Short Interest in Palladyne AI Corp. (NASDAQ:PDYN) Decreases By 47.0%

Palladyne AI Corp. (NASDAQ:PDYN - Get Free Report) was the recipient of a large decrease in short interest during the month of January. As of January 15th, there was short interest totalling 2,190,000 shares, a decrease of 47.0% from the December 31st total of 4,130,000 shares. Currently, 11.5% of the shares of the company are short sold. Based on an average daily volume of 8,570,000 shares, the days-to-cover ratio is presently 0.3 days.

Hedge Funds Weigh In On Palladyne AI

A number of institutional investors and hedge funds have recently made changes to their positions in PDYN. Delta Air Lines Inc. bought a new position in Palladyne AI in the 3rd quarter valued at $676,000. Geode Capital Management LLC bought a new stake in Palladyne AI during the third quarter valued at about $316,000. Pursue Wealth Partners LLC purchased a new position in shares of Palladyne AI in the 3rd quarter worth 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 purchased a new position in Palladyne AI in the third quarter worth $55,000. 26.02% of the stock is owned by hedge funds and other institutional investors.

Palladyne AI Stock Performance

Shares of Palladyne AI stock traded up $0.63 during trading hours on Wednesday, hitting $8.57. The company's stock had a trading volume of 3,090,889 shares, compared to its average volume of 6,895,977. Palladyne AI has a 12-month low of $0.45 and a 12-month high of $14.95. The business has a 50 day moving average price of $7.19 and a two-hundred day moving average price of $3.83. The company has a market cap of $258.04 million, a PE ratio of -3.97 and a beta of 3.84.

Analyst Ratings Changes

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

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.