Verition Fund Management LLC Acquires Shares of 14,800 Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Verition Fund Management LLC bought a new position in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 14,800 shares of the company’s stock, valued at approximately $207,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Fourth Sail Capital LP raised its holdings in Grid Dynamics by 138.0% during the second quarter. Fourth Sail Capital LP now owns 769,924 shares of the company’s stock worth $8,092,000 after purchasing an additional 446,477 shares in the last quarter. Vontobel Holding Ltd. purchased a new stake in Grid Dynamics in the 3rd quarter valued at approximately $1,143,000. Summit Creek Advisors LLC increased its position in Grid Dynamics by 25.1% during the 2nd quarter. Summit Creek Advisors LLC now owns 1,147,992 shares of the company’s stock worth $12,065,000 after purchasing an additional 230,688 shares during the period. Royce & Associates LP raised its stake in shares of Grid Dynamics by 5.9% during the 3rd quarter. Royce & Associates LP now owns 802,101 shares of the company’s stock worth $11,229,000 after buying an additional 44,720 shares in the last quarter. Finally, Rice Hall James & Associates LLC acquired a new stake in shares of Grid Dynamics in the 3rd quarter valued at approximately $1,751,000. Hedge funds and other institutional investors own 71.18% of the company’s stock.

Insider Activity at Grid Dynamics

In other news, CEO Leonard Livschitz sold 15,000 shares of Grid Dynamics stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $14.56, for a total transaction of $218,400.00. Following the completion of the sale, the chief executive officer now directly owns 3,460,901 shares in the company, valued at $50,390,718.56. The trade was 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, CFO Anil Doradla sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $19.08, for a total transaction of $57,240.00. Following the completion of the transaction, the chief financial officer now directly owns 373,282 shares of the company’s stock, valued at approximately $7,122,220.56. This represents a 0.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 40,000 shares of company stock valued at $605,210 over the last quarter. Insiders own 7.20% of the company’s stock.

Grid Dynamics Stock Performance

Grid Dynamics stock opened at $19.12 on Monday. The firm has a market capitalization of $1.58 billion, a price-to-earnings ratio of 637.33 and a beta of 1.06. Grid Dynamics Holdings, Inc. has a fifty-two week low of $9.07 and a fifty-two week high of $20.34. The stock’s fifty day moving average is $17.02 and its two-hundred day moving average is $13.90.

Grid Dynamics (NASDAQ:GDYN) last issued its quarterly earnings data on Thursday, October 31st. The company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.01. The firm had revenue of $87.40 million for the quarter, compared to analysts’ expectations of $85.09 million. Grid Dynamics had a net margin of 0.74% and a return on equity of 0.15%. The firm’s revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.08 EPS. As a group, sell-side analysts forecast that Grid Dynamics Holdings, Inc. will post 0.03 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on GDYN shares. JPMorgan Chase & Co. upped their price objective on Grid Dynamics from $17.00 to $18.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Citigroup upped their price target on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. TD Cowen increased their price target on shares of Grid Dynamics from $16.00 to $19.00 and gave the company a “buy” rating in a report on Friday, November 1st. Finally, Needham & Company LLC boosted their price objective on shares of Grid Dynamics from $20.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $18.33.

Grid Dynamics 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.