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Denis Garagic, the Chief Technology Officer of Palladyne AI Corp. (NASDAQ:PDYN), has recently sold 55,827 shares of the company’s common stock, according to a recent SEC filing. The shares were sold at a weighted-average price of $7.03, resulting in a total transaction value of approximately $392,441. The transaction comes as PDYN, currently valued at $207 million, has shown significant price volatility, with the stock down nearly 23% in the past week according to InvestingPro data.
This transaction was part of a sell-to-cover arrangement to address income tax liabilities associated with the vesting of restricted stock unit awards. Following the sale, Garagic retains ownership of 495,978 shares in Palladyne AI. The shares were sold in multiple transactions with prices ranging from $6.43 to $7.36. Despite recent market volatility, InvestingPro data shows the company maintains strong fundamentals with impressive gross margins of 55.2% and a healthy balance sheet. InvestingPro subscribers have access to 15 additional key insights about PDYN’s financial health and market position.
In other recent news, Palladyne AI Corp. reported a 27% increase in year-over-year revenues and a 73% decrease in operating expenses for 2024. The company strengthened its balance sheet with $40.1 million in cash and marketable securities by the end of December 2024 and raised an additional $14.4 million in early 2025. Palladyne AI has also secured a contract with the Air Force Research Laboratory to adapt its Pilot AI software platform to new U.S.-made AI computing chipsets, a project expected to last 26 months. This development aims to enhance the platform’s compatibility with small drone platforms. In a strategic move, Palladyne AI appointed Michael Young, a former senior executive at Caterpillar (NYSE:CAT) and Dell (NYSE:DELL), to its Board of Directors. The company also announced a successful collaboration with Red Cat Holdings, achieving a milestone in multi-drone flight tests using Palladyne’s Pilot AI software. Additionally, Palladyne AI entered into a Sales Agreement with Jefferies LLC to sell shares of common stock through an "at the market offering" program, raising approximately $18.0 million by the end of December 2024. The company has filed a prospectus supplement to sell an additional $30.0 million worth of shares.
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