Palladyne AI Corp. (NASDAQ:PDYN) Short Interest Update

Palladyne AI Corp. (NASDAQ:PDYN - Get Free Report) was the recipient of a large decline in short interest in the month of March. As of March 31st, there was short interest totalling 2,380,000 shares, a decline of 25.9% from the March 15th total of 3,210,000 shares. Approximately 9.9% of the company's shares are sold short. Based on an average daily trading volume, of 4,190,000 shares, the short-interest ratio is presently 0.6 days.

Analysts Set New Price Targets

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

Palladyne AI Stock Performance

NASDAQ:PDYN traded up $0.36 during trading hours on Wednesday, hitting $6.08. The stock had a trading volume of 112,413 shares, compared to its average volume of 3,042,597. The business's 50 day moving average is $6.73 and its 200-day moving average is $5.94. Palladyne AI has a one year low of $1.26 and a one year high of $14.95. The company has a market cap of $214.14 million, a price-to-earnings ratio of -2.81 and a beta of 3.78.

Insiders Place Their Bets

In other Palladyne AI news, insider Stephen Sonne sold 10,529 shares of the company's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $7.03, for a total transaction of $74,018.87. Following the completion of the sale, the insider now owns 127,218 shares of the company's stock, valued at $894,342.54. This represents a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Denis Garagic sold 55,827 shares of the company's stock in a transaction that occurred 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 approximately $3,486,725.34. This trade represents a 10.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 93,892 shares of company stock worth $644,817. Company insiders own 12.00% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in PDYN. Charles Schwab Investment Management Inc. acquired a new position in Palladyne AI during the third quarter worth approximately $29,000. XTX Topco Ltd bought a new position in shares of Palladyne AI in the 3rd quarter valued at $55,000. State Street Corp bought a new position in shares of Palladyne AI in the 3rd quarter valued at $91,000. Dimensional Fund Advisors LP bought a new position in Palladyne AI during the 4th quarter worth $126,000. Finally, Cubist Systematic Strategies LLC bought a new position in Palladyne AI during the 4th quarter worth $129,000. Institutional investors and hedge funds own 26.02% of the company's stock.

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.