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

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) gapped up prior to trading 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 trading hands.

Several other analysts have also recently issued reports on the stock. Needham & Company LLC upped their target price on shares of Grid Dynamics from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Friday. JPMorgan Chase & Co. raised their price target on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock an “overweight” rating in a research note on Wednesday. Citigroup lifted their target price 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, Cantor Fitzgerald raised shares of Grid Dynamics to a “strong-buy” rating in a research report on Monday, August 12th. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Grid Dynamics has an average rating of “Buy” and an average target price of $17.50.

Insider Transactions at Grid Dynamics

In related news, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of Grid Dynamics 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Grid Dynamics news, CEO Leonard Livschitz sold 15,000 shares of the stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $13.73, for a total transaction of $205,950.00. Following the sale, the chief executive officer now directly owns 3,475,901 shares of the company’s stock, valued at approximately $47,724,120.73. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the firm’s 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 sale, the insider now directly owns 13,889,183 shares in the company, valued at approximately $177,781,542.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 958,387 shares of company stock valued at $12,311,004 in the last quarter. 7.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Grid Dynamics

Several institutional investors have recently made changes to their positions in GDYN. Fourth Sail Capital LP grew its holdings in Grid Dynamics by 138.0% in the second 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. Summit Creek Advisors LLC increased its holdings in Grid Dynamics by 25.1% in the 2nd quarter. Summit Creek Advisors LLC now owns 1,147,992 shares of the company’s stock valued at $12,065,000 after purchasing an additional 230,688 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Grid Dynamics by 14.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,672,906 shares of the company’s stock valued at $17,581,000 after buying an additional 206,201 shares during the period. Silvercrest Asset Management Group LLC increased its stake in Grid Dynamics by 43.1% during the first quarter. Silvercrest Asset Management Group LLC now owns 604,481 shares of the company’s stock worth $7,429,000 after purchasing an additional 182,052 shares during the period. Finally, Lord Abbett & CO. LLC lifted its holdings in Grid Dynamics by 42.3% during the 1st quarter. Lord Abbett & CO. LLC now owns 479,302 shares of the company’s stock worth $5,890,000 after buying an additional 142,446 shares in the last quarter. 71.18% of the stock is owned by hedge funds and other institutional investors.

Grid Dynamics Price Performance

The firm has a market capitalization of $1.17 billion, a price-to-earnings ratio of -1,522.48 and a beta of 1.06. The firm has a 50 day moving average price of $14.45 and a 200-day moving average price of $12.20.

Grid Dynamics (NASDAQ:GDYN) last posted its earnings results on Thursday, August 1st. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate 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 positive return on equity of 1.05% and a negative net margin of 0.37%. The firm’s revenue was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.09 earnings per share.

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.