Bank of New York Mellon Corp Has $8.50 Million Stock Position in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Bank of New York Mellon Corp lifted its stake in shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Free Report) by 95.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 382,213 shares of the company's stock after purchasing an additional 186,661 shares during the period. Bank of New York Mellon Corp owned approximately 0.46% of Grid Dynamics worth $8,500,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of GDYN. Global Retirement Partners LLC bought a new position in Grid Dynamics in the 4th quarter valued at $27,000. MCF Advisors LLC boosted its position in Grid Dynamics by 65.8% in the 4th quarter. MCF Advisors LLC now owns 1,864 shares of the company's stock valued at $41,000 after buying an additional 740 shares during the last quarter. FMR LLC boosted its position in Grid Dynamics by 38.7% in the 3rd quarter. FMR LLC now owns 2,873 shares of the company's stock valued at $40,000 after buying an additional 801 shares during the last quarter. Quarry LP boosted its position in Grid Dynamics by 131.5% in the 3rd quarter. Quarry LP now owns 5,236 shares of the company's stock valued at $73,000 after buying an additional 2,974 shares during the last quarter. Finally, Quantbot Technologies LP bought a new position in Grid Dynamics in the 3rd quarter valued at $122,000. 71.18% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Grid Dynamics news, CFO Anil Doradla sold 2,000 shares of Grid Dynamics stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $24.09, for a total value of $48,180.00. Following the sale, the chief financial officer now owns 341,012 shares of the company's stock, valued at $8,214,979.08. This trade represents a 0.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Yury Gryzlov sold 10,306 shares of Grid Dynamics stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $18.66, for a total value of $192,309.96. Following the completion of the sale, the chief operating officer now directly owns 482,759 shares in the company, valued at $9,008,282.94. This represents a 2.09 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 19,306 shares of company stock worth $376,590. Corporate insiders own 7.20% of the company's stock.

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Wall Street Analyst Weigh In

Separately, Needham & Company LLC raised their price target on Grid Dynamics from $25.00 to $30.00 and gave the stock a "buy" rating in a research report 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 company's stock. Based on data from MarketBeat, Grid Dynamics has an average rating of "Buy" and a consensus target price of $19.60.

Grid Dynamics Trading Down 4.0 %

Shares of NASDAQ:GDYN traded down $0.69 during midday trading on Tuesday, hitting $16.60. The company had a trading volume of 438,917 shares, compared to its average volume of 554,080. Grid Dynamics Holdings, Inc. has a 12 month low of $9.07 and a 12 month high of $25.50. The stock has a market cap of $1.39 billion, a price-to-earnings ratio of 415.00 and a beta of 1.10. The firm has a fifty day simple moving average of $20.74 and a 200 day simple moving average of $18.22.

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

Grid Dynamics 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.