Short Interest in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) Drops By 7.5%

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) was the target of a significant drop in short interest in January. As of January 31st, there was short interest totalling 3,350,000 shares, a drop of 7.5% from the January 15th total of 3,620,000 shares. Currently, 4.4% of the shares of the stock are sold short. Based on an average daily trading volume, of 996,500 shares, the days-to-cover ratio is currently 3.4 days.

Insider Activity

In other Grid Dynamics news, CFO Anil Doradla sold 3,000 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $19.08, for a total transaction of $57,240.00. Following the sale, the chief financial officer now owns 373,282 shares in the company, valued at approximately $7,122,220.56. This represents a 0.80 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 8,000 shares of company stock worth $171,780 over the last 90 days. 7.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Grid Dynamics by 7.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 119,913 shares of the company’s stock worth $2,667,000 after acquiring an additional 8,116 shares in the last quarter. Two Sigma Investments LP purchased a new stake in Grid Dynamics during the 4th quarter worth $1,219,000. State of Wyoming increased its holdings in Grid Dynamics by 4.1% in the 4th 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. Sandia Investment Management LP acquired a new stake in Grid Dynamics in the 4th quarter valued at $222,000. Finally, ProShare Advisors LLC raised its position in Grid Dynamics by 49.0% in the fourth quarter. ProShare Advisors LLC now owns 16,087 shares of the company’s stock valued at $358,000 after purchasing an additional 5,293 shares during the period. 71.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have commented on GDYN shares. Citigroup lifted their target price on shares of Grid Dynamics from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. TD Cowen increased their target price on Grid Dynamics from $16.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. JPMorgan Chase & Co. lifted their price target on Grid Dynamics from $17.00 to $18.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Finally, Needham & Company LLC increased their price objective on shares of Grid Dynamics from $20.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $18.33.

Grid Dynamics Stock Down 1.4 %

Shares of NASDAQ GDYN traded down $0.32 during midday trading on Monday, hitting $22.52. The stock had a trading volume of 368,082 shares, compared to its average volume of 629,039. Grid Dynamics has a 1-year low of $9.07 and a 1-year high of $24.60. The company has a market capitalization of $1.86 billion, a price-to-earnings ratio of 750.92 and a beta of 1.01. The company has a fifty day moving average price of $21.50 and a 200 day moving average price of $17.46.

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.