Grid Dynamics (NASDAQ:GDYN) Shares Gap Up After Analyst Upgrade

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) shares gapped up before the market opened on Friday after TD Cowen raised their price target on the stock from $16.00 to $19.00. The stock had previously closed at $15.92, but opened at $17.66. TD Cowen currently has a buy rating on the stock. Grid Dynamics shares last traded at $16.09, with a volume of 144,260 shares.

A number of other brokerages have also recently weighed in on GDYN. Needham & Company LLC raised their price objective on shares of Grid Dynamics from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday. Cantor Fitzgerald upgraded shares of Grid Dynamics to a “strong-buy” rating in a report on Monday, August 12th. Citigroup boosted their price target on Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Finally, JPMorgan Chase & Co. increased 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. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $17.50.

Insider Transactions at Grid Dynamics

In other Grid Dynamics news, CEO Leonard Livschitz sold 15,000 shares of the 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 directly owns 3,520,901 shares in the company, valued at $45,842,131.02. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the company’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 13,889,183 shares of the company’s stock, valued at approximately $177,781,542.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Leonard Livschitz sold 15,000 shares of the company’s stock in a transaction 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 approximately $45,842,131.02. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 958,387 shares of company stock valued at $12,311,004. 7.40% of the stock is currently owned by insiders.

Institutional Trading of Grid Dynamics

Several hedge funds have recently bought and sold shares of GDYN. Harbor Capital Advisors Inc. grew its stake in shares of Grid Dynamics by 21.3% in the second quarter. Harbor Capital Advisors Inc. now owns 10,073 shares of the company’s stock worth $106,000 after purchasing an additional 1,770 shares in the last quarter. ProShare Advisors LLC acquired a new stake in shares of Grid Dynamics during the first quarter valued at approximately $124,000. Hsbc Holdings PLC acquired a new stake in Grid Dynamics during the 2nd quarter valued at $117,000. XTX Topco Ltd purchased a new stake in Grid Dynamics in the 2nd quarter worth about $129,000. Finally, Mount Yale Investment Advisors LLC purchased a new stake in shares of Grid Dynamics in the second quarter worth approximately $141,000. 71.18% of the stock is currently owned by institutional investors.

Grid Dynamics Trading Down 4.3 %

The company has a market cap of $1.17 billion, a PE ratio of -1,522.48 and a beta of 1.06. The business’s 50-day simple moving average is $14.45 and its 200-day simple moving average is $12.20.

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

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.