Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) Sees Large Growth in Short Interest

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) saw a large growth in short interest in December. As of December 15th, there was short interest totalling 1,870,000 shares, a growth of 15.4% from the November 30th total of 1,620,000 shares. Based on an average daily trading volume, of 554,200 shares, the short-interest ratio is presently 3.4 days. Approximately 3.0% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on GDYN shares. 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 report on Friday, November 1st. Needham & Company LLC raised their target price 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. JPMorgan Chase & Co. boosted their price target on shares of Grid Dynamics from $17.00 to $18.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Finally, Citigroup raised their price objective 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. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Grid Dynamics currently has a consensus rating of “Buy” and an average target price of $18.33.

Grid Dynamics Price Performance

Shares of NASDAQ GDYN traded down $0.20 during trading hours on Monday, hitting $22.50. 2,005,199 shares of the company’s stock were exchanged, compared to its average volume of 418,184. The stock has a market capitalization of $1.86 billion, a price-to-earnings ratio of 750.25 and a beta of 1.06. The company’s 50-day moving average price is $18.13 and its 200-day moving average price is $14.67. Grid Dynamics has a 1-year low of $9.07 and a 1-year high of $24.16.

Grid Dynamics (NASDAQ:GDYN) last announced its quarterly earnings data 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 business had revenue of $87.40 million for the quarter, compared to the consensus estimate of $85.09 million. Grid Dynamics had a net margin of 0.74% and a return on equity of 0.15%. Grid Dynamics’s quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter last year, the company posted $0.08 earnings per share. On average, research analysts expect that Grid Dynamics will post 0.03 earnings per share for the current year.

Insider Transactions at Grid Dynamics

In related news, CEO Leonard Livschitz sold 15,000 shares of the 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 directly owns 3,460,901 shares of the company’s stock, valued at $50,390,718.56. This represents a 0.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Anil Doradla sold 3,000 shares of Grid Dynamics stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now owns 373,282 shares in the company, valued at approximately $7,122,220.56. This trade represents a 0.80 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,000 shares of company stock valued at $399,260. Corporate insiders own 7.20% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Wellington Management Group LLP increased its stake in Grid Dynamics by 30.9% during the third quarter. Wellington Management Group LLP now owns 2,859,808 shares of the company’s stock valued at $40,037,000 after acquiring an additional 675,419 shares during the period. Lord Abbett & CO. LLC acquired a new stake in shares of Grid Dynamics during the 3rd quarter worth approximately $8,589,000. Fourth Sail Capital LP increased its position in shares of Grid Dynamics by 138.0% during the second quarter. Fourth Sail Capital LP now owns 769,924 shares of the company’s stock valued at $8,092,000 after purchasing an additional 446,477 shares during the period. Summit Creek Advisors LLC raised its stake 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 in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Grid Dynamics by 14.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,672,906 shares of the company’s stock worth $17,581,000 after purchasing an additional 206,201 shares during the period. Institutional investors and hedge funds 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.