Grid Dynamics (NASDAQ:GDYN) Hits New 1-Year High - What's Next?

Shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $15.73 and last traded at $15.70, with a volume of 141118 shares traded. The stock had previously closed at $15.54.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. JPMorgan Chase & Co. lifted their price objective on Grid Dynamics from $15.00 to $17.00 and gave the company an "overweight" rating in a research note on Friday, September 6th. Cantor Fitzgerald raised Grid Dynamics to a "strong-buy" rating in a report on Monday, August 12th. TD Cowen raised shares of Grid Dynamics from a "hold" rating to a "buy" rating and raised their target price for the company from $12.00 to $16.00 in a research note on Friday, August 2nd. Needham & Company LLC boosted their price target on shares of Grid Dynamics from $16.00 to $17.00 and gave the stock a "buy" rating in a research note on Monday, August 5th. Finally, Citigroup decreased their price target on shares of Grid Dynamics from $15.00 to $14.00 and set a "buy" rating on the stock in a report on Friday, July 12th. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $15.67.

Grid Dynamics Stock Up 0.7 %

The firm has a market capitalization of $1.20 billion, a P/E ratio of 521.67 and a beta of 1.06. The business's 50-day simple moving average is $14.10 and its 200 day simple moving average is $11.96.

Grid Dynamics (NASDAQ:GDYN - Get Free Report) last issued its earnings results on Thursday, August 1st. The company reported $0.08 EPS for the quarter, topping analysts' consensus estimates of $0.07 by $0.01. Grid Dynamics had a negative net margin of 0.37% and a positive return on equity of 1.05%. The company had revenue of $83.04 million for the quarter, compared to analysts' expectations of $81.06 million. During the same quarter last year, the company earned $0.09 EPS. The firm's revenue was up 7.4% compared to the same quarter last year.

Insiders Place Their Bets

In other news, CFO Anil Doradla sold 3,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $12.97, for a total transaction of $38,910.00. Following the completion of the sale, the chief financial officer now owns 369,282 shares of the company's stock, valued at approximately $4,789,587.54. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Leonard Livschitz sold 15,000 shares of the business's stock in a transaction dated Tuesday, October 8th. The stock was 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 in the company, valued at $50,390,718.56. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Anil Doradla sold 3,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $12.97, for a total value of $38,910.00. Following the completion of the sale, the chief financial officer now owns 369,282 shares of the company's stock, valued at approximately $4,789,587.54. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 961,387 shares of company stock valued at $12,349,914 in the last ninety days. Company insiders own 7.40% of the company's stock.

Hedge Funds Weigh In On Grid Dynamics

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Teachers Retirement System of The State of Kentucky boosted its position in Grid Dynamics by 6.7% during the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 84,379 shares of the company's stock valued at $1,125,000 after acquiring an additional 5,328 shares in the last quarter. Wellington Management Group LLP grew its stake in Grid Dynamics by 26.7% in the fourth quarter. Wellington Management Group LLP now owns 1,878,946 shares of the company's stock worth $25,046,000 after purchasing an additional 396,320 shares during the period. Wasatch Advisors LP raised its holdings in Grid Dynamics by 4.9% in the first quarter. Wasatch Advisors LP now owns 7,614,713 shares of the company's stock worth $93,585,000 after purchasing an additional 357,785 shares in the last quarter. Principal Financial Group Inc. purchased a new position in Grid Dynamics during the first quarter valued at $454,000. Finally, Jennison Associates LLC lifted its position in Grid Dynamics by 1.2% during the first quarter. Jennison Associates LLC now owns 2,339,142 shares of the company's stock valued at $28,748,000 after buying an additional 26,974 shares during the period. Institutional investors own 71.18% of the company's stock.

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.