Grid Dynamics (NASDAQ:GDYN) Sees Unusually-High Trading Volume After Analyst Upgrade

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) saw unusually-high trading volume on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $17.00 to $18.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Approximately 285,461 shares were traded during trading, a decline of 13% from the previous session’s volume of 328,693 shares.The stock last traded at $16.26 and had previously closed at $16.04.

GDYN has been the topic of a number of other reports. Needham & Company LLC increased their price target on Grid Dynamics from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Cantor Fitzgerald upgraded Grid Dynamics to a “strong-buy” rating in a report on Monday, August 12th. Citigroup lifted their price target on Grid Dynamics from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday. Finally, TD Cowen raised shares of Grid Dynamics from a “hold” rating to a “buy” rating and lifted their target price for the stock from $12.00 to $16.00 in a research report on Friday, August 2nd. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Grid Dynamics currently has an average rating of “Buy” and an average target price of $16.50.

Insider Buying and Selling at Grid Dynamics

In related news, CEO Leonard Livschitz sold 15,000 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $13.02, for a total transaction of $195,300.00. Following the transaction, the chief executive officer now owns 3,520,901 shares of the company’s stock, valued at approximately $45,842,131.02. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Grid Dynamics news, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $12.80, for a total transaction of $11,691,353.60. Following the completion of the transaction, the insider now owns 13,889,183 shares in the company, valued at $177,781,542.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Leonard Livschitz sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $13.02, for a total value of $195,300.00. Following the transaction, the chief executive officer now owns 3,520,901 shares of the company’s stock, valued at $45,842,131.02. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 958,387 shares of company stock worth $12,311,004 over the last 90 days. Insiders own 7.40% of the company’s stock.

Hedge Funds Weigh In On Grid Dynamics

Institutional investors have recently modified their holdings of the stock. Harbor Capital Advisors Inc. grew its position in shares of Grid Dynamics by 21.3% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 10,073 shares of the company’s stock worth $106,000 after buying an additional 1,770 shares during the period. Hsbc Holdings PLC bought a new stake in Grid Dynamics in the second quarter valued at about $117,000. ProShare Advisors LLC acquired a new position in Grid Dynamics in the first quarter valued at about $124,000. XTX Topco Ltd acquired a new position in shares of Grid Dynamics during the 2nd quarter worth about $129,000. Finally, Mount Yale Investment Advisors LLC bought a new stake in shares of Grid Dynamics in the 2nd quarter valued at about $141,000. 71.18% of the stock is owned by institutional investors.

Grid Dynamics Trading Down 1.7 %

The firm has a market cap of $1.22 billion, a P/E ratio of -1,593.00 and a beta of 1.06. The firm’s 50 day moving average is $14.38 and its two-hundred day moving average is $12.14.

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

About Grid Dynamics

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.