Renaissance Group LLC Purchases New Holdings in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Renaissance Group LLC bought a new stake in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 222,720 shares of the company's stock, valued at approximately $4,953,000. Renaissance Group LLC owned about 0.27% of Grid Dynamics at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Global Retirement Partners LLC acquired a new position in shares of Grid Dynamics during the 4th quarter valued at about $27,000. MCF Advisors LLC grew its holdings in Grid Dynamics by 65.8% in the fourth quarter. MCF Advisors LLC now owns 1,864 shares of the company's stock valued at $41,000 after purchasing an additional 740 shares during the period. FMR LLC increased its position in Grid Dynamics by 38.7% during the third quarter. FMR LLC now owns 2,873 shares of the company's stock worth $40,000 after purchasing an additional 801 shares during the last quarter. Skandinaviska Enskilda Banken AB publ increased its position in Grid Dynamics by 68.4% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 3,157 shares of the company's stock worth $71,000 after purchasing an additional 1,282 shares during the last quarter. Finally, Quarry LP raised its stake in Grid Dynamics by 131.5% during the third quarter. Quarry LP now owns 5,236 shares of the company's stock worth $73,000 after purchasing an additional 2,974 shares during the period. 71.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, COO Yury Gryzlov sold 2,000 shares of the company's stock in a transaction on Tuesday, April 8th. The shares were sold at an average price of $13.97, for a total value of $27,940.00. Following the completion of the transaction, the chief operating officer now directly owns 476,269 shares in the company, valued at approximately $6,653,477.93. This represents a 0.42 % 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. Over the last quarter, insiders sold 19,043 shares of company stock worth $349,078. 7.20% of the stock is currently owned by corporate insiders.

Grid Dynamics Price Performance

GDYN stock traded up $0.01 during midday trading on Friday, reaching $13.53. 568,640 shares of the company's stock traded hands, compared to its average volume of 605,206. Grid Dynamics Holdings, Inc. has a fifty-two week low of $9.07 and a fifty-two week high of $25.50. The business has a 50-day moving average price of $18.13 and a two-hundred day moving average price of $18.39. The company has a market capitalization of $1.13 billion, a P/E ratio of 338.25 and a beta of 0.99.

Grid Dynamics (NASDAQ:GDYN - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The company reported $0.04 earnings per share for the quarter, missing analysts' consensus estimates of $0.10 by ($0.06). Grid Dynamics had a negative return on equity of 0.33% and a net margin of 1.15%. The business had revenue of $100.28 million for the quarter, compared to analysts' expectations of $96.00 million. As a group, research analysts forecast that Grid Dynamics Holdings, Inc. will post 0.18 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Needham & Company LLC boosted their price objective on shares of Grid Dynamics from $25.00 to $30.00 and gave the company a "buy" rating in a research note on Friday, February 21st. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $19.60.

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.