Grid Dynamics (NASDAQ:GDYN) Sees Strong Trading Volume on Analyst Upgrade

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) shares saw unusually-high trading volume on Wednesday after Zacks Research upgraded the stock from a strong sell rating to a hold rating. Approximately 2,646,355 shares traded hands during mid-day trading, an increase of 82% from the previous session’s volume of 1,452,285 shares.The stock last traded at $6.5850 and had previously closed at $6.10.

Other equities research analysts also recently issued research reports about the stock. TD Cowen reduced their price objective on shares of Grid Dynamics from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Friday, May 1st. Northland Securities reduced their price target on shares of Grid Dynamics from $14.00 to $12.00 and set an “outperform” rating for the company in a research report on Monday, March 9th. Weiss Ratings downgraded shares of Grid Dynamics from a “sell (d+)” rating to a “sell (d)” rating in a research report on Monday. Needham & Company LLC reduced their price target on shares of Grid Dynamics from $10.00 to $8.00 and set a “buy” rating for the company in a research report on Friday, May 1st. Finally, JPMorgan Chase & Co. reduced their price target on shares of Grid Dynamics from $10.00 to $9.00 and set an “overweight” rating for the company in a research report on Wednesday, February 18th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $10.00.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. PNC Financial Services Group Inc. increased its stake in shares of Grid Dynamics by 60.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 8,315 shares of the company’s stock worth $47,000 after purchasing an additional 3,122 shares in the last quarter. Bastion Asset Management Inc. purchased a new position in shares of Grid Dynamics during the 1st quarter worth approximately $6,899,000. Illinois Municipal Retirement Fund increased its stake in shares of Grid Dynamics by 10.0% during the 1st quarter. Illinois Municipal Retirement Fund now owns 34,472 shares of the company’s stock worth $196,000 after purchasing an additional 3,143 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Grid Dynamics by 2.4% during the 1st quarter. Principal Financial Group Inc. now owns 323,773 shares of the company’s stock worth $1,846,000 after purchasing an additional 7,548 shares in the last quarter. Finally, Fifth Third Bancorp increased its stake in shares of Grid Dynamics by 1,209.4% during the 1st quarter. Fifth Third Bancorp now owns 33,940 shares of the company’s stock worth $193,000 after purchasing an additional 31,348 shares in the last quarter. 71.18% of the stock is owned by hedge funds and other institutional investors.

Grid Dynamics Trading Down 0.3%

The stock’s 50 day moving average price is $6.05 and its two-hundred day moving average price is $7.66. The firm has a market capitalization of $594.89 million, a PE ratio of 116.50 and a beta of 0.86.

Grid Dynamics (NASDAQ:GDYN) last issued its quarterly earnings data on Thursday, April 30th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. Grid Dynamics had a net margin of 1.27% and a return on equity of 1.20%. The business had revenue of $104.10 million during the quarter, compared to analysts’ expectations of $103.32 million. During the same period last year, the company posted $0.11 EPS. The company’s revenue was up 3.7% on a year-over-year basis. Analysts expect that Grid Dynamics Holdings, Inc. will post 0.1 earnings per share for the current year.

Grid Dynamics Company Profile

Grid Dynamics (NASDAQ: GDYN) is a digital engineering and technology services company that helps enterprises accelerate their digital transformation initiatives. The company specializes in designing and implementing scalable, cloud-native solutions that leverage advanced analytics, machine learning and artificial intelligence to optimize operations, enhance customer experiences and drive revenue growth. Its technology expertise spans e-commerce platforms, modern data architectures, DevOps and automation, as well as custom application development across a range of industries including retail, financial services, high tech and automotive.

Key service offerings include cloud migration and modernization, data engineering and analytics, AI/ML-driven insights, digital commerce and omnichannel solutions.