Grid Dynamics (NASDAQ:GDYN) Stock Price Up 4.9% - Here's Why

Shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Get Free Report) were up 4.9% during trading on Thursday . The company traded as high as $20.27 and last traded at $20.25. Approximately 421,597 shares traded hands during mid-day trading, an increase of 8% from the average daily volume of 389,699 shares. The stock had previously closed at $19.31.

Analyst Ratings Changes

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

Grid Dynamics Trading Up 5.7 %

The stock's fifty day moving average price is $17.44 and its 200 day moving average price is $14.12. The stock has a market cap of $1.68 billion, a P/E ratio of 680.56 and a beta of 1.06.

Grid Dynamics (NASDAQ:GDYN - Get Free Report) last announced its earnings results on Thursday, October 31st. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $85.09 million. During the same period in the previous year, the business earned $0.08 earnings per share. The firm's quarterly revenue was up 12.9% compared to the same quarter last year. On average, analysts anticipate that Grid Dynamics Holdings, Inc. will post 0.03 earnings per share for the current year.

Insider Activity

In related news, CEO Leonard Livschitz sold 15,000 shares of the stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $14.56, for a total transaction of $218,400.00. Following the transaction, the chief executive officer now owns 3,460,901 shares of the company's stock, valued at approximately $50,390,718.56. This trade represents a 0.43 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Anil Doradla sold 3,000 shares of Grid Dynamics stock in a transaction on Friday, November 1st. The stock was sold at an average price of $17.66, for a total transaction of $52,980.00. Following the completion of the transaction, the chief financial officer now owns 380,282 shares in the company, valued at approximately $6,715,780.12. The trade was a 0.78 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 40,000 shares of company stock worth $605,210. 7.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Grid Dynamics

Several institutional investors have recently bought and sold shares of GDYN. Wellington Management Group LLP grew its holdings in Grid Dynamics by 30.9% in the 3rd quarter. Wellington Management Group LLP now owns 2,859,808 shares of the company's stock worth $40,037,000 after acquiring an additional 675,419 shares during the last quarter. Lord Abbett & CO. LLC purchased a new stake in shares of Grid Dynamics during the third quarter worth about $8,589,000. Fourth Sail Capital LP grew its stake in shares of Grid Dynamics by 138.0% in the second quarter. Fourth Sail Capital LP now owns 769,924 shares of the company's stock worth $8,092,000 after purchasing an additional 446,477 shares during the last quarter. Summit Creek Advisors LLC increased its holdings in Grid Dynamics by 25.1% during the 2nd quarter. Summit Creek Advisors LLC now owns 1,147,992 shares of the company's stock valued at $12,065,000 after purchasing an additional 230,688 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in Grid Dynamics by 14.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,672,906 shares of the company's stock valued at $17,581,000 after purchasing an additional 206,201 shares during the last quarter. 71.18% of the stock is currently owned by hedge funds and other institutional investors.

About Grid Dynamics

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.