Dennis M. Weibling, a director at Palladyne AI Corp. (NASDAQ:PDYN), has recently increased his stake in the company. According to the latest filings, Weibling purchased 23,976 shares of common stock at an average price of $1.8361, totaling approximately $44,022.
Investors tracking insider transactions may note that these shares were acquired in a series of transactions with prices ranging from $1.81 to $1.89. The filing indicates that Weibling now holds 150,000 shares directly through On Eagles Wings Investments, LLC, an entity fully owned by the Weibling Living Trust. This trust is revocable, and Weibling, along with his spouse, are the sole beneficiaries, with their children also involved.
The recent purchase by the director is a move that might be seen as a sign of confidence in the future of Palladyne AI Corp, a company categorized under the General Industrial Machinery & Equipment sector. The company, formerly known as Sarcos Technology and Robotics Corp, has undergone several name changes in the past and is incorporated in Delaware.
For investors following Palladyne AI Corp, it's worth noting that the total number of shares held by Weibling in a direct and indirect capacity has reached a substantial amount, indicating a significant level of personal investment in the company's success.
The transaction was officially signed off by Stephen Sonne, attorney-in-fact, on behalf of Dennis M. Weibling on May 29, 2024, one day after the reported transaction date.
InvestingPro Insights
The recent insider buying activity by Dennis M. Weibling at Palladyne AI Corp. (NASDAQ:PDYN) could be interpreted by investors as a bullish signal, especially considering the director's substantial personal investment in the company. On the financial side, InvestingPro Data reveals that Palladyne AI Corp. has a market capitalization of 54.43 million USD, which provides a sense of the company's size in the General Industrial Machinery & Equipment sector.
However, the financial health of Palladyne AI Corp. presents a more complex picture. The company's P/E ratio stands at -0.52, indicating that it is not currently profitable. This aligns with one of the InvestingPro Tips which notes that analysts do not expect the company to be profitable this year. Additionally, the company's revenue has decreased by 54.78% over the last twelve months as of Q1 2024, suggesting challenges in maintaining sales growth.
Despite these financial challenges, there have been positive developments in the company's stock performance. According to InvestingPro Data, the stock has seen a strong return of 186.24% over the last six months and a year-to-date price total return of 156.48% as of mid-2024. This could be a contributing factor to the director's decision to increase his stake.
For investors intrigued by these mixed signals and interested in a deeper dive into Palladyne AI Corp.'s financials and stock performance, more InvestingPro Tips are available, including insights into the company's cash position, stock volatility, and valuation multiples. For a limited time, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes access to a total of 15 InvestingPro Tips for Palladyne AI Corp.
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