Grid Dynamics (NASDAQ:GDYN) Reaches New 52-Week High - Here's Why

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Get Free Report)'s share price hit a new 52-week high during trading on Monday . The stock traded as high as $15.83 and last traded at $15.83, with a volume of 6894 shares. The stock had previously closed at $15.64.

Analyst Ratings Changes

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

Grid Dynamics Trading Up 2.6 %

The business has a fifty day moving average of $14.24 and a two-hundred day moving average of $12.04. The company has a market cap of $1.23 billion, a price-to-earnings ratio of 521.33 and a beta of 1.06.

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

Insider Buying and Selling

In other Grid Dynamics news, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the business's stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $12.80, for a total transaction of $11,691,353.60. Following the transaction, the insider now owns 13,889,183 shares in the company, valued at $177,781,542.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Grid Dynamics news, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $12.80, for a total value of $11,691,353.60. Following the sale, the insider now directly owns 13,889,183 shares of the company's stock, valued at $177,781,542.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Leonard Livschitz sold 15,000 shares of the company'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 completion of the sale, the chief executive officer now directly owns 3,460,901 shares of the company's stock, valued at $50,390,718.56. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 961,387 shares of company stock worth $12,349,914. 7.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Grid Dynamics

A number of large investors have recently added to or reduced their stakes in the stock. Lord Abbett & CO. LLC lifted its position in shares of Grid Dynamics by 42.3% during the 1st quarter. Lord Abbett & CO. LLC now owns 479,302 shares of the company's stock worth $5,890,000 after buying an additional 142,446 shares during the period. Silvercrest Asset Management Group LLC lifted its holdings in shares of Grid Dynamics by 43.1% in the first quarter. Silvercrest Asset Management Group LLC now owns 604,481 shares of the company's stock valued at $7,429,000 after purchasing an additional 182,052 shares in the last quarter. Comerica Bank boosted its holdings in Grid Dynamics by 198.8% during the first quarter. Comerica Bank now owns 77,820 shares of the company's stock worth $956,000 after purchasing an additional 51,778 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Grid Dynamics by 1.6% in the first quarter. Vanguard Group Inc. now owns 4,202,012 shares of the company's stock valued at $51,643,000 after buying an additional 64,300 shares in the last quarter. Finally, Wasatch Advisors LP lifted its position in shares of Grid Dynamics by 4.9% in the first quarter. Wasatch Advisors LP now owns 7,614,713 shares of the company's stock valued at $93,585,000 after buying an additional 357,785 shares during the last quarter. 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.