Grid Dynamics (NASDAQ:GDYN) Sets New 1-Year High Following Analyst Upgrade

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)’s share price reached a new 52-week high during trading on Monday after Citigroup raised their price target on the stock from $17.00 to $18.00. Citigroup currently has a buy rating on the stock. Grid Dynamics traded as high as $15.83 and last traded at $15.83, with a volume of 6894 shares traded. The stock had previously closed at $15.64.

GDYN has been the topic of several other reports. JPMorgan Chase & Co. raised their target price on Grid Dynamics from $15.00 to $17.00 and gave the company an “overweight” rating in a report on Friday, September 6th. TD Cowen upgraded Grid Dynamics from a “hold” rating to a “buy” rating and raised their target price for the company from $12.00 to $16.00 in a report on Friday, August 2nd. Cantor Fitzgerald upgraded Grid Dynamics to a “strong-buy” rating in a report on Monday, August 12th. Finally, Needham & Company LLC raised their target price on Grid Dynamics from $16.00 to $17.00 and gave the company a “buy” rating in a report on Monday, August 5th. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Grid Dynamics presently has an average rating of “Buy” and an average price target of $16.33.

Insider Buying and Selling at Grid Dynamics

In other news, CFO Anil Doradla sold 3,000 shares of Grid Dynamics stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $12.97, for a total value of $38,910.00. Following the completion of the transaction, the chief financial officer now owns 369,282 shares in the company, valued at approximately $4,789,587.54. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of Grid Dynamics stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $12.80, for a total value of $11,691,353.60. Following the completion of the transaction, the insider now owns 13,889,183 shares in the company, valued at approximately $177,781,542.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Anil Doradla sold 3,000 shares of Grid Dynamics stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $12.97, for a total value of $38,910.00. Following the completion of the transaction, the chief financial officer now owns 369,282 shares of the company’s stock, valued at approximately $4,789,587.54. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 961,387 shares of company stock worth $12,349,914 in the last 90 days. 7.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GDYN. Harbor Capital Advisors Inc. boosted its position in Grid Dynamics by 21.3% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 10,073 shares of the company’s stock valued at $106,000 after purchasing an additional 1,770 shares during the period. Hsbc Holdings PLC acquired a new position in Grid Dynamics during the 2nd quarter valued at approximately $117,000. ProShare Advisors LLC acquired a new position in Grid Dynamics during the 1st quarter valued at approximately $124,000. XTX Topco Ltd acquired a new position in Grid Dynamics during the 2nd quarter valued at approximately $129,000. Finally, Mount Yale Investment Advisors LLC acquired a new position in Grid Dynamics during the 2nd quarter valued at approximately $141,000. Institutional investors and hedge funds own 71.18% of the company’s stock.

Grid Dynamics Trading Up 1.0 %

The firm has a market cap of $1.24 billion, a price-to-earnings ratio of -1,620.00 and a beta of 1.06. The stock has a 50-day moving average of $14.34 and a 200-day moving average of $12.12.

Grid Dynamics (NASDAQ:GDYN) last announced its earnings results on Thursday, August 1st. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.01. Grid Dynamics had a positive return on equity of 1.05% and a negative net margin of 0.37%. The firm had revenue of $83.04 million for the quarter, compared to the consensus estimate of $81.06 million. During the same quarter in the previous year, the business earned $0.09 EPS. The firm’s revenue for the quarter was up 7.4% on a year-over-year basis.

Grid Dynamics Company Profile

Grid Dynamics Holdings, Inc, together with its subsidiaries, provides technology consulting, platform and product engineering, and analytics services in North America, Europe, and internationally. It offers cloud platform and product engineering services, such as architecting, designing, and building scalable and secure cloud-based platforms and business applications; and AI/machine learning and data platform engineering services that build platforms to facilitate batch and streaming data ingestion, quality governance, orchestration, semantic modeling, observability, and analysis at scale.