Palladyne AI (NASDAQ:PDYN) Now Covered by Alliance Global Partners

Analysts at Alliance Global Partners began coverage on shares of Palladyne AI (NASDAQ:PDYN) in a research note issued on Monday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $15.00 price target on the stock. Alliance Global Partners’ price objective indicates a potential upside of 52.13% from the company’s previous close.

Palladyne AI Stock Performance

NASDAQ:PDYN opened at $9.86 on Monday. The company has a market cap of $296.88 million, a price-to-earnings ratio of -4.56 and a beta of 3.90. The stock has a fifty day moving average price of $6.46 and a 200-day moving average price of $3.50. Palladyne AI has a fifty-two week low of $0.45 and a fifty-two week high of $14.95.

Insiders Place Their Bets

In related news, Director Dennis M. Weibling bought 215,053 shares of Palladyne AI stock in a transaction that occurred on Thursday, October 31st. The shares were acquired at an average cost of $2.20 per share, for a total transaction of $473,116.60. Following the completion of the acquisition, the director now directly owns 389,884 shares of the company’s stock, valued at approximately $857,744.80. The trade was a 123.01 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 12.00% of the company’s stock.

Hedge Funds Weigh In On Palladyne AI

Several institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. bought a new position in Palladyne AI during the third quarter worth $29,000. XTX Topco Ltd acquired a new position in shares of Palladyne AI during the third quarter valued at about $55,000. State Street Corp bought a new position in shares of Palladyne AI during the 3rd quarter worth about $91,000. Pursue Wealth Partners LLC acquired a new stake in shares of Palladyne AI in the 3rd quarter valued at about $168,000. Finally, Geode Capital Management LLC bought a new stake in Palladyne AI in the 3rd quarter valued at about $316,000. 26.02% of the stock is owned by institutional investors and hedge funds.

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.