Grid Dynamics (NASDAQ:GDYN) Price Target Cut to $14.00 by Analysts at Citigroup

Grid Dynamics (NASDAQ:GDYN) had its target price cut by Citigroup from $15.00 to $14.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price target would suggest a potential upside of 27.50% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Needham & Company LLC reissued a “buy” rating and set a $16.00 target price on shares of Grid Dynamics in a research report on Friday, May 3rd. JPMorgan Chase & Co. dropped their target price on shares of Grid Dynamics from $17.00 to $15.00 and set an “overweight” rating for the company in a research report on Thursday, May 2nd. Finally, Wedbush reissued an “outperform” rating and set a $13.00 target price on shares of Grid Dynamics in a research report on Thursday, May 23rd. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, Grid Dynamics has a consensus rating of “Buy” and an average price target of $15.00.

Grid Dynamics Stock Up 2.6 %

Shares of GDYN stock traded up $0.28 during trading hours on Friday, hitting $10.98. 379,795 shares of the company were exchanged, compared to its average volume of 324,502. The firm has a market cap of $840.19 million, a PE ratio of 367.12 and a beta of 1.05. Grid Dynamics has a 1 year low of $9.07 and a 1 year high of $14.70. The firm has a fifty day moving average of $10.10 and a 200 day moving average of $11.67.

Grid Dynamics (NASDAQ:GDYN) last announced its quarterly earnings data on Thursday, May 2nd. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.09). The company had revenue of $79.82 million for the quarter, compared to analysts’ expectations of $77.48 million. Grid Dynamics had a return on equity of 3.31% and a net margin of 0.72%. Analysts expect that Grid Dynamics will post 0.02 earnings per share for the current year.

Insider Buying and Selling at Grid Dynamics

In other news, CFO Anil Doradla sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $10.00, for a total transaction of $30,000.00. Following the completion of the sale, the chief financial officer now owns 385,979 shares of the company’s stock, valued at $3,859,790. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Leonard Livschitz sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $10.54, for a total transaction of $105,400.00. Following the completion of the sale, the chief executive officer now owns 3,660,691 shares of the company’s stock, valued at $38,583,683.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Anil Doradla sold 3,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $10.00, for a total value of $30,000.00. Following the transaction, the chief financial officer now owns 385,979 shares in the company, valued at $3,859,790. The disclosure for this sale can be found here. Insiders sold 73,000 shares of company stock valued at $734,850 over the last 90 days. 7.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Grid Dynamics

Several large investors have recently added to or reduced their stakes in the company. Wasatch Advisors LP lifted its stake in Grid Dynamics by 4.9% during the first quarter. Wasatch Advisors LP now owns 7,614,713 shares of the company’s stock worth $93,585,000 after purchasing an additional 357,785 shares during the last quarter. Vanguard Group Inc. lifted its stake in Grid Dynamics by 1.6% during the first quarter. Vanguard Group Inc. now owns 4,202,012 shares of the company’s stock worth $51,643,000 after purchasing an additional 64,300 shares during the last quarter. Jennison Associates LLC lifted its stake in Grid Dynamics by 1.2% in the first quarter. Jennison Associates LLC now owns 2,339,142 shares of the company’s stock valued at $28,748,000 after buying an additional 26,974 shares during the last quarter. Wellington Management Group LLP lifted its stake in Grid Dynamics by 26.7% in the fourth quarter. Wellington Management Group LLP now owns 1,878,946 shares of the company’s stock valued at $25,046,000 after buying an additional 396,320 shares during the last quarter. Finally, Summit Creek Advisors LLC lifted its stake in Grid Dynamics by 0.7% in the first quarter. Summit Creek Advisors LLC now owns 917,304 shares of the company’s stock valued at $11,274,000 after buying an additional 6,047 shares during the last quarter. 71.18% of the stock is currently owned by 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.