Grid Dynamics (NASDAQ:GDYN) Hits New 12-Month High Following Analyst Upgrade

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) reached a new 52-week high during trading on Friday after Needham & Company LLC raised their price target on the stock from $25.00 to $30.00. Needham & Company LLC currently has a buy rating on the stock. Grid Dynamics traded as high as $25.50 and last traded at $23.90, with a volume of 347254 shares changing hands. The stock had previously closed at $20.48.

GDYN has been the subject of a number of other reports. Citigroup increased 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. JPMorgan Chase & Co. raised their price target on Grid Dynamics from $17.00 to $18.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Finally, TD Cowen raised their price target on Grid Dynamics from $16.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Five research 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.com, the company has a consensus rating of “Buy” and a consensus target price of $19.17.

Insider Buying and Selling

In related news, CFO Anil Doradla sold 3,000 shares of the firm’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $22.12, for a total value of $66,360.00. Following the completion of the sale, the chief financial officer now directly owns 343,012 shares in the company, valued at $7,587,425.44. This trade represents a 0.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 8,000 shares of company stock worth $171,780 over the last three months. 7.20% of the stock is owned by insiders.

Institutional Trading of Grid Dynamics

Hedge funds and other institutional investors have recently bought and sold shares of the business. Coppell Advisory Solutions LLC purchased a new stake in Grid Dynamics in the fourth quarter worth $25,000. Global Retirement Partners LLC purchased a new stake in Grid Dynamics in the fourth quarter worth $27,000. MCF Advisors LLC increased its stake in Grid Dynamics by 65.8% in the fourth quarter. MCF Advisors LLC now owns 1,864 shares of the company’s stock worth $41,000 after purchasing an additional 740 shares during the period. FMR LLC increased its stake in Grid Dynamics by 38.7% in the third quarter. FMR LLC now owns 2,873 shares of the company’s stock worth $40,000 after purchasing an additional 801 shares during the period. Finally, Johnson Financial Group Inc. purchased a new stake in Grid Dynamics in the fourth quarter worth $70,000. Hedge funds and other institutional investors own 71.18% of the company’s stock.

Grid Dynamics Stock Up 4.3 %

The business has a 50 day simple moving average of $21.64 and a two-hundred day simple moving average of $17.62. The firm has a market cap of $1.76 billion, a PE ratio of 712.57 and a beta of 1.01.

Grid Dynamics (NASDAQ:GDYN) last released its earnings results on Thursday, February 20th. The company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.06). The business had revenue of $100.28 million during the quarter, compared to analysts’ expectations of $96.00 million. Grid Dynamics had a return on equity of 0.15% and a net margin of 0.74%. Equities analysts forecast that Grid Dynamics Holdings, Inc. will post 0.04 earnings per share for the current year.

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.