Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) Shares Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company boosted its position in shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) by 5.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,388 shares of the company’s stock after purchasing an additional 1,184 shares during the period. The Manufacturers Life Insurance Company’s holdings in Grid Dynamics were worth $235,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Harbor Capital Advisors Inc. grew its holdings 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 in the last quarter. Hsbc Holdings PLC acquired a new stake in Grid Dynamics during the 2nd quarter valued at $117,000. ProShare Advisors LLC acquired a new stake in Grid Dynamics during the 1st quarter valued at $124,000. XTX Topco Ltd acquired a new position in Grid Dynamics during the 2nd quarter worth $129,000. Finally, Mount Yale Investment Advisors LLC acquired a new position in Grid Dynamics during the 2nd quarter worth $141,000. 71.18% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on GDYN. Citigroup decreased their price objective on shares of Grid Dynamics from $15.00 to $14.00 and set a “buy” rating for the company in a report on Friday, July 12th. Needham & Company LLC raised their price objective on shares of Grid Dynamics from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Monday, August 5th. TD Cowen raised shares of Grid Dynamics from a “hold” rating to a “buy” rating and raised their price objective for the stock from $12.00 to $16.00 in a report on Friday, August 2nd. JPMorgan Chase & Co. raised their price objective on shares of Grid Dynamics from $15.00 to $17.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Finally, Cantor Fitzgerald raised shares of Grid Dynamics to a “strong-buy” rating in a report on Monday, August 12th. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $15.67.

Insider Transactions at Grid Dynamics

In related 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 value of $218,400.00. Following the sale, the chief executive officer now directly owns 3,460,901 shares in the company, valued at $50,390,718.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of Grid Dynamics stock in a transaction dated 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 sale, the insider now directly owns 13,889,183 shares in the company, valued at $177,781,542.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 owns 3,460,901 shares in the company, valued at approximately $50,390,718.56. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 961,387 shares of company stock worth $12,349,914. 7.40% of the stock is currently owned by insiders.

Grid Dynamics Stock Performance

Grid Dynamics stock opened at $15.59 on Friday. The firm’s 50-day moving average is $14.00 and its 200-day moving average is $11.91. Grid Dynamics Holdings, Inc. has a 1 year low of $9.07 and a 1 year high of $15.69. The company has a market cap of $1.19 billion, a P/E ratio of 519.67 and a beta of 1.06.

Grid Dynamics (NASDAQ:GDYN) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $81.06 million. During the same period last year, the firm posted $0.09 EPS. The company’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.