Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) Receives $17.50 Average PT from Brokerages

Shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) have received an average rating of “Buy” from the six ratings firms that are currently covering the firm, MarketBeat Ratings reports. Five research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $17.50.

A number of equities analysts have weighed in on GDYN shares. TD Cowen lifted their price objective on Grid Dynamics from $16.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, November 1st. JPMorgan Chase & Co. lifted their price target on Grid Dynamics from $17.00 to $18.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Needham & Company LLC lifted their price target on Grid Dynamics from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Cantor Fitzgerald upgraded Grid Dynamics to a “strong-buy” rating in a research note on Monday, August 12th. Finally, Citigroup lifted their price target on Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, October 28th.

Grid Dynamics Stock Performance

NASDAQ GDYN opened at $16.25 on Thursday. The stock has a 50-day simple moving average of $15.19 and a two-hundred day simple moving average of $12.72. The firm has a market capitalization of $1.25 billion, a P/E ratio of 541.67 and a beta of 1.04. Grid Dynamics has a fifty-two week low of $9.07 and a fifty-two week high of $19.86.

Grid Dynamics (NASDAQ:GDYN) last released its quarterly earnings data on Thursday, October 31st. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.01. The business had revenue of $87.40 million during the quarter, compared to analyst estimates of $85.09 million. Grid Dynamics had a return on equity of 0.15% and a net margin of 0.74%. The company’s revenue was up 12.9% on a year-over-year basis. During the same quarter last year, the business posted $0.08 EPS.

Insiders Place Their Bets

In other news, CEO Leonard Livschitz sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $13.73, for a total transaction of $205,950.00. Following the transaction, the chief executive officer now directly owns 3,475,901 shares in the company, valued at $47,724,120.73. The trade was a 0.43 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the company’s stock in a transaction that occurred on 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 trade represents a 6.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 950,387 shares of company stock worth $12,239,324. Corporate insiders own 7.40% of the company’s stock.

Institutional Investors Weigh In On Grid Dynamics

Large investors have recently made changes to their positions in the stock. Lord Abbett & CO. LLC grew its position in shares of Grid Dynamics by 42.3% in the first quarter. Lord Abbett & CO. LLC now owns 479,302 shares of the company’s stock valued at $5,890,000 after purchasing an additional 142,446 shares in the last quarter. Silvercrest Asset Management Group LLC grew its position in Grid Dynamics by 43.1% in the first quarter. Silvercrest Asset Management Group LLC now owns 604,481 shares of the company’s stock worth $7,429,000 after acquiring an additional 182,052 shares during the period. Comerica Bank grew its position in Grid Dynamics by 198.8% in the first quarter. Comerica Bank now owns 77,820 shares of the company’s stock worth $956,000 after acquiring an additional 51,778 shares during the period. Vanguard Group Inc. grew its position in Grid Dynamics by 1.6% in the first quarter. Vanguard Group Inc. now owns 4,202,012 shares of the company’s stock worth $51,643,000 after acquiring an additional 64,300 shares during the period. Finally, Fourth Sail Capital LP grew its position in Grid Dynamics by 138.0% in the second quarter. Fourth Sail Capital LP now owns 769,924 shares of the company’s stock worth $8,092,000 after acquiring an additional 446,477 shares during the period. 71.18% of the stock is currently owned by hedge funds and other institutional investors.

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.