Short Interest in Palladyne AI Corp. (NASDAQ:PDYN) Drops By 12.5%

Palladyne AI Corp. (NASDAQ:PDYN) was the recipient of a significant drop in short interest in the month of March. As of March 15th, there was short interest totalling 3,210,000 shares, a drop 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 short-interest ratio is currently 0.4 days. Approximately 13.4% of the shares of the company are sold short.

Analysts Set New Price Targets

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

Insiders Place Their Bets

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

Hedge Funds Weigh In On Palladyne AI

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. bought a new position in shares of Palladyne AI during the 3rd quarter valued at about $29,000. State Street Corp acquired a new stake in Palladyne AI during the third quarter valued at approximately $91,000. XTX Topco Ltd bought a new stake in Palladyne AI during the third quarter worth approximately $55,000. Geode Capital Management LLC acquired a new position in Palladyne AI in the third quarter worth approximately $316,000. Finally, Delta Air Lines Inc. bought a new position in shares of Palladyne AI in the third quarter valued at $676,000. 26.02% of the stock is owned by institutional investors.

Palladyne AI Price Performance

Palladyne AI stock opened at $5.81 on Wednesday. Palladyne AI has a 12-month low of $1.26 and a 12-month high of $14.95. The stock has a market capitalization of $204.63 million, a PE ratio of -2.69 and a beta of 3.88. The firm has a 50 day simple moving average of $7.94 and a 200-day simple moving average of $5.52.

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.