Palladyne AI Corp. (NASDAQ:PDYN) Short Interest Up 39.5% in February

Palladyne AI Corp. (NASDAQ:PDYN - Get Free Report) saw a significant growth in short interest in the month of February. As of February 28th, there was short interest totalling 3,670,000 shares, a growth of 39.5% from the February 13th total of 2,630,000 shares. Approximately 16.3% of the shares of the company are short sold. Based on an average daily volume of 7,760,000 shares, the short-interest ratio is presently 0.5 days.

Insiders Place Their Bets

In related news, CTO Denis Garagic sold 55,827 shares of the business's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $7.03, for a total transaction of $392,463.81. Following the completion of the sale, the chief technology officer now owns 495,978 shares of the company's stock, valued at $3,486,725.34. This represents a 10.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Matthew Vogt sold 14,938 shares of the company's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $7.03, for a total value of $105,014.14. Following the transaction, the executive now directly owns 96,923 shares of the company's stock, valued at $681,368.69. This trade represents a 13.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 81,294 shares of company stock valued at $571,497. Company insiders own 12.00% of the company's stock.

Remove Ads

Institutional Investors Weigh In On Palladyne AI

Several hedge funds have recently made changes to their positions in the company. Delta Air Lines Inc. purchased a new stake in Palladyne AI in the 3rd quarter worth about $676,000. Geode Capital Management LLC purchased a new stake in shares of Palladyne AI in the third quarter worth approximately $316,000. Soviero Asset Management LP purchased a new stake in shares of Palladyne AI in the fourth quarter worth approximately $1,227,000. Jane Street Group LLC acquired a new stake in shares of Palladyne AI during the fourth quarter worth approximately $1,054,000. Finally, CIBC Private Wealth Group LLC purchased a new position in Palladyne AI during the fourth quarter valued at approximately $755,000. Hedge funds and other institutional investors own 26.02% of the company's stock.

Palladyne AI Stock Performance

Shares of NASDAQ PDYN traded down $0.06 during trading on Thursday, hitting $7.71. The company had a trading volume of 996,782 shares, compared to its average volume of 3,125,412. The company has a market cap of $271.55 million, a P/E ratio of -3.57 and a beta of 3.88. The business's 50-day moving average is $8.19 and its 200 day moving average is $5.19. Palladyne AI has a 52 week low of $1.26 and a 52 week high of $14.95.

Wall Street Analyst Weigh In

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