Quest Partners LLC Boosts Position in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Quest Partners LLC raised its stake in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) by 35,544.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,753 shares of the company’s stock after purchasing an additional 16,706 shares during the period. Quest Partners LLC’s holdings in Grid Dynamics were worth $235,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Comerica Bank lifted its position in Grid Dynamics by 198.8% in the first quarter. Comerica Bank now owns 77,820 shares of the company’s stock valued at $956,000 after acquiring an additional 51,778 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Grid Dynamics by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 4,202,012 shares of the company’s stock valued at $51,643,000 after purchasing an additional 64,300 shares during the period. Fourth Sail Capital LP boosted its position in shares of Grid Dynamics by 138.0% in the 2nd quarter. Fourth Sail Capital LP now owns 769,924 shares of the company’s stock valued at $8,092,000 after purchasing an additional 446,477 shares during the period. Vontobel Holding Ltd. purchased a new position in Grid Dynamics during the 3rd quarter worth approximately $1,143,000. Finally, Summit Creek Advisors LLC increased its position in Grid Dynamics by 25.1% during the second quarter. Summit Creek Advisors LLC now owns 1,147,992 shares of the company’s stock worth $12,065,000 after buying an additional 230,688 shares during the period. Institutional investors and hedge funds own 71.18% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Leonard Livschitz sold 15,000 shares of the firm’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $13.73, for a total value of $205,950.00. Following the completion of the transaction, the chief executive officer now owns 3,475,901 shares in the company, valued at $47,724,120.73. This trade represents a 0.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $12.80, for a total transaction of $11,691,353.60. Following the completion of the sale, the insider now owns 13,889,183 shares in the company, valued at $177,781,542.40. This represents a 6.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 950,387 shares of company stock worth $12,239,324. Corporate insiders own 7.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Cantor Fitzgerald upgraded shares of Grid Dynamics to a “strong-buy” rating in a research report on Monday, August 12th. JPMorgan Chase & Co. raised their price objective on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Citigroup lifted their price objective on shares of Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, October 28th. TD Cowen raised their price target on Grid Dynamics from $16.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Finally, Needham & Company LLC boosted their price target on Grid Dynamics from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $17.50.

Grid Dynamics Stock Up 1.7 %

Shares of Grid Dynamics stock opened at $19.22 on Wednesday. The firm has a market cap of $1.59 billion, a price-to-earnings ratio of 640.88 and a beta of 1.04. Grid Dynamics Holdings, Inc. has a 52-week low of $9.07 and a 52-week high of $19.86. The company’s 50-day simple moving average is $15.69 and its 200-day simple moving average is $13.10.

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