Shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Get Free Report) gapped down prior to trading on Wednesday after an insider sold shares in the company. The stock had previously closed at $19.12, but opened at $18.24. Grid Dynamics shares last traded at $18.08, with a volume of 905,221 shares traded.
Specifically, CFO Anil Doradla sold 4,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $17.66, for a total value of $70,640.00. Following the transaction, the chief financial officer now directly owns 376,282 shares in the company, valued at approximately $6,645,140.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Wall Street Analysts Forecast Growth
GDYN has been the topic of a number of recent research reports. Cantor Fitzgerald raised Grid Dynamics to a "strong-buy" rating in a report on Monday, August 12th. Needham & Company LLC lifted their price objective on Grid Dynamics from $17.00 to $20.00 and gave the company a "buy" rating in a research report on Friday, November 1st. JPMorgan Chase & Co. increased their target price on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock an "overweight" rating in a report on Wednesday, October 30th. TD Cowen lifted their price target on shares of Grid Dynamics from $16.00 to $19.00 and gave the company a "buy" rating in a report on Friday, November 1st. Finally, Citigroup upped their price target on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, October 28th. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $17.50.
View Our Latest Report on GDYN
Grid Dynamics Price Performance
The firm's 50-day moving average price is $14.99 and its 200-day moving average price is $12.59. The stock has a market cap of $1.39 billion, a P/E ratio of 610.20 and a beta of 1.04.
Grid Dynamics (NASDAQ:GDYN - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.09 by $0.01. Grid Dynamics had a net margin of 0.74% and a return on equity of 0.15%. The company had revenue of $87.40 million for the quarter, compared to the consensus estimate of $85.09 million. During the same period in the previous year, the firm posted $0.08 EPS. Grid Dynamics's revenue for the quarter was up 12.9% compared to the same quarter last year.
Hedge Funds Weigh In On Grid Dynamics
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC increased its stake in Grid Dynamics by 38.7% in the 3rd quarter. FMR LLC now owns 2,873 shares of the company's stock worth $40,000 after acquiring an additional 801 shares during the last quarter. Quantbot Technologies LP bought a new stake in Grid Dynamics in the third quarter worth $122,000. Harbor Capital Advisors Inc. raised its stake in Grid Dynamics by 21.3% during the second quarter. Harbor Capital Advisors Inc. now owns 10,073 shares of the company's stock valued at $106,000 after purchasing an additional 1,770 shares in the last quarter. ProShare Advisors LLC bought a new position in Grid Dynamics during the first quarter valued at $124,000. Finally, Intech Investment Management LLC purchased a new position in shares of Grid Dynamics in the 3rd quarter worth $153,000. 71.18% of the stock is owned by institutional investors.
About Grid Dynamics
(
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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.
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