Grid Dynamics (NASDAQ:GDYN) Price Target Raised to $17.00

Grid Dynamics (NASDAQ:GDYN) had its target price hoisted by analysts at JPMorgan Chase & Co. from $15.00 to $17.00 in a research note issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 24.27% from the company’s current price.

A number of other research analysts also recently issued reports on the company. Citigroup decreased their price objective on Grid Dynamics from $15.00 to $14.00 and set a “buy” rating for the company in a report on Friday, July 12th. Wedbush reiterated an “outperform” rating and set a $13.00 price objective on shares of Grid Dynamics in a report on Thursday, May 23rd. TD Cowen upgraded Grid Dynamics from a “hold” rating to a “buy” rating and increased their price objective for the stock from $12.00 to $16.00 in a report on Friday, August 2nd. Cantor Fitzgerald upgraded Grid Dynamics to a “strong-buy” rating in a report on Monday, August 12th. Finally, Needham & Company LLC increased their price objective on Grid Dynamics from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Grid Dynamics presently has a consensus rating of “Buy” and a consensus price target of $15.67.

Grid Dynamics Price Performance

Shares of Grid Dynamics stock traded down $0.38 during trading hours on Friday, hitting $13.68. The company’s stock had a trading volume of 134,408 shares, compared to its average volume of 338,961. Grid Dynamics has a 12 month low of $9.07 and a 12 month high of $14.70. The stock has a 50 day moving average of $12.53 and a 200 day moving average of $11.61. The company has a market capitalization of $1.05 billion, a PE ratio of 455.67 and a beta of 1.06.

Grid Dynamics (NASDAQ:GDYN) last announced its quarterly 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 positive return on equity of 1.05% and a negative net margin of 0.37%. The company had revenue of $83.04 million during the quarter, compared to the consensus estimate of $81.06 million. During the same period in the prior year, the company earned $0.09 earnings per share. The company’s revenue for the quarter was up 7.4% compared to the same quarter last year. Equities analysts expect that Grid Dynamics will post 0.02 EPS for the current year.

Insider Buying and Selling at Grid Dynamics

In other Grid Dynamics news, CEO Leonard Livschitz sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $13.02, for a total value of $195,300.00. Following the completion of the transaction, the chief executive officer now directly owns 3,520,901 shares in the company, valued at $45,842,131.02. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO Leonard Livschitz sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $13.02, for a total value of $195,300.00. Following the completion of the sale, the chief executive officer now directly owns 3,520,901 shares of the company’s stock, valued at $45,842,131.02. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Anil Doradla sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $10.43, for a total value of $31,290.00. Following the completion of the sale, the chief financial officer now directly owns 372,282 shares of the company’s stock, valued at $3,882,901.26. The disclosure for this sale can be found here. Insiders sold a total of 54,000 shares of company stock worth $612,200 over the last ninety days. 7.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Grid Dynamics

A number of hedge funds have recently made changes to their positions in the business. The Manufacturers Life Insurance Company lifted its position in shares of Grid Dynamics by 5.6% in the second quarter. The Manufacturers Life Insurance Company now owns 22,388 shares of the company’s stock valued at $235,000 after buying an additional 1,184 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in Grid Dynamics during the 2nd quarter worth approximately $191,000. Mount Yale Investment Advisors LLC acquired a new stake in Grid Dynamics during the 2nd quarter worth approximately $141,000. XTX Topco Ltd acquired a new stake in Grid Dynamics during the 2nd quarter worth approximately $129,000. Finally, Hsbc Holdings PLC acquired a new stake in Grid Dynamics during the 2nd quarter worth approximately $117,000. 71.18% of the stock is owned by institutional investors and hedge funds.

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.