Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) Major Shareholder Sells $11,691,353.60 in Stock

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $12.80, for a total transaction of $11,691,353.60. Following the transaction, the insider now owns 13,889,183 shares in the company, valued at $177,781,542.40. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Grid Dynamics Trading Down 3.1 %

GDYN opened at $13.39 on Thursday. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of 446.33 and a beta of 1.06. Grid Dynamics Holdings, Inc. has a 12-month low of $9.07 and a 12-month high of $14.70. The business’s fifty day simple moving average is $13.16 and its 200-day simple moving average is $11.61.

Grid Dynamics (NASDAQ:GDYN) last issued its earnings results on Thursday, August 1st. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.01. Grid Dynamics had a negative net margin of 0.37% and a positive return on equity of 1.05%. The company had revenue of $83.04 million for the quarter, compared to analysts’ expectations of $81.06 million. During the same period in the prior year, the business earned $0.09 EPS. The firm’s quarterly revenue was up 7.4% on a year-over-year basis. On average, equities research analysts predict that Grid Dynamics Holdings, Inc. will post 0.02 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on GDYN shares. Citigroup dropped their target price on Grid Dynamics from $15.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, July 12th. Needham & Company LLC upped their price objective on Grid Dynamics from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Cantor Fitzgerald upgraded Grid Dynamics to a “strong-buy” rating in a research report on Monday, August 12th. JPMorgan Chase & Co. upped their price target on shares of Grid Dynamics from $15.00 to $17.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Finally, Wedbush reiterated an “outperform” rating and set a $13.00 price objective on shares of Grid Dynamics in a report on Thursday, May 23rd. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Grid Dynamics has an average rating of “Buy” and a consensus target price of $15.67.

Hedge Funds Weigh In On Grid Dynamics

Institutional investors have recently bought and sold shares of the business. Jump Financial LLC bought a new stake in Grid Dynamics during the 4th quarter valued at $315,000. 1492 Capital Management LLC boosted its position in Grid Dynamics by 1.1% during the fourth quarter. 1492 Capital Management LLC now owns 271,964 shares of the company’s stock valued at $3,625,000 after purchasing an additional 2,926 shares in the last quarter. Olympiad Research LP bought a new stake in Grid Dynamics during the fourth quarter valued at about $211,000. CenterBook Partners LP purchased a new position in Grid Dynamics in the fourth quarter valued at about $651,000. Finally, Wasatch Advisors LP raised its holdings in Grid Dynamics by 2.8% in the fourth quarter. Wasatch Advisors LP now owns 7,256,928 shares of the company’s stock worth $96,735,000 after purchasing an additional 197,063 shares in the last quarter. 71.18% of the stock is owned by hedge funds and other institutional investors.

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.