Grid Dynamics (NASDAQ:GDYN) Trading 4.9% Higher – Time to Buy?

Shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) traded up 4.9% during mid-day trading on Thursday . The company traded as high as $20.27 and last traded at $20.25. 421,597 shares changed hands during trading, an increase of 8% from the average session volume of 389,699 shares. The stock had previously closed at $19.31.

Wall Street Analysts Forecast Growth

GDYN has been the topic of a number of research analyst reports. JPMorgan Chase & Co. raised 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. Needham & Company LLC upped their price target on shares of Grid Dynamics from $20.00 to $25.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. TD Cowen increased their price target on Grid Dynamics from $16.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Finally, Citigroup upped their price objective on Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a report on Monday, October 28th. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $18.33.

Grid Dynamics Price Performance

The firm’s fifty day simple moving average is $17.32 and its 200 day simple moving average is $14.08. The company has a market capitalization of $1.68 billion, a price-to-earnings ratio of 679.23 and a beta of 1.06.

Grid Dynamics (NASDAQ:GDYN) last announced its quarterly earnings data on Thursday, October 31st. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates 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 return on equity of 0.15% and a net margin of 0.74%. The business’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same period last year, the company posted $0.08 EPS. Equities research analysts forecast that Grid Dynamics Holdings, Inc. will post 0.03 earnings per share for the current fiscal year.

Insider Activity at Grid Dynamics

In related news, CFO Anil Doradla sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $19.08, for a total transaction of $57,240.00. Following the transaction, the chief financial officer now owns 373,282 shares of the company’s stock, valued at approximately $7,122,220.56. This trade represents a 0.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Leonard Livschitz sold 15,000 shares of Grid Dynamics stock in a transaction that occurred on 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 owns 3,460,901 shares of the company’s stock, valued at $50,390,718.56. This trade represents a 0.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 40,000 shares of company stock valued at $605,210. Corporate insiders own 7.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of GDYN. Bank of New York Mellon Corp raised its holdings in Grid Dynamics by 9.6% during the second quarter. Bank of New York Mellon Corp now owns 240,095 shares of the company’s stock valued at $2,523,000 after buying an additional 20,989 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Grid Dynamics by 17.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,919 shares of the company’s stock worth $188,000 after purchasing an additional 2,673 shares during the last quarter. Principal Financial Group Inc. boosted its position in Grid Dynamics by 11.2% during the second quarter. Principal Financial Group Inc. now owns 41,044 shares of the company’s stock worth $431,000 after purchasing an additional 4,134 shares during the period. Rhumbline Advisers grew its holdings in Grid Dynamics by 5.2% during the second quarter. Rhumbline Advisers now owns 82,323 shares of the company’s stock valued at $865,000 after purchasing an additional 4,072 shares during the last quarter. Finally, Summit Creek Advisors LLC raised its position in shares of Grid Dynamics by 25.1% in the second quarter. Summit Creek Advisors LLC now owns 1,147,992 shares of the company’s stock valued at $12,065,000 after purchasing an additional 230,688 shares during the period. Institutional investors own 71.18% of the company’s stock.

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.