Grid Dynamics (NASDAQ:GDYN) Sees Unusually-High Trading Volume on Analyst Upgrade

Shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) saw unusually-high trading volume on Tuesday after Citigroup raised their price target on the stock from $17.00 to $18.00. Citigroup currently has a buy rating on the stock. Approximately 285,461 shares changed hands during trading, a decline of 13% from the previous session’s volume of 328,693 shares.The stock last traded at $16.26 and had previously closed at $16.04.

GDYN has been the topic of several other research reports. Needham & Company LLC increased their price target on shares of Grid Dynamics from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. lifted their target price on shares of Grid Dynamics from $15.00 to $17.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Cantor Fitzgerald upgraded shares of Grid Dynamics to a “strong-buy” rating in a report on Monday, August 12th. Finally, TD Cowen upgraded Grid Dynamics from a “hold” rating to a “buy” rating and increased their price objective for the company from $12.00 to $16.00 in a report on Friday, August 2nd. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $16.33.

Insider Buying and Selling

In other news, CEO Leonard Livschitz sold 15,000 shares of the company’s stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $14.56, for a total transaction of $218,400.00. Following the transaction, the chief executive officer now owns 3,460,901 shares in the company, valued at approximately $50,390,718.56. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Leonard Livschitz sold 15,000 shares of the business’s stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $14.56, for a total transaction of $218,400.00. Following the completion of the sale, the chief executive officer now directly owns 3,460,901 shares of the company’s stock, valued at $50,390,718.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of Grid Dynamics stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $12.80, for a total value of $11,691,353.60. Following the transaction, the insider now owns 13,889,183 shares of the company’s stock, valued at $177,781,542.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 961,387 shares of company stock valued at $12,349,914 over the last 90 days. Company insiders own 7.40% of the company’s stock.

Institutional Trading of Grid Dynamics

Several institutional investors and hedge funds have recently made changes to their positions in the company. Harbor Capital Advisors Inc. lifted its position in shares of Grid Dynamics by 21.3% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 10,073 shares of the company’s stock worth $106,000 after buying an additional 1,770 shares in the last quarter. ProShare Advisors LLC purchased a new stake in shares of Grid Dynamics during the 1st quarter valued at $124,000. Hsbc Holdings PLC purchased a new stake in Grid Dynamics during the second quarter worth about $117,000. XTX Topco Ltd bought a new position in shares of Grid Dynamics during the 2nd quarter valued at approximately $129,000. Finally, Mount Yale Investment Advisors LLC purchased a new position in Grid Dynamics in the second quarter valued at approximately $141,000. Hedge funds and other institutional investors own 71.18% of the company’s stock.

Grid Dynamics Price Performance

The stock has a market capitalization of $1.24 billion, a P/E ratio of 534.67 and a beta of 1.06. The company has a 50 day simple moving average of $14.29 and a 200-day simple moving average of $12.08.

Grid Dynamics (NASDAQ:GDYN) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.01. Grid Dynamics had a positive return on equity of 1.05% and a negative net margin of 0.37%. The company had revenue of $83.04 million during the quarter, compared to analysts’ expectations of $81.06 million. During the same period in the previous year, the business earned $0.09 earnings per share. The firm’s quarterly revenue was up 7.4% compared to the same quarter last 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.