Investors Buy Large Volume of Call Options on Palladyne AI (NASDAQ:PDYN)

by · The Markets Daily

Palladyne AI Corp. (NASDAQ:PDYN – Get Free Report) saw unusually large options trading on Tuesday. Traders bought 3,671 call options on the company. This represents an increase of 64% compared to the average volume of 2,245 call options.

Palladyne AI Stock Up 13.9%

Shares of PDYN stock traded up $0.87 on Tuesday, reaching $7.14. 5,532,786 shares of the stock were exchanged, compared to its average volume of 2,728,164. The stock has a market cap of $300.33 million, a P/E ratio of -4.25 and a beta of 3.79. The firm has a 50 day moving average of $5.46 and a two-hundred day moving average of $7.40. Palladyne AI has a 1-year low of $4.14 and a 1-year high of $13.00.

Palladyne AI (NASDAQ:PDYN – Get Free Report) last released its quarterly earnings data on Wednesday, November 12th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.11. The business had revenue of $0.86 million for the quarter, compared to analyst estimates of $1.15 million. Palladyne AI had a negative return on equity of 133.19% and a negative net margin of 953.45%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Wall Street Zen upgraded Palladyne AI from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Palladyne AI in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $11.50.

Read Our Latest Report on PDYN

Insiders Place Their Bets

In other news, Director Michael T. Young bought 5,300 shares of the stock in a transaction on Tuesday, November 18th. The shares were bought at an average price of $5.61 per share, with a total value of $29,733.00. Following the completion of the acquisition, the director owned 20,119 shares of the company’s stock, valued at approximately $112,867.59. This trade represents a 35.76% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kristi Martindale sold 6,753 shares of Palladyne AI stock in a transaction on Friday, November 21st. The stock was sold at an average price of $5.11, for a total value of $34,507.83. Following the transaction, the insider directly owned 305,483 shares of the company’s stock, valued at $1,561,018.13. This trade represents a 2.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 28,423 shares of company stock worth $145,242. 13.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Quarry LP purchased a new stake in shares of Palladyne AI in the third quarter worth about $28,000. Osaic Holdings Inc. raised its holdings in shares of Palladyne AI by 94.3% during the 2nd quarter. Osaic Holdings Inc. now owns 5,098 shares of the company’s stock valued at $44,000 after buying an additional 2,474 shares during the period. Police & Firemen s Retirement System of New Jersey acquired a new position in Palladyne AI during the 2nd quarter worth approximately $51,000. Russell Investments Group Ltd. acquired a new position in Palladyne AI during the 3rd quarter worth approximately $61,000. Finally, Virtu Financial LLC purchased a new position in Palladyne AI in the 3rd quarter worth approximately $86,000. 26.02% of the stock is owned by hedge funds and other institutional investors.

Palladyne AI Company Profile

(Get Free Report)

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. The company's software platform enables robotic systems to perceive their environment and quickly adapt to changing circumstances by generalizing from their experience using dynamic real-time operations without extensive programming and with minimal robot training.

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