Grid Dynamics (NASDAQ:GDYN) Shares Gap Up on Analyst Upgrade

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Get Free Report)'s share price gapped up prior to trading on Friday after TD Cowen raised their price target on the stock from $16.00 to $19.00. The stock had previously closed at $15.92, but opened at $17.66. TD Cowen currently has a buy rating on the stock. Grid Dynamics shares last traded at $16.09, with a volume of 144,260 shares trading hands.

A number of other equities analysts also recently commented on GDYN. Cantor Fitzgerald upgraded shares of Grid Dynamics to a "strong-buy" rating in a report on Monday, August 12th. JPMorgan Chase & Co. increased their price target on Grid Dynamics from $17.00 to $18.00 and gave the stock an "overweight" rating in a report on Wednesday. Needham & Company LLC lifted their target price on shares of Grid Dynamics from $17.00 to $20.00 and gave the company a "buy" rating in a report on Friday. Finally, Citigroup increased their target price on Grid Dynamics from $17.00 to $18.00 and gave the stock a "buy" rating in a research note on Monday. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $17.50.

Insider Buying and Selling

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 owns 3,460,901 shares in the company, valued at approximately $50,390,718.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Grid Dynamics news, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the firm's 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 in the company, valued at $177,781,542.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 value of $218,400.00. Following 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 represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 958,387 shares of company stock valued at $12,311,004 in the last three months. 7.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Grid Dynamics

Hedge funds have recently added to or reduced their stakes in the stock. Fourth Sail Capital LP grew its position in shares of Grid Dynamics by 138.0% in the 2nd quarter. Fourth Sail Capital LP now owns 769,924 shares of the company's stock valued at $8,092,000 after buying an additional 446,477 shares during the last quarter. Summit Creek Advisors LLC lifted its holdings in shares of 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 last quarter. Dimensional Fund Advisors LP boosted its position 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 valued at $17,581,000 after purchasing an additional 206,201 shares during the period. Silvercrest Asset Management Group LLC grew its stake in Grid Dynamics by 43.1% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 604,481 shares of the company's stock worth $7,429,000 after buying an additional 182,052 shares during the last quarter. Finally, Lord Abbett & CO. LLC increased its position in Grid Dynamics by 42.3% during the first 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. 71.18% of the stock is currently owned by hedge funds and other institutional investors.

Grid Dynamics Stock Down 4.3 %

The company has a market cap of $1.17 billion, a price-to-earnings ratio of -1,539.46 and a beta of 1.06. The firm has a 50-day simple moving average of $14.43 and a 200 day simple moving average of $12.17.

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

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.