Palladyne AI's Stock Soars as Drone AI Software Demonstrates Advanced Tracking Capabilities

Palladyne AI Stock Rises Further as Drone Tracks Moving Target With Its Software

Palladyne AI explained that it plans to complete commercialization of the software by the end of the first quarter of 2025. Shares of Palladyne AI (PDYN) rose further Monday, continuing recent gains after the maker of artificial intelligence (AI) software for robots said its technology worked successfully for the first time tracking a moving target. The company reported the Palladyne Pilot AI platform used on a flight of a third-party small drone "demonstrated the ability to identify and prioritize terrestrial targets of interest and then interface with the drone's autopilot software to follow the prioritized target autonomously." Palladyne noted that previously, Pilot was able to identify and target stationary sites and hovering drones. In this test, the program combined with the third-party autopilot software could "autonomously control the drone's navigation while identifying, prioritizing, tracking, and following the desired target." Co-founder and CTO Dr. Denis Garagic explained that the company expects to finish commercialization of Palladyne Pilot by the end of the first quarter of 2025. Garagic said once that happens, "small, economical drones will finally offer some of the same intelligence capabilities that larger, multi-million-dollar unmanned systems have had for years." Palladyne AI shares rose 2% soon after the opening bell Monday. They have soared more than 200% since the announcement last week to their highest level in more than two years.

Palladyne AI Shares Are Surging Today: What you Need To know - Palladyne AI (NASDAQ:PDYN)

The test demonstrated the platform's ability to autonomously identify, prioritize and track targets. Palladyne AI Corp. PDYN shares are trading higher on possible continued momentum Thursday. The company announced that it completed the first autonomous tracking flight using its Palladyne Pilot AI software platform on Monday. What To Know: The test involved a third-party small drone that identified, prioritized and autonomously tracked terrestrial targets. This marked the first time Palladyne's AI platform interfaced with third-party autopilot software, enabling the drone to autonomously navigate while following a target. Previously, the AI system demonstrated target identification and prioritization on stationary nodes and hovering drones. This new test flight expands the platform's capabilities and moves it closer to commercialization, expected by the end of first-quarter 2025. "Once we complete commercialization of Palladyne Pilot -- which we expect to happen by the end of the first quarter of 2025 -- small, economical drones will finally offer some of the same intelligence capabilities that larger, multi-million-dollar unmanned systems have had for years," said Dr. Denis Garagic, co-founder and CTO, Palladyne AI. PDYN Price Action: Palladyne shares were up 44.7% at $7.15 at the time of writing, according to Benzinga Pro. Read Next: Kemper To Rally More Than 25%? Here Are 4 Top Analyst Forecasts For Thursday Image Via Shutterstock. Market News and Data brought to you by Benzinga APIs

PDYN stock soars to 52-week high, touches $7.95 amid surge By Investing.com

In a remarkable display of market momentum, PDYN stock has reached a 52-week high, climbing to a price level of $7.95. With a market capitalization of $215.5 million, the company's stock shows significant volatility according to InvestingPro analysis, which rates its overall financial health as "Fair." This peak comes amidst a remarkable performance, with PDYN delivering a 672% return over the past year and an impressive 215% gain in just the last six months. The company's shares have been on an upward trajectory, maintaining strong momentum with a 58% surge in the past week alone. This impressive high marks a pivotal moment for PDYN, though current valuations suggest the stock may be overvalued. Discover 15+ additional exclusive insights and real-time metrics with InvestingPro. In other recent news, Palladyne AI Corp. expanded its partnership with Red Cat Holdings and its subsidiary, Teal Drones, to advance the deployment of its artificial intelligence software on Teal's drone systems. This follows the integration of Palladyne AI's software into Teal drones for autonomous operation and creation of networks for enhanced intelligence, surveillance, and reconnaissance capabilities. Additionally, Red Cat's Teal Drones was awarded a production contract by the U.S. Army for its Short Range Reconnaissance Program. Palladyne AI Corp. also entered into a securities purchase agreement with an institutional investor and company insiders, including the CEO and board members, for a registered direct offering. The combined gross proceeds from these transactions are anticipated to reach approximately $7 million, intended for general corporate purposes, including further development and commercialization of its AI software products. Moreover, Palladyne AI Corp. completed Phase I of its contract with the Warner Robins Air Logistics Complex at the Warner Robins Air Force Base in Georgia. This significant milestone in the company's four-year, $13.8 million project involves the integration of its AI software, Palladyne IQ, into robotic platforms for aircraft component maintenance. These recent developments highlight Palladyne AI Corp.'s ongoing efforts to advance its AI software across various industries.