Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) Receives Consensus Recommendation of “Buy” from Brokerages

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) has received an average rating of “Buy” from the six brokerages that are presently covering the company, Marketbeat reports. Five equities research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $17.50.

GDYN has been the topic of several recent analyst reports. Needham & Company LLC raised their target price on shares of Grid Dynamics from $17.00 to $20.00 and gave the company a “buy” rating in a report on Friday, November 1st. TD Cowen raised their target price on shares of Grid Dynamics from $16.00 to $19.00 and gave the company a “buy” rating in a report on Friday, November 1st. Cantor Fitzgerald raised shares of Grid Dynamics to a “strong-buy” rating in a report on Monday, August 12th. JPMorgan Chase & Co. lifted their price target on shares of Grid Dynamics from $17.00 to $18.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Finally, Citigroup lifted their price target on shares of Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a report on Monday, October 28th.

Grid Dynamics Stock Up 3.3 %

Shares of Grid Dynamics stock opened at $19.02 on Monday. Grid Dynamics has a twelve month low of $9.07 and a twelve month high of $19.86. The stock has a market capitalization of $1.57 billion, a price-to-earnings ratio of 634.21 and a beta of 1.06. The company has a 50-day simple moving average of $16.49 and a two-hundred day simple moving average of $13.57.

Grid Dynamics (NASDAQ:GDYN) last released its earnings results on Thursday, October 31st. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.09 by $0.01. Grid Dynamics had a net margin of 0.74% and a return on equity of 0.15%. The firm had revenue of $87.40 million for the quarter, compared to analyst estimates of $85.09 million. During the same period last year, the firm earned $0.08 EPS. The business’s quarterly revenue was up 12.9% compared to the same quarter last year.

Insider Buying and Selling

In related news, CFO Anil Doradla sold 4,000 shares of Grid Dynamics stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $17.66, for a total transaction of $70,640.00. Following 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of Grid Dynamics stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $12.80, for a total transaction of $11,691,353.60. Following the sale, the insider now owns 13,889,183 shares in the company, valued at approximately $177,781,542.40. This represents a 6.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 950,387 shares of company stock worth $12,239,324 in the last ninety days. Company insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Grid Dynamics

Hedge funds have recently added to or reduced their stakes in the business. Barclays PLC lifted its position in shares of Grid Dynamics by 173.8% in the 3rd quarter. Barclays PLC now owns 111,182 shares of the company’s stock worth $1,556,000 after purchasing an additional 70,579 shares during the period. Teachers Retirement System of The State of Kentucky lifted its position in shares of Grid Dynamics by 35.9% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 107,738 shares of the company’s stock worth $1,508,000 after purchasing an additional 28,438 shares during the period. Geode Capital Management LLC lifted its position in shares of Grid Dynamics by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,381,429 shares of the company’s stock worth $19,344,000 after purchasing an additional 17,763 shares during the period. Wellington Management Group LLP lifted its position in shares of Grid Dynamics by 30.9% in the 3rd quarter. Wellington Management Group LLP now owns 2,859,808 shares of the company’s stock worth $40,037,000 after purchasing an additional 675,419 shares during the period. Finally, State Street Corp lifted its position in shares of Grid Dynamics by 0.5% in the 3rd quarter. State Street Corp now owns 1,446,130 shares of the company’s stock worth $20,246,000 after purchasing an additional 6,938 shares during the period. 71.18% of the stock is currently 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.