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

Palladyne AI Corp. (NASDAQ:PDYN) was the recipient of a significant growth in short interest in 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. Currently, 16.3% of the company’s shares are sold short. Based on an average trading volume of 7,760,000 shares, the short-interest ratio is currently 0.5 days.

Insider Activity

In other Palladyne AI news, insider Stephen Sonne sold 10,529 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $7.03, for a total transaction of $74,018.87. Following the transaction, the insider now directly owns 127,218 shares in the company, valued at $894,342.54. This represents a 7.64 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Matthew Vogt sold 14,938 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 $105,014.14. Following the completion of the sale, the executive now owns 96,923 shares of the company’s stock, valued at approximately $681,368.69. This represents a 13.35 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 81,294 shares of company stock valued at $571,497. Corporate insiders own 12.00% of the company’s stock.

Hedge Funds Weigh In On Palladyne AI

Institutional investors and hedge funds have recently bought and sold shares of the company. Delta Air Lines Inc. acquired a new stake in shares of Palladyne AI in the 3rd quarter worth $676,000. Geode Capital Management LLC acquired a new stake in Palladyne AI in the third quarter worth about $316,000. Soviero Asset Management LP purchased a new stake in shares of Palladyne AI during the fourth quarter worth about $1,227,000. Jane Street Group LLC acquired a new position in shares of Palladyne AI during the fourth quarter valued at about $1,054,000. Finally, CIBC Private Wealth Group LLC purchased a new position in shares of Palladyne AI in the 4th quarter valued at approximately $755,000. 26.02% of the stock is owned by hedge funds and other institutional investors.

Palladyne AI Price Performance

Shares of PDYN stock traded up $0.31 during mid-day trading on Monday, hitting $7.69. 1,437,706 shares of the stock traded hands, compared to its average volume of 3,147,860. The stock’s fifty day moving average is $8.23 and its two-hundred day moving average is $5.07. 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 $270.67 million, a P/E ratio of -3.57 and a beta of 3.88.

Wall Street Analyst Weigh In

Separately, Alliance Global Partners began coverage on Palladyne AI in a report on Monday, January 27th. They issued a “buy” rating and a $15.00 price target 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.