Grid Dynamics (NASDAQ:GDYN) Sets New 52-Week High on Analyst Upgrade

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)’s stock price 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 traded. The stock had previously closed at $20.48.

A number of other research analysts also recently weighed in on the company. JPMorgan Chase & Co. raised their target price on Grid Dynamics from $17.00 to $18.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Citigroup upped their target price on shares of Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Finally, TD Cowen boosted their target price on shares of Grid Dynamics from $16.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $19.17.

Insider Buying and Selling at Grid Dynamics

In related news, CFO Anil Doradla sold 3,000 shares of Grid Dynamics stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $22.12, for a total value of $66,360.00. Following the transaction, the chief financial officer now directly owns 343,012 shares in the company, valued at $7,587,425.44. This trade represents a 0.87 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold 8,000 shares of company stock valued at $171,780 in the last quarter. Corporate insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Grid Dynamics

Several institutional investors have recently modified their holdings of GDYN. Coppell Advisory Solutions LLC purchased a new position in shares of Grid Dynamics during the fourth quarter valued at approximately $25,000. Global Retirement Partners LLC acquired a new position in Grid Dynamics during the 4th quarter worth $27,000. FMR LLC increased its stake in Grid Dynamics by 38.7% during 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 during the last quarter. MCF Advisors LLC raised its position in shares of Grid Dynamics by 65.8% during the 4th quarter. MCF Advisors LLC now owns 1,864 shares of the company’s stock worth $41,000 after purchasing an additional 740 shares during the period. Finally, Johnson Financial Group Inc. bought a new stake in Grid Dynamics in the 4th quarter valued at about $70,000. Hedge funds and other institutional investors own 71.18% of the company’s stock.

Grid Dynamics Trading Up 10.2 %

The stock has a market capitalization of $1.86 billion, a price-to-earnings ratio of 765.26 and a beta of 1.01. The firm has a 50-day moving average of $21.60 and a 200 day moving average of $17.57.

Grid Dynamics (NASDAQ:GDYN) last released its earnings results on Thursday, February 20th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.06). Grid Dynamics had a net margin of 0.74% and a return on equity of 0.15%. The business had revenue of $100.28 million during the quarter, compared to analysts’ expectations of $96.00 million. Equities research analysts predict that Grid Dynamics Holdings, Inc. will post 0.04 EPS for the current fiscal 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.