Grid Dynamics (NASDAQ:GDYN) Hits New 52-Week High – Here’s What Happened

Shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $20.43 and last traded at $20.41, with a volume of 954995 shares trading hands. The stock had previously closed at $19.31.

Wall Street Analysts Forecast Growth

A number of research firms have commented on GDYN. Needham & Company LLC boosted their price target on shares of Grid Dynamics from $20.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Citigroup raised their price target on Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a report on Monday, October 28th. TD Cowen boosted their price objective on Grid Dynamics from $16.00 to $19.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Finally, JPMorgan Chase & Co. raised their target price on Grid Dynamics from $17.00 to $18.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $18.33.

Grid Dynamics Price Performance

The stock has a market capitalization of $1.69 billion, a price-to-earnings ratio of 683.56 and a beta of 1.06. The stock has a 50-day moving average of $17.56 and a 200 day moving average of $14.23.

Grid Dynamics (NASDAQ:GDYN) last released 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. 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 quarter in the prior year, the company posted $0.08 earnings per share. The firm’s revenue was up 12.9% on a year-over-year basis. Sell-side analysts anticipate that Grid Dynamics Holdings, Inc. will post 0.03 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Leonard Livschitz sold 15,000 shares of the stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $14.56, for a total value of $218,400.00. Following the completion of the sale, the chief executive officer now owns 3,460,901 shares of the company’s stock, valued at approximately $50,390,718.56. This represents a 0.43 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Anil Doradla sold 3,000 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $17.66, for a total transaction of $52,980.00. Following the completion of the transaction, the chief financial officer now directly owns 380,282 shares of the company’s stock, valued at $6,715,780.12. This represents a 0.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 40,000 shares of company stock worth $605,210 in the last 90 days. Corporate insiders own 7.20% of the company’s stock.

Institutional Trading of Grid Dynamics

A number of hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP lifted its position in Grid Dynamics by 30.9% during the third quarter. Wellington Management Group LLP now owns 2,859,808 shares of the company’s stock worth $40,037,000 after acquiring an additional 675,419 shares during the last quarter. Lord Abbett & CO. LLC bought a new stake in Grid Dynamics in the 3rd quarter valued at $8,589,000. Fourth Sail Capital LP grew its holdings in 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 buying an additional 446,477 shares in the last quarter. 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 buying an additional 230,688 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of Grid Dynamics by 14.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,672,906 shares of the company’s stock valued at $17,581,000 after acquiring an additional 206,201 shares during the period. 71.18% of the stock is owned by institutional investors and hedge funds.

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.