Grid Dynamics (NASDAQ:GDYN) Sees Large Volume Increase Following Analyst Upgrade

Shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) saw unusually-high trading volume on Tuesday after Citigroup raised their price target on the stock from $17.00 to $18.00. Citigroup currently has a buy rating on the stock. Approximately 285,461 shares traded hands during trading, a decline of 13% from the previous session’s volume of 328,693 shares.The stock last traded at $16.26 and had previously closed at $16.04.

Several other research analysts also recently commented on the company. TD Cowen raised Grid Dynamics from a “hold” rating to a “buy” rating and lifted their price target for the stock from $12.00 to $16.00 in a research report on Friday, August 2nd. Cantor Fitzgerald raised shares of Grid Dynamics to a “strong-buy” rating in a research report on Monday, August 12th. Needham & Company LLC upped their target price on shares of Grid Dynamics from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Finally, JPMorgan Chase & Co. raised their price target on shares of Grid Dynamics from $15.00 to $17.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $16.33.

Insider Buying and Selling

In other Grid Dynamics news, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the business’s stock in a transaction 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 sale, the insider now owns 13,889,183 shares of the company’s stock, valued at $177,781,542.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CFO Anil Doradla sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $12.97, for a total transaction of $38,910.00. Following the completion of the transaction, the chief financial officer now owns 369,282 shares in the company, valued at $4,789,587.54. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the business’s stock in a transaction 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 approximately $177,781,542.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 961,387 shares of company stock valued at $12,349,914 over the last ninety days. 7.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Harbor Capital Advisors Inc. increased its position in shares of Grid Dynamics by 21.3% during the 2nd 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. Hsbc Holdings PLC bought a new position in shares of Grid Dynamics in the second quarter valued at approximately $117,000. ProShare Advisors LLC acquired a new position in shares of Grid Dynamics in the 1st quarter worth approximately $124,000. XTX Topco Ltd bought a new stake in Grid Dynamics during the 2nd quarter worth approximately $129,000. Finally, Mount Yale Investment Advisors LLC bought a new stake in Grid Dynamics during the 2nd quarter worth approximately $141,000. 71.18% of the stock is owned by institutional investors.

Grid Dynamics Trading Up 1.0 %

The stock has a fifty day moving average of $14.34 and a two-hundred day moving average of $12.12. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of -1,620.00 and a beta of 1.06.

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