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In a recent transaction, Benjamin G. Wolff, President and CEO of Palladyne AI Corp. (NASDAQ:PDYN), acquired 1,775 shares of the company’s common stock. The shares were purchased at a weighted average price of approximately $5.82 per share, totaling $10,322. The purchase comes amid a significant 18% decline in share price over the past week, with the stock currently trading at $5.81. InvestingPro analysis shows the stock typically experiences high volatility, with 12 more exclusive insights available to subscribers.
Following this acquisition, Wolff holds 1,318,401 shares directly. Additionally, indirect holdings include 107,526 shares in a 401k Trust, 904 shares by his spouse, and 383,119 shares through Mare’s Leg Capital, LLC, an entity owned by Wolff and his spouse.
This transaction reflects Wolff’s continued investment in Palladyne AI, a company known for its services in prepackaged software. The company, currently valued at $206 million, maintains impressive gross profit margins of 55% and strong liquidity with a current ratio of 9.64, indicating robust short-term financial health.
In other recent news, Palladyne AI Corp. reported solid financial results for 2024, with a notable 27% increase in year-over-year revenues and a 73% decrease in operating expenses. The company also strengthened its balance sheet, holding $40.1 million in cash and marketable securities by the end of December 2024 and raising an additional $14.4 million in early 2025. Palladyne AI announced a significant milestone with the successful completion of a multi-drone flight test in collaboration with Red Cat Holdings, showcasing the autonomous capabilities of its Pilot AI software. Additionally, Palladyne AI secured a contract with the Air Force Research Laboratory to adapt its Pilot AI software to new U.S.-made AI computing chipsets, a project expected to enhance UAV operations over the next 26 months. In corporate developments, Michael Young joined the Board of Directors, bringing extensive industry experience from his previous roles at Caterpillar (NYSE:CAT) and Dell (NYSE:DELL). The company also announced equity awards for employees to align their interests with shareholders and retain talent. These recent developments highlight Palladyne AI’s ongoing efforts to advance its AI technology and strengthen its strategic position across various industries.
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