The News That’s Pushing Palladyne (PDYN) Stock Higher

Palladyne AI (PDYN) stock is jumping for a second straight day, advancing 8.5% this morning. The company has developed software, known as Pilot AI, that enables drones to operate autonomously.

PDYN Discloses New Achievement

The tech firm announced this morning that, for the first time, Pilot AI had enabled multiple drones to “autonomously collaborate and share multi-modal sensor information.” PDYN noted that it had reached the milestone in partnership with drone technology firm Red Cat (RCAT).

boscorelli/Shutterstock.com

“We believe the force multiplier effect resulting from the autonomous collaboration capability of multiple drones will provide a substantial tactical advantage to the warfighter in the field.”Matt Vogt, PDYN’s Chief Revenue Officer said in a statement.

The company expects to begin marketing Pilot AI during the current quarter.

Palladyne Reports a New Deal With the Air Force

On Monday, PDYN noted that the Air Force Research Laboratory had provided the firm with a new contract. Under the deal, PDYN will add advanced “AI computing chipsets” to Pilot AI. The undertaking will be carried out for 26 months, starting in “early 2025,” Palladyne reported.

The Recent Price Action of PDYN Stock

In the last month, the shares have surged 176%, and they have jumped 340% in the previous three months.

While we acknowledge the potential of PDYN, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than PDYN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ ALSO 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock

Disclosure: The author owns shares of PDYN but has no plans to trade them in the next 48 hours. This article is originally published at Insider Monkey.