Short Interest in Palladyne AI Corp. (NASDAQ:PDYN) Drops By 25.9%

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

Insider Buying and Selling

In related news, CRO Matthew Vogt sold 14,938 shares of the firm’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $7.03, for a total value of $105,014.14. Following the completion of the sale, the executive now directly owns 96,923 shares in the company, valued at approximately $681,368.69. This trade represents a 13.35 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Trevor Thatcher sold 10,919 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 171,720 shares in the company, valued at approximately $999,410.40. This trade represents a 5.98 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 93,892 shares of company stock worth $644,817. Corporate insiders own 12.00% of the company’s stock.

Hedge Funds Weigh In On Palladyne AI

A number of institutional investors have recently modified their holdings of PDYN. Dimensional Fund Advisors LP bought a new position in Palladyne AI in the fourth quarter valued at about $126,000. Cubist Systematic Strategies LLC bought a new stake in shares of Palladyne AI during the 4th quarter valued at approximately $129,000. Millennium Management LLC acquired a new position in Palladyne AI during the 4th quarter worth approximately $134,000. Man Group plc bought a new position in Palladyne AI in the 4th quarter valued at approximately $149,000. Finally, Cerity Partners LLC bought a new stake in shares of Palladyne AI during the fourth quarter worth $164,000. Institutional investors and hedge funds own 26.02% of the company’s stock.

Palladyne AI Price Performance

Shares of NASDAQ:PDYN opened at $5.72 on Monday. The company’s 50 day simple moving average is $6.92 and its 200 day simple moving average is $5.92. Palladyne AI has a 1 year low of $1.26 and a 1 year high of $14.95. The stock has a market capitalization of $201.46 million, a price-to-earnings ratio of -2.65 and a beta of 3.78.

Analyst Ratings Changes

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

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.