TD Cowen Boosts Grid Dynamics (NASDAQ:GDYN) Price Target to $19.00

Grid Dynamics (NASDAQ:GDYN) had its price objective boosted by equities researchers at TD Cowen from $16.00 to $19.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. TD Cowen’s price objective points to a potential upside of 23.70% from the stock’s current price.

GDYN has been the subject of a number of other reports. Citigroup raised their price target on shares of Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a report on Monday. Cantor Fitzgerald upgraded Grid Dynamics to a “strong-buy” rating in a research note on Monday, August 12th. JPMorgan Chase & Co. raised their price target on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Needham & Company LLC boosted their target price on shares of Grid Dynamics from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday. 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, the company has an average rating of “Buy” and an average price target of $17.50.

Grid Dynamics Trading Down 3.5 %

Shares of GDYN traded down $0.56 during midday trading on Friday, reaching $15.36. 579,942 shares of the company were exchanged, compared to its average volume of 334,442. Grid Dynamics has a 1-year low of $9.07 and a 1-year high of $17.66. The stock has a 50-day moving average price of $14.43 and a 200-day moving average price of $12.17. The company has a market cap of $1.18 billion, a price-to-earnings ratio of -1,539.46 and a beta of 1.06.

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

Insider Activity at Grid Dynamics

In other Grid Dynamics news, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $12.80, for a total value of $11,691,353.60. Following the sale, the insider now directly owns 13,889,183 shares of the company’s stock, valued at $177,781,542.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, 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 value of $11,691,353.60. Following the completion of the sale, the insider now owns 13,889,183 shares of the company’s stock, valued at $177,781,542.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Leonard Livschitz sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $14.56, for a total transaction of $218,400.00. Following the transaction, the chief executive officer now owns 3,460,901 shares in the company, valued at $50,390,718.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 958,387 shares of company stock worth $12,311,004 in the last 90 days. 7.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Grid Dynamics

Several large investors have recently made changes to their positions in GDYN. Rice Hall James & Associates LLC acquired a new stake in Grid Dynamics during the third quarter valued at approximately $1,751,000. Mount Yale Investment Advisors LLC lifted its position in shares of Grid Dynamics by 32.5% during the 3rd quarter. Mount Yale Investment Advisors LLC now owns 17,791 shares of the company’s stock valued at $249,000 after acquiring an additional 4,362 shares during the last quarter. Trust Point Inc. boosted its stake in shares of Grid Dynamics by 5.0% during the 3rd quarter. Trust Point Inc. now owns 32,290 shares of the company’s stock worth $452,000 after acquiring an additional 1,532 shares in the last quarter. Vontobel Holding Ltd. acquired a new position in shares of Grid Dynamics in the 3rd quarter worth $1,143,000. Finally, The Manufacturers Life Insurance Company raised its position in shares of Grid Dynamics by 5.6% during the second quarter. The Manufacturers Life Insurance Company now owns 22,388 shares of the company’s stock worth $235,000 after purchasing an additional 1,184 shares during the period. Institutional investors own 71.18% of the company’s stock.

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.