Short Interest in Palladyne AI Corp. (NASDAQ:PDYN) Expands By 39.5%

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

Analyst Upgrades and Downgrades

Separately, Alliance Global Partners began 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.

Insider Activity at Palladyne AI

In other Palladyne AI news, CRO Matthew Vogt sold 14,938 shares of the company’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $7.03, for a total transaction of $105,014.14. Following the completion of the sale, the executive now directly owns 96,923 shares in the company, valued at $681,368.69. This represents a 13.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Denis Garagic sold 55,827 shares of the company’s stock in a transaction 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 sale, the chief technology officer now owns 495,978 shares of the company’s stock, valued at $3,486,725.34. The trade was a 10.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 81,294 shares of company stock worth $571,497. Company insiders own 12.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Dimensional Fund Advisors LP bought a new position in shares of Palladyne AI in the 4th quarter valued at $126,000. Cubist Systematic Strategies LLC bought a new position in shares of Palladyne AI in the 4th quarter valued at $129,000. Millennium Management LLC bought a new position in shares of Palladyne AI in the 4th quarter valued at $134,000. Northern Trust Corp lifted its stake in shares of Palladyne AI by 54.6% in the 4th quarter. Northern Trust Corp now owns 31,804 shares of the company’s stock valued at $390,000 after acquiring an additional 11,226 shares during the last quarter. Finally, Man Group plc bought a new position in shares of Palladyne AI in the 4th quarter valued at $149,000. 26.02% of the stock is currently owned by institutional investors.

Palladyne AI Trading Up 14.4 %

NASDAQ PDYN traded up $0.93 on Friday, hitting $7.38. 1,797,074 shares of the company’s stock were exchanged, compared to its average volume of 3,154,834. Palladyne AI has a 52 week low of $1.26 and a 52 week high of $14.95. The stock has a market cap of $259.92 million, a price-to-earnings ratio of -3.42 and a beta of 3.88. The stock has a 50-day moving average of $8.23 and a 200-day moving average of $5.04.

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.