Palladyne AI Corp. (NASDAQ:PDYN) Short Interest Down 12.5% in March

Palladyne AI Corp. (NASDAQ:PDYN - Get Free Report) was the recipient of a large decline in short interest during the month of March. As of March 15th, there was short interest totalling 3,210,000 shares, a decline of 12.5% from the February 28th total of 3,670,000 shares. Currently, 13.4% of the company's shares are sold short. Based on an average daily volume of 7,500,000 shares, the days-to-cover ratio is presently 0.4 days.

Analysts Set New Price Targets

Separately, Alliance Global Partners assumed coverage on 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 Stock Performance

PDYN stock traded down $0.42 during midday trading on Friday, reaching $5.61. The company's stock had a trading volume of 1,162,188 shares, compared to its average volume of 3,038,824. Palladyne AI has a 1 year low of $1.26 and a 1 year high of $14.95. The firm has a market capitalization of $197.58 million, a price-to-earnings ratio of -2.60 and a beta of 3.88. The stock has a fifty day simple moving average of $7.72 and a two-hundred day simple moving average of $5.61.

Insider Activity

In other news, insider Stephen Sonne sold 10,529 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 $74,018.87. Following the completion of the sale, the insider now owns 127,218 shares in the company, valued at approximately $894,342.54. This trade represents a 7.64 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Matthew Vogt sold 14,938 shares of Palladyne AI stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $7.03, for a total transaction of $105,014.14. Following the transaction, the executive now directly owns 96,923 shares of the company's stock, valued at approximately $681,368.69. This represents a 13.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 93,892 shares of company stock valued at $644,817. 12.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Delta Air Lines Inc. purchased a new position in shares of Palladyne AI during the third quarter worth approximately $676,000. Geode Capital Management LLC bought a new position in Palladyne AI in the third quarter worth approximately $316,000. Soviero Asset Management LP purchased a new position in Palladyne AI during the 4th quarter worth $1,227,000. Jane Street Group LLC bought a new stake in Palladyne AI during the 4th quarter valued at $1,054,000. Finally, CIBC Private Wealth Group LLC purchased a new stake in shares of Palladyne AI in the 4th quarter worth $755,000. Hedge funds and other institutional investors 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.