Palladyne AI Corp. (NASDAQ:PDYN) Short Interest Up 250.0% in January

Palladyne AI Corp. (NASDAQ:PDYN - Get Free Report) was the recipient of a large growth in short interest during 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. Based on an average daily volume of 7,570,000 shares, the days-to-cover ratio is currently 0.5 days. Currently, 21.7% of the company's stock are short sold.

Palladyne AI Stock Down 9.4 %

Palladyne AI stock traded down $0.80 during trading hours on Monday, hitting $7.71. The stock had a trading volume of 3,506,189 shares, compared to its average volume of 7,285,395. Palladyne AI has a one year low of $0.45 and a one year high of $14.95. The stock has a market cap of $232.15 million, a price-to-earnings ratio of -3.57 and a beta of 3.84. The business's 50 day simple moving average is $7.10 and its 200-day simple moving average is $3.75.

Analyst Ratings Changes

Separately, Alliance Global Partners initiated coverage on Palladyne AI in a research note on Monday, January 27th. They set a "buy" rating and a $15.00 target price for the company.

Institutional Investors Weigh In On Palladyne AI

Large investors have recently added to or reduced their stakes in the business. Delta Air Lines Inc. acquired a new stake in Palladyne AI in the third quarter valued at approximately $676,000. Geode Capital Management LLC acquired a new stake in Palladyne AI in the third quarter valued at approximately $316,000. Pursue Wealth Partners LLC acquired a new stake in Palladyne AI in the third quarter valued at approximately $168,000. State Street Corp acquired a new stake in Palladyne AI in the third quarter valued at approximately $91,000. Finally, XTX Topco Ltd acquired a new stake in Palladyne AI in the third quarter valued at approximately $55,000. Institutional investors and hedge funds own 26.02% of the company's 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.