Grid Dynamics (NASDAQ:GDYN) Reaches New 1-Year High - Here's What Happened

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Get Free Report)'s share price hit a new 52-week high during trading on Friday . The company traded as high as $24.60 and last traded at $24.35, with a volume of 3153 shares. The stock had previously closed at $24.03.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Citigroup boosted their price objective on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock a "buy" rating in a research note on Monday, October 28th. TD Cowen increased their price objective on Grid Dynamics from $16.00 to $19.00 and gave the company a "buy" rating in a report on Friday, November 1st. Needham & Company LLC boosted their target price on Grid Dynamics from $20.00 to $25.00 and gave the stock a "buy" rating in a research note on Thursday, December 12th. Finally, JPMorgan Chase & Co. increased their price target on Grid Dynamics from $17.00 to $18.00 and gave the company an "overweight" rating in a research note on Wednesday, October 30th. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $18.33.

Grid Dynamics Stock Up 3.2 %

The stock has a market capitalization of $1.95 billion, a price-to-earnings ratio of 790.96 and a beta of 1.01. The business's 50-day moving average is $21.09 and its two-hundred day moving average is $17.10.

Insider Transactions at Grid Dynamics

In other news, CFO Anil Doradla sold 3,000 shares of the company's stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $22.12, for a total value of $66,360.00. Following the completion of the transaction, the chief financial officer now owns 343,012 shares in the company, valued at approximately $7,587,425.44. This represents a 0.87 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 7.20% of the company's stock.

Institutional Investors Weigh In On Grid Dynamics

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Fox Run Management L.L.C. acquired a new stake in shares of Grid Dynamics during the fourth quarter worth about $223,000. KLP Kapitalforvaltning AS acquired a new position in Grid Dynamics during the fourth quarter worth approximately $269,000. Sei Investments Co. lifted its stake in Grid Dynamics by 18.6% in the fourth quarter. Sei Investments Co. now owns 447,277 shares of the company's stock valued at $9,947,000 after buying an additional 70,192 shares during the last quarter. American Century Companies Inc. grew its position in shares of Grid Dynamics by 824.9% during the fourth quarter. American Century Companies Inc. now owns 621,465 shares of the company's stock worth $13,821,000 after acquiring an additional 554,275 shares during the last quarter. Finally, Quantbot Technologies LP raised its position in Grid Dynamics by 384.2% in the 4th quarter. Quantbot Technologies LP now owns 42,277 shares of the company's stock valued at $940,000 after purchasing an additional 33,546 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 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.