Grid Dynamics (NASDAQ:GDYN) Sets New 1-Year High – Here’s What Happened

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) reached 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.

Analysts Set New Price Targets

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

Grid Dynamics Price Performance

The firm’s fifty day moving average is $17.44 and its two-hundred day moving average is $14.12. The firm has a market capitalization of $1.68 billion, a PE ratio of 680.56 and a beta of 1.06.

Grid Dynamics (NASDAQ:GDYN) last released its earnings results on Thursday, October 31st. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.01. The company had revenue of $87.40 million during the quarter, compared to analyst estimates of $85.09 million. Grid Dynamics had a return on equity of 0.15% and a net margin of 0.74%. Grid Dynamics’s quarterly revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.08 earnings per share. As a group, equities research analysts predict that Grid Dynamics Holdings, Inc. will post 0.03 EPS 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, September 24th. The shares were sold at an average price of $13.73, for a total transaction of $205,950.00. Following the completion of the transaction, the chief executive officer now directly owns 3,475,901 shares of the company’s stock, valued at $47,724,120.73. This represents a 0.43 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Anil Doradla sold 4,000 shares of Grid Dynamics stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $17.66, for a total transaction of $70,640.00. Following the completion of the sale, the chief financial officer now directly owns 376,282 shares in the company, valued at $6,645,140.12. This trade represents a 1.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 40,000 shares of company stock valued at $605,210 in the last ninety days. 7.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in GDYN. FMR LLC lifted its holdings in Grid Dynamics by 38.7% during the third quarter. FMR LLC now owns 2,873 shares of the company’s stock valued at $40,000 after purchasing an additional 801 shares during the last quarter. Quarry LP lifted its stake in shares of Grid Dynamics by 131.5% during the 3rd quarter. Quarry LP now owns 5,236 shares of the company’s stock valued at $73,000 after buying an additional 2,974 shares in the last quarter. Hsbc Holdings PLC purchased a new position in Grid Dynamics in the 2nd quarter valued at approximately $117,000. Quantbot Technologies LP purchased a new position in Grid Dynamics in the 3rd quarter valued at approximately $122,000. Finally, XTX Topco Ltd bought a new stake in Grid Dynamics during the 2nd quarter valued at $129,000. Institutional investors own 71.18% of the company’s stock.

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.