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

Shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) fell 3.5% during mid-day trading on Friday . The company traded as low as $18.30 and last traded at $18.34. 136,729 shares traded hands during trading, a decline of 64% from the average session volume of 377,447 shares. The stock had previously closed at $19.01.

Wall Street Analyst Weigh In

Several equities analysts recently commented on GDYN shares. JPMorgan Chase & Co. increased their price objective on shares of Grid Dynamics from $17.00 to $18.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Needham & Company LLC raised their price objective on Grid Dynamics from $17.00 to $20.00 and gave the company a “buy” rating in a report on Friday, November 1st. TD Cowen increased their target price on Grid Dynamics from $16.00 to $19.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Citigroup lifted their price target 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, Cantor Fitzgerald upgraded shares of Grid Dynamics to a “strong-buy” rating in a report on Monday, August 12th. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $17.50.

Grid Dynamics Price Performance

The stock has a 50-day moving average price of $16.01 and a 200-day moving average price of $13.26. The company has a market capitalization of $1.51 billion, a P/E ratio of 610.20 and a beta of 1.04.

Grid Dynamics (NASDAQ:GDYN) last released its quarterly earnings results on Thursday, October 31st. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.01. The firm had revenue of $87.40 million during the quarter, compared to analyst estimates of $85.09 million. Grid Dynamics had a net margin of 0.74% and a return on equity of 0.15%. The company’s revenue was up 12.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.08 EPS.

Insider Buying and Selling

In other news, CFO Anil Doradla sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $17.66, for a total transaction of $52,980.00. Following the completion of the sale, the chief financial officer now owns 380,282 shares of the company’s stock, valued at $6,715,780.12. This trade represents a 0.78 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $12.80, for a total transaction of $11,691,353.60. Following the transaction, the insider now owns 13,889,183 shares in the company, valued at $177,781,542.40. The trade was a 6.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 950,387 shares of company stock valued at $12,239,324 over the last quarter. Insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Grid Dynamics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC grew its stake in shares of Grid Dynamics by 38.7% in the 3rd quarter. FMR LLC now owns 2,873 shares of the company’s stock valued at $40,000 after buying an additional 801 shares during the period. Quarry LP grew its stake in Grid Dynamics by 131.5% in the third quarter. Quarry LP now owns 5,236 shares of the company’s stock valued at $73,000 after acquiring an additional 2,974 shares during the period. Harbor Capital Advisors Inc. increased its holdings in shares of Grid Dynamics by 21.3% during the second quarter. Harbor Capital Advisors Inc. now owns 10,073 shares of the company’s stock valued at $106,000 after acquiring an additional 1,770 shares in the last quarter. Hsbc Holdings PLC acquired a new position in shares of Grid Dynamics during the second quarter worth approximately $117,000. Finally, Quantbot Technologies LP bought a new position in shares of Grid Dynamics in the 3rd quarter worth $122,000. 71.18% of the stock is owned by 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.