Grid Dynamics (NASDAQ:GDYN) Hits New 52-Week High Following Analyst Upgrade

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) reached a new 52-week high during trading on Friday after Needham & Company LLC raised their price target on the stock from $25.00 to $30.00. Needham & Company LLC currently has a buy rating on the stock. Grid Dynamics traded as high as $25.50 and last traded at $23.90, with a volume of 347254 shares trading hands. The stock had previously closed at $20.48.

GDYN has been the subject of several other reports. JPMorgan Chase & Co. lifted their target price on Grid Dynamics from $17.00 to $18.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. TD Cowen raised their price target on Grid Dynamics from $16.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Finally, Citigroup raised their price target on Grid Dynamics from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Grid Dynamics has an average rating of “Buy” and a consensus target price of $19.17.

Insiders Place Their Bets

In other Grid Dynamics news, CFO Anil Doradla sold 2,000 shares of Grid Dynamics stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $24.09, for a total transaction of $48,180.00. Following the transaction, the chief financial officer now directly owns 341,012 shares in the company, valued at approximately $8,214,979.08. The trade was a 0.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last ninety days, insiders have sold 8,000 shares of company stock worth $171,780. Corporate insiders own 7.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. MCF Advisors LLC lifted its holdings in Grid Dynamics by 65.8% during the fourth quarter. MCF Advisors LLC now owns 1,864 shares of the company’s stock worth $41,000 after acquiring an additional 740 shares in the last quarter. FMR LLC lifted its holdings in shares of Grid Dynamics by 38.7% in the third quarter. FMR LLC now owns 2,873 shares of the company’s stock valued at $40,000 after purchasing an additional 801 shares in the last quarter. Harbor Capital Advisors Inc. lifted its holdings in shares of Grid Dynamics by 10.5% in the fourth quarter. Harbor Capital Advisors Inc. now owns 10,903 shares of the company’s stock valued at $242,000 after purchasing an additional 1,036 shares in the last quarter. State of Wyoming lifted its holdings in shares of Grid Dynamics by 4.1% in the fourth quarter. State of Wyoming now owns 26,495 shares of the company’s stock valued at $589,000 after purchasing an additional 1,046 shares in the last quarter. Finally, Coppell Advisory Solutions LLC bought a new stake in shares of Grid Dynamics in the fourth quarter valued at about $25,000. 71.18% of the stock is currently owned by institutional investors.

Grid Dynamics Stock Up 4.3 %

The company has a market capitalization of $1.76 billion, a P/E ratio of 534.25 and a beta of 1.01. The business has a fifty day moving average price of $21.64 and a 200 day moving average price of $17.65.

Grid Dynamics (NASDAQ:GDYN) last issued its quarterly earnings results on Thursday, February 20th. The company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.06). The firm had revenue of $100.28 million during the quarter, compared to the consensus estimate of $96.00 million. Grid Dynamics had a net margin of 1.15% and a negative return on equity of 0.33%. As a group, equities analysts forecast that Grid Dynamics Holdings, Inc. will post 0.18 earnings per share for the current year.

Grid Dynamics Company 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.