Citigroup Inc. Sells 17,254 Shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Citigroup Inc. reduced its holdings in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) by 45.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,535 shares of the company’s stock after selling 17,254 shares during the quarter. Citigroup Inc.’s holdings in Grid Dynamics were worth $250,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Wellington Management Group LLP increased its holdings in shares of Grid Dynamics by 113.9% in the third quarter. Wellington Management Group LLP now owns 1,482,626 shares of the company’s stock worth $18,058,000 after acquiring an additional 789,373 shares in the last quarter. Barclays PLC increased its holdings in shares of Grid Dynamics by 8.5% in the third quarter. Barclays PLC now owns 26,063 shares of the company’s stock worth $318,000 after acquiring an additional 2,036 shares in the last quarter. S Squared Technology LLC increased its holdings in shares of Grid Dynamics by 13.5% in the third quarter. S Squared Technology LLC now owns 229,781 shares of the company’s stock worth $2,799,000 after acquiring an additional 27,257 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Grid Dynamics by 7.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 428,407 shares of the company’s stock worth $5,218,000 after buying an additional 29,892 shares in the last quarter. Finally, Frontier Capital Management Co. LLC grew its holdings in shares of Grid Dynamics by 266.8% during the second quarter. Frontier Capital Management Co. LLC now owns 1,025,559 shares of the company’s stock worth $9,486,000 after buying an additional 745,942 shares in the last quarter. 71.18% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

GDYN has been the subject of a number of research reports. Citigroup increased their price objective on Grid Dynamics from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Friday, February 23rd. Cantor Fitzgerald increased their price objective on Grid Dynamics from $14.00 to $17.00 and gave the stock an “overweight” rating in a report on Wednesday, March 13th. TheStreet upgraded Grid Dynamics from a “d+” rating to a “c-” rating in a report on Tuesday, December 12th. Finally, JPMorgan Chase & Co. increased their price objective on Grid Dynamics from $16.00 to $17.00 and gave the stock an “overweight” rating in a report on Friday, February 23rd. Four analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $16.25.

Grid Dynamics Stock Performance

Shares of NASDAQ GDYN opened at $12.24 on Thursday. The stock has a 50 day moving average price of $13.13 and a 200 day moving average price of $12.57. Grid Dynamics Holdings, Inc. has a 52 week low of $8.00 and a 52 week high of $14.70. The stock has a market capitalization of $929.92 million, a PE ratio of -408.00 and a beta of 0.96.

Grid Dynamics (NASDAQ:GDYN) last released its quarterly earnings data on Thursday, February 22nd. The company reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.01). Grid Dynamics had a negative net margin of 0.56% and a positive return on equity of 6.77%. The business had revenue of $78.07 million during the quarter, compared to analyst estimates of $76.64 million. During the same period in the previous year, the business earned $0.14 earnings per share. The business’s quarterly revenue was down 3.1% on a year-over-year basis. As a group, research analysts forecast that Grid Dynamics Holdings, Inc. will post 0.08 EPS for the current year.

Insider Activity

In other news, CEO Leonard Livschitz sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $13.08, for a total value of $196,200.00. Following the completion of the sale, the chief executive officer now directly owns 2,805,442 shares of the company’s stock, valued at $36,695,181.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CFO Anil Doradla sold 4,000 shares of Grid Dynamics stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $13.26, for a total transaction of $53,040.00. Following the completion of the sale, the chief financial officer now directly owns 395,568 shares of the company’s stock, valued at approximately $5,245,231.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Leonard Livschitz sold 15,000 shares of Grid Dynamics stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $13.08, for a total value of $196,200.00. Following the sale, the chief executive officer now directly owns 2,805,442 shares of the company’s stock, valued at $36,695,181.36. The disclosure for this sale can be found here. Insiders sold a total of 109,884 shares of company stock valued at $1,418,925 over the last three months. Insiders own 7.40% of the company’s stock.

Grid Dynamics Profile

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.