Grid Dynamics (NASDAQ:GDYN) Reaches New 12-Month High – Here’s What Happened

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) reached a new 52-week high during trading on Tuesday. The company traded as high as $14.07 and last traded at $14.06, with a volume of 2,581,570 shares. The stock had previously closed at $13.30.

Analyst Ratings Changes

GDYN has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their price target on shares of Grid Dynamics from $8.00 to $11.00 and gave the stock an “overweight” rating in a research report on Friday, October 30th. Needham & Company LLC raised their price objective on shares of Grid Dynamics from $10.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, October 30th. Zacks Research cut shares of Grid Dynamics from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 15th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Grid Dynamics in a research note on Thursday, October 29th. Finally, Wall Street Zen upgraded shares of Grid Dynamics from a “hold” rating to a “buy” rating in a report on Saturday. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Grid Dynamics currently has a consensus rating of “Hold” and an average price target of $11.80.

Grid Dynamics Stock Performance

The company has a fifty day moving average of $8.79 and a two-hundred day moving average of $7.13. The company has a market cap of $1.14 billion, a PE ratio of 156.22 and a beta of 0.88.

Grid Dynamics (NASDAQ:GDYN) last released its quarterly earnings results on Thursday, October 29th. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.05. Grid Dynamics had a net margin of 1.81% and a return on equity of 3.24%. The firm had revenue of $114.29 million during the quarter, compared to analysts’ expectations of $112.77 million. On average, equities analysts forecast that Grid Dynamics Holdings, Inc. will post 0.26 EPS for the current year.

Insider Activity

In other news, Director Lloyd Carney sold 12,542 shares of the business’s stock in a transaction on Friday, November 6th. The shares were sold at an average price of $13.16, for a total transaction of $165,052.72. Following the completion of the sale, the director directly owned 677,130 shares of the company’s stock, valued at approximately $8,911,030.80. The trade was a 1.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Yury Gryzlov sold 4,715 shares of the business’s stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $13.55, for a total transaction of $63,888.25. Following the completion of the sale, the chief operating officer directly owned 480,063 shares of the company’s stock, valued at approximately $6,504,853.65. This trade represents a 0.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 118,339 shares of company stock valued at $1,407,567. 6.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Grid Dynamics

Institutional investors have recently bought and sold shares of the business. Bastion Asset Management Inc. purchased a new position in shares of Grid Dynamics in the 1st quarter valued at $6,899,000. Summit Creek Advisors LLC raised its position in shares of Grid Dynamics by 13.1% in the 3rd quarter. Summit Creek Advisors LLC now owns 488,332 shares of the company’s stock valued at $3,848,000 after purchasing an additional 56,661 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Grid Dynamics by 13.3% during the third quarter. Russell Investments Group Ltd. now owns 481,142 shares of the company’s stock worth $3,774,000 after buying an additional 56,505 shares during the period. Squarepoint Ops LLC acquired a new stake in Grid Dynamics during the 2nd quarter worth about $2,702,000. Finally, Bank of America Corp DE lifted its holdings in shares of Grid Dynamics by 76.4% during the first quarter. Bank of America Corp DE now owns 364,342 shares of the company’s stock worth $2,077,000 after purchasing an additional 157,767 shares during the period. 71.18% of the stock is owned by hedge funds and other institutional investors.

About Grid Dynamics

Grid Dynamics Holdings, Inc. (NASDAQ: GDYN) is a digital engineering and technology services company that helps enterprises modernize their technology infrastructure and develop data-driven products. Its services include software engineering, cloud computing, data engineering, artificial intelligence and machine learning, user experience design, and application modernization. The company develops and implements technology solutions for industries including retail and consumer packaged goods, financial services, manufacturing, healthcare, and technology.