JPMorgan Chase & Co. Increases Grid Dynamics (NASDAQ:GDYN) Price Target to $18.00

Grid Dynamics (NASDAQ:GDYN - Get Free Report) had its price target lifted by equities researchers at JPMorgan Chase & Co. from $17.00 to $18.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price points to a potential upside of 12.99% from the stock's previous close.

A number of other brokerages have also weighed in on GDYN. Citigroup boosted their price objective on Grid Dynamics from $17.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday. Needham & Company LLC upped their price objective on Grid Dynamics from $16.00 to $17.00 and gave the company a "buy" rating in a research note on Monday, August 5th. TD Cowen upgraded shares of Grid Dynamics from a "hold" rating to a "buy" rating and lifted their target price for the stock from $12.00 to $16.00 in a research report on Friday, August 2nd. Finally, Cantor Fitzgerald raised shares of Grid Dynamics to a "strong-buy" rating in a report on Monday, August 12th. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Grid Dynamics has an average rating of "Buy" and a consensus target price of $16.50.

Grid Dynamics Price Performance

Shares of GDYN stock traded down $0.27 on Wednesday, hitting $15.93. 691,672 shares of the company's stock were exchanged, compared to its average volume of 331,888. The company has a 50 day moving average of $14.34 and a 200 day moving average of $12.12. The stock has a market cap of $1.22 billion, a P/E ratio of -1,610.00 and a beta of 1.06. Grid Dynamics has a 12 month low of $9.07 and a 12 month high of $16.32.

Grid Dynamics (NASDAQ:GDYN - Get Free Report) last posted 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. The firm had revenue of $83.04 million during 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 revenue for the quarter was up 7.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.09 earnings per share.

Insider Buying and Selling at Grid Dynamics

In other news, CEO Leonard Livschitz sold 15,000 shares of the company's stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $14.56, for a total value of $218,400.00. Following the sale, the chief executive officer now directly owns 3,460,901 shares of the company's stock, valued at approximately $50,390,718.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO Leonard Livschitz sold 15,000 shares of Grid Dynamics stock in a transaction dated Tuesday, October 8th. The stock was sold at an average price of $14.56, for a total value of $218,400.00. Following the completion of the transaction, the chief executive officer now directly owns 3,460,901 shares of the company's stock, valued at approximately $50,390,718.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the company's stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $12.80, for a total value of $11,691,353.60. Following the sale, the insider now owns 13,889,183 shares in the company, valued at approximately $177,781,542.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 961,387 shares of company stock valued at $12,349,914. 7.40% of the stock is currently owned by company insiders.

Institutional Trading of Grid Dynamics

Several hedge funds have recently modified their holdings of GDYN. Vanguard Group Inc. raised its stake in Grid Dynamics by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 4,202,012 shares of the company's stock worth $51,643,000 after buying an additional 64,300 shares during the period. Jennison Associates LLC raised its position in shares of Grid Dynamics by 1.2% during the first quarter. Jennison Associates LLC now owns 2,339,142 shares of the company's stock worth $28,748,000 after purchasing an additional 26,974 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Grid Dynamics by 14.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,672,906 shares of the company's stock worth $17,581,000 after purchasing an additional 206,201 shares in the last quarter. Summit Creek Advisors LLC grew its position in Grid Dynamics by 25.1% in 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, Fourth Sail Capital LP increased its stake in Grid Dynamics by 138.0% during the 2nd quarter. Fourth Sail Capital LP now owns 769,924 shares of the company's stock valued at $8,092,000 after purchasing an additional 446,477 shares in 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.