Grid Dynamics (NASDAQ:GDYN) Hits New 1-Year High After Analyst Upgrade

Shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) reached a new 52-week high during trading on Friday after Needham & Company LLC raised their price target on the stock from $25.00 to $30.00. Needham & Company LLC currently has a buy rating on the stock. Grid Dynamics traded as high as $25.50 and last traded at $23.90, with a volume of 347254 shares traded. The stock had previously closed at $20.48.

Other analysts have also recently issued reports about the stock. JPMorgan Chase & Co. boosted their price objective on shares of Grid Dynamics from $17.00 to $18.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Citigroup raised their price target on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Finally, TD Cowen increased their price target on Grid Dynamics from $16.00 to $19.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Grid Dynamics presently has an average rating of “Buy” and a consensus price target of $19.17.

Insider Activity at Grid Dynamics

In related news, CFO Anil Doradla sold 2,000 shares of the business’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $24.09, for a total value of $48,180.00. Following the sale, the chief financial officer now directly owns 341,012 shares of the company’s stock, valued at approximately $8,214,979.08. The trade was a 0.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 8,000 shares of company stock worth $171,780 over the last 90 days. Insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Grid Dynamics

Several large investors have recently made changes to their positions in GDYN. Lord Abbett & CO. LLC acquired a new position in Grid Dynamics in the 3rd quarter valued at $8,589,000. SG Americas Securities LLC acquired a new stake in Grid Dynamics during the 4th quarter valued at approximately $242,000. Barclays PLC grew its stake in Grid Dynamics by 173.8% during the third 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. Wellington Management Group LLP raised its holdings in shares of Grid Dynamics by 30.9% during the third quarter. Wellington Management Group LLP now owns 2,859,808 shares of the company’s stock valued at $40,037,000 after purchasing an additional 675,419 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Grid Dynamics by 1.3% during the third quarter. Geode Capital Management LLC now owns 1,381,429 shares of the company’s stock worth $19,344,000 after buying an additional 17,763 shares during the last quarter. Institutional investors and hedge funds own 71.18% of the company’s stock.

Grid Dynamics Price Performance

The company has a market cap of $1.86 billion, a P/E ratio of 765.26 and a beta of 1.01. The stock has a fifty day moving average price of $21.60 and a two-hundred day moving average price of $17.57.

Grid Dynamics (NASDAQ:GDYN) last announced its quarterly earnings data on Thursday, February 20th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.06). The firm had revenue of $100.28 million during the quarter, compared to the consensus estimate of $96.00 million. Grid Dynamics had a net margin of 0.74% and a return on equity of 0.15%. Equities analysts predict that Grid Dynamics Holdings, Inc. will post 0.04 earnings per share for the current fiscal year.

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.