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Palladyne AI Corp. (NASDAQ:PDYN), a technology company currently valued at $221.5 million, saw its Chief Financial Officer Trevor Thatcher recently sell shares of the company’s stock, according to a filing with the Securities and Exchange Commission. According to InvestingPro data, the stock has experienced significant volatility, with a year-to-date decline of over 52%. On March 31, Thatcher sold 10,919 shares at a weighted average price of $5.816, totaling approximately $63,504.
This transaction was conducted to cover income tax liabilities related to the vesting of restricted stock units, as part of sell-to-cover arrangements implemented by Palladyne AI. Following this sale, Thatcher retains ownership of 171,720 shares in the company.
The shares were sold in multiple transactions at prices ranging from $5.7702 to $5.861. While this sale was primarily for tax purposes, it provides insight into the financial activities of Palladyne AI’s executive team. For deeper insights into insider trading patterns and 12+ additional ProTips, consider subscribing to InvestingPro.
In other recent news, Palladyne AI Corp. reported its financial results for 2024, achieving a 27% increase in year-over-year revenues and a 73% decrease in operating expenses. The company has also strengthened its balance sheet with $40.1 million in cash and marketable securities by the end of 2024 and raised an additional $14.4 million in early 2025. Palladyne AI has launched the commercial version of its Palladyne IQ software for industrial robots, with customer trials expected in the first half of 2025. Additionally, the company announced a significant contract with the Air Force Research Laboratory to adapt its Pilot AI software to new U.S.-made AI chipsets over a 26-month project.
In corporate governance, Michael Young joined Palladyne AI’s Board of Directors, bringing extensive industry experience from his previous roles at Caterpillar (NYSE:CAT) and Dell (NYSE:DELL). The company also completed a successful multi-drone flight test in collaboration with Red Cat Holdings, showcasing the capabilities of its Pilot AI software. Furthermore, Palladyne AI’s Compensation Committee approved equity awards for employees, including inducement awards for new hires, as part of its strategy to align employee interests with shareholders. These developments indicate Palladyne AI’s ongoing efforts to advance its AI technology and expand its market presence.
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