JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Grid Dynamics (NASDAQ:GDYN) Stock

Grid Dynamics (NASDAQ:GDYN) had its price objective boosted by research analysts at JPMorgan Chase & Co. from $17.00 to $18.00 in a report released on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 11.80% from the company’s current price.

A number of other research analysts also recently commented on the company. Citigroup boosted their target price on Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Monday. 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. TD Cowen upgraded shares of Grid Dynamics from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $12.00 to $16.00 in a research report on Friday, August 2nd. Finally, Cantor Fitzgerald raised shares of Grid Dynamics to a “strong-buy” rating in a research note on Monday, August 12th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Grid Dynamics presently has an average rating of “Buy” and an average price target of $16.50.

Grid Dynamics Stock Performance

Grid Dynamics stock traded down $0.10 during midday trading on Wednesday, reaching $16.10. 253,165 shares of the company were exchanged, compared to its average volume of 329,800. The company has a market capitalization of $1.23 billion, a price-to-earnings ratio of -1,610.00 and a beta of 1.06. The firm’s 50-day simple moving average is $14.34 and its 200-day simple moving average is $12.12. Grid Dynamics has a 1 year low of $9.07 and a 1 year high of $16.32.

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

Insider Buying and Selling

In related news, CFO Anil Doradla sold 3,000 shares of the business’s stock in a transaction dated 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 directly owns 369,282 shares in the company, valued at $4,789,587.54. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Leonard Livschitz sold 15,000 shares of Grid Dynamics stock in a transaction dated 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 directly owns 3,460,901 shares in the company, valued at approximately $50,390,718.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Anil Doradla sold 3,000 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $12.97, for a total value of $38,910.00. Following the completion of the transaction, the chief financial officer now directly owns 369,282 shares in the company, valued at $4,789,587.54. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 961,387 shares of company stock worth $12,349,914. 7.40% of the stock is owned by company insiders.

Institutional Trading of Grid Dynamics

A number of large investors have recently made changes to their positions in GDYN. Principal Financial Group Inc. bought a new position in shares of Grid Dynamics during the 1st quarter worth approximately $454,000. Jennison Associates LLC lifted its stake in shares of Grid Dynamics by 1.2% in the first quarter. Jennison Associates LLC now owns 2,339,142 shares of the company’s stock worth $28,748,000 after buying an additional 26,974 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its stake in Grid Dynamics by 6.4% during the first quarter. Oppenheimer Asset Management Inc. now owns 99,380 shares of the company’s stock worth $1,221,000 after buying an additional 6,011 shares during the period. Russell Investments Group Ltd. increased its holdings in Grid Dynamics by 14.5% in the 1st quarter. Russell Investments Group Ltd. now owns 185,281 shares of the company’s stock valued at $2,277,000 after purchasing an additional 23,531 shares during the last quarter. Finally, ProShare Advisors LLC purchased a new stake in shares of Grid Dynamics in the 1st quarter valued at $124,000. 71.18% of the stock is currently owned by institutional investors.

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.