Grid Dynamics (NASDAQ:GDYN) Trading Down 3.5% – Here’s Why

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) traded down 3.5% during trading on Wednesday . The company traded as low as $21.04 and last traded at $20.73. 36,941 shares were traded during mid-day trading, a decline of 94% from the average session volume of 660,198 shares. The stock had previously closed at $21.49.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on GDYN. JPMorgan Chase & Co. upped their target price on shares of Grid Dynamics from $17.00 to $18.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Needham & Company LLC increased their price objective on Grid Dynamics from $20.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Citigroup lifted their target price on Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Finally, TD Cowen increased their price target on Grid Dynamics from $16.00 to $19.00 and gave the stock a “buy” rating in a report 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, Grid Dynamics currently has an average rating of “Buy” and a consensus target price of $18.33.

Grid Dynamics Stock Performance

The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of 713.57 and a beta of 1.01. The firm has a fifty day moving average price of $20.26 and a 200 day moving average price of $16.40.

Grid Dynamics (NASDAQ:GDYN) last issued its earnings results on Thursday, October 31st. The company reported $0.10 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 for the quarter, compared to analyst estimates of $85.09 million. During the same period in the previous year, the firm earned $0.08 EPS. The business’s revenue was up 12.9% on a year-over-year basis. Research analysts predict that Grid Dynamics Holdings, Inc. will post 0.03 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Anil Doradla sold 4,000 shares of Grid Dynamics stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $17.66, for a total transaction of $70,640.00. Following the completion of the transaction, the chief financial officer now owns 376,282 shares of the company’s stock, valued at $6,645,140.12. The trade was a 1.05 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In the last three months, insiders sold 13,000 shares of company stock worth $247,220. Company insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On Grid Dynamics

Several hedge funds have recently added to or reduced their stakes in GDYN. Lord Abbett & CO. LLC purchased a new stake in Grid Dynamics in the 3rd quarter valued at approximately $8,589,000. Vontobel Holding Ltd. purchased a new stake in shares of Grid Dynamics during the third quarter worth about $1,143,000. Barclays PLC raised its position in shares of Grid Dynamics by 173.8% in the third quarter. Barclays PLC now owns 111,182 shares of the company’s stock valued at $1,556,000 after buying an additional 70,579 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Grid Dynamics by 30.9% during the third quarter. Wellington Management Group LLP now owns 2,859,808 shares of the company’s stock valued at $40,037,000 after buying an additional 675,419 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of Grid Dynamics by 1.3% during the third quarter. Geode Capital Management LLC now owns 1,381,429 shares of the company’s stock valued at $19,344,000 after buying an additional 17,763 shares during the period. 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.