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Kristi Martindale, the Chief Commercial Officer of Palladyne AI Corp. (NASDAQ:PDYN), a technology company currently valued at $221.53 million, recently sold shares of the company, according to a filing with the Securities and Exchange Commission. The stock has shown significant volatility, with InvestingPro data indicating a 14.3% decline in the past week alone. The transaction, which took place on March 31, 2025, involved the sale of 51,141 shares of common stock at a weighted-average price of $5.816 per share, totaling approximately $297,436. The stock currently trades at $6.27, maintaining impressive gross profit margins of 55.2%.
The sale was executed to cover income tax liabilities related to the vesting of restricted stock unit awards, as per the company’s sell-to-cover arrangements. Following this transaction, Martindale holds 325,079 shares of Palladyne AI, including shares represented by restricted stock units.
The shares were sold in multiple transactions at prices ranging from $5.7702 to $5.861. These transactions are not discretionary and were conducted as part of a prearranged plan to manage tax obligations.
In other recent news, Palladyne AI Corp. reported a 27% increase in year-over-year revenues and a significant 73% decrease in operating expenses, as highlighted in their 2024 Annual Report. The company also announced the successful completion of a collaborative multi-drone flight test with Red Cat Holdings, showcasing the capabilities of their Pilot AI software. Further developments include a contract with the Air Force Research Laboratory to adapt the Pilot AI software to new U.S.-made AI computing chipsets, a project expected to enhance the compatibility of their platform with small drone systems. Palladyne AI has also granted equity awards to employees, aiming to align their interests with shareholders and retain talent. In boardroom changes, Michael Young, with extensive industry experience, joined Palladyne AI’s Board of Directors, replacing Laura J. Peterson. The company raised an additional $14.4 million in early 2025 and is preparing for customer trials of its Palladyne IQ software. Analysts from various firms have not provided any recent upgrades or downgrades. These updates reflect Palladyne AI’s strategic moves and ongoing efforts to advance its AI technology across various sectors.
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