Grid Dynamics (NASDAQ:GDYN) Trading Down 7.1% – Here’s What Happened

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) shares traded down 7.1% on Wednesday . The stock traded as low as $6.26 and last traded at $6.1850. 307,325 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 1,590,527 shares. The stock had previously closed at $6.66.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. TD Cowen lowered their price target 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. JPMorgan Chase & Co. cut their price objective on shares of Grid Dynamics from $10.00 to $9.00 and set an “overweight” rating on the stock in a report on Wednesday, February 18th. Zacks Research raised shares of Grid Dynamics from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 6th. Northland Securities reduced their price target on Grid Dynamics from $14.00 to $12.00 and set an “outperform” rating for the company in a research report on Monday, March 9th. Finally, Weiss Ratings lowered Grid Dynamics from a “sell (d+)” rating to a “sell (d)” rating in a research report on Monday, May 4th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $10.00.

Grid Dynamics Trading Down 5.3%

The stock has a market cap of $527.29 million, a PE ratio of 126.19 and a beta of 0.86. The business’s 50-day moving average price is $6.06 and its 200-day moving average price is $7.63.

Grid Dynamics (NASDAQ:GDYN) last posted 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. The firm had revenue of $104.10 million during the quarter, compared to analysts’ expectations of $103.32 million. Grid Dynamics had a return on equity of 1.20% and a net margin of 1.27%.The business’s quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.11 EPS. As a group, analysts predict that Grid Dynamics Holdings, Inc. will post 0.1 earnings per share for the current year.

Hedge Funds Weigh In On Grid Dynamics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Hantz Financial Services Inc. raised its position in shares of Grid Dynamics by 175.5% in the 4th quarter. Hantz Financial Services Inc. now owns 3,229 shares of the company’s stock valued at $29,000 after purchasing an additional 2,057 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Grid Dynamics by 273.2% in the 4th quarter. GAMMA Investing LLC now owns 3,598 shares of the company’s stock valued at $32,000 after purchasing an additional 2,634 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of Grid Dynamics in the 2nd quarter valued at approximately $43,000. SBI Securities Co. Ltd. purchased a new position in shares of Grid Dynamics in the 3rd quarter valued at approximately $31,000. Finally, Quarry LP raised its position in shares of Grid Dynamics by 57.1% in the 3rd quarter. Quarry LP now owns 4,835 shares of the company’s stock valued at $37,000 after purchasing an additional 1,757 shares during the last quarter. 71.18% of the stock is owned by hedge funds and other institutional investors.

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.