Palladyne AI Corp (NASDAQ: PDYN) focuses on developing software to improve robotic autonomy. The stock closed on January 21st at $8.44 per share and opened January 22nd at $9.74. Wednesday’s volume of 28M, more than three times the average daily volume, continued to push the share price to an intraday high of $11.86, a 41% increase from the prior close. The dramatic rise in the share price came after news of a contract with the Air Force Research Laboratory to use Palladyne Pilot AI software with future US AI chipsets. Palladyne has a 30-day historical volatility of 279%, trading between $0.45 and $14.95 per share over the past year, which begs the question: is the market trading the news or is this rally here to stay?
Since January 13th, the total quantity of PDYN on loan has risen 22% from 2.7 million shares to 3.3 million. Per the Orbisa Securities Lending Dashboard, utilization is up 19% from last Monday, presently sitting at 95%. The Short Interest Indicator followed suit, increasing 21% in the same period. The Short History section of Trader Workstation’s Short Selling dashboard showed strong short demand on 1/22. Looking at the Short History chart below, the orange line represents available short shares which dipped after Wednesday’s open. The red line followed a similar trend, allowing us to visualize the decline in borrow fee rate. Borrow fees have fluctuated between 17% and 94% during the past month and are presently 48%, down 1% from Tuesday’s rate. At Wednesday’s open, 240,000 shares were available to short which dwindled to 37,000 by midafternoon. Current short sale demand is being met by the available shares, and we are being shown inventory by 8 mid- and smaller-size brokers.
PDYN Utilization and Short Interest Indicator January 16, 2025 – January 22, 2025
Source: Interactive Brokers Securities Lending Dashboard. Data is provided by Orbisa.
PDYN Price, Borrow Fee, Volume and Shortable Shares December 30, 2024 – January 28, 2025
Source: IBKR Trader Workstation – Fundamentals Explorer – Short Selling
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Disclosure: Short Selling
Short selling is an advanced trading strategy involving potentially unlimited risks and must be done in a margin account.
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Is this a screening tool, or just a chart visual?
Hello, thank you for asking. You can view this information using the Fundamentals Explorer in TWS. For more information, please review: https://www.interactivebrokers.com/faq?id=89975331