Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) Given Average Recommendation of “Buy” by Brokerages

Shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) have earned an average rating of “Buy” from the six ratings firms that are presently covering the stock, MarketBeat.com reports. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $17.50.

Several equities analysts have recently commented on the stock. Cantor Fitzgerald upgraded shares of Grid Dynamics to a “strong-buy” rating in a report on Monday, August 12th. Needham & Company LLC increased their target price on shares of Grid Dynamics from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, November 1st. JPMorgan Chase & Co. increased their target price on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Citigroup increased their target price on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Finally, TD Cowen increased their target price on shares of Grid Dynamics from $16.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, November 1st.

Insider Activity

In other news, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the stock in a transaction dated 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 transaction, the insider now owns 13,889,183 shares in the company, valued at approximately $177,781,542.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CFO Anil Doradla sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $17.66, for a total value of $70,640.00. Following the completion of the sale, the chief financial officer now directly owns 376,282 shares of the company’s stock, valued at $6,645,140.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were 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 directly owns 13,889,183 shares of the company’s stock, valued at $177,781,542.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 950,387 shares of company stock worth $12,239,324. 7.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Grid Dynamics

Several hedge funds have recently bought and sold shares of GDYN. FMR LLC increased its position in Grid Dynamics by 38.7% during the third quarter. FMR LLC now owns 2,873 shares of the company’s stock worth $40,000 after buying an additional 801 shares in the last quarter. Mirador Capital Partners LP boosted its holdings in shares of Grid Dynamics by 0.8% during the second quarter. Mirador Capital Partners LP now owns 123,399 shares of the company’s stock worth $1,297,000 after purchasing an additional 954 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Grid Dynamics by 5.6% during the second quarter. The Manufacturers Life Insurance Company now owns 22,388 shares of the company’s stock worth $235,000 after purchasing an additional 1,184 shares during the last quarter. Trust Point Inc. boosted its holdings in shares of Grid Dynamics by 5.0% during the third quarter. Trust Point Inc. now owns 32,290 shares of the company’s stock worth $452,000 after purchasing an additional 1,532 shares during the last quarter. Finally, Linden Thomas Advisory Services LLC boosted its holdings in shares of Grid Dynamics by 1.7% during the second quarter. Linden Thomas Advisory Services LLC now owns 106,498 shares of the company’s stock worth $1,119,000 after purchasing an additional 1,735 shares during the last quarter. 71.18% of the stock is owned by hedge funds and other institutional investors.

Grid Dynamics Price Performance

Grid Dynamics stock opened at $18.08 on Thursday. The firm has a 50 day simple moving average of $14.99 and a 200-day simple moving average of $12.59. Grid Dynamics has a 1-year low of $9.07 and a 1-year high of $19.86. The stock has a market cap of $1.39 billion, a price-to-earnings ratio of 602.87 and a beta of 1.04.

Grid Dynamics (NASDAQ:GDYN) last posted its quarterly earnings results on Thursday, October 31st. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.01. Grid Dynamics had a net margin of 0.74% and a return on equity of 0.15%. The business had revenue of $87.40 million during the quarter, compared to analysts’ expectations of $85.09 million. During the same quarter in the prior year, the company posted $0.08 EPS. The business’s revenue for the quarter was up 12.9% 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.