. Two Sigma Investments LP bought a new position in shares of Palladyne AI in the fourth quarter valued at approximately $186,000. Man Group plc acquired a new stake in shares of Palladyne AI in the fourth quarter worth $149,000. OMERS ADMINISTRATION Corp bought a new stake in shares of Palladyne AI during the 4th quarter worth $301,000. Finally, Millennium Management LLC acquired a new position in Palladyne AI in the 4th quarter valued at $134,000. Institutional investors and hedge funds own 26.02% of the company’s stock.

Analyst Upgrades and Downgrades

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

Palladyne AI Price Performance

Palladyne AI stock opened at $5.81 on Wednesday. Palladyne AI has a one year low of $1.26 and a one year high of $14.95. The company’s fifty day moving average price is $7.94 and its two-hundred day moving average price is $5.52. The company has a market capitalization of $204.63 million, a price-to-earnings ratio of -2.69 and a beta of 3.88.

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.