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

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) saw a significant decline in short interest during the month of January. As of January 31st, there was short interest totalling 3,350,000 shares, a decline of 7.5% from the January 15th total of 3,620,000 shares. Currently, 4.4% of the company’s shares are short sold. Based on an average daily trading volume, of 996,500 shares, the short-interest ratio is presently 3.4 days.

Insiders Place Their Bets

In other Grid Dynamics news, CFO Anil Doradla sold 3,000 shares of Grid Dynamics stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $22.12, for a total transaction of $66,360.00. Following the transaction, the chief financial officer now directly owns 343,012 shares of the company’s stock, valued at $7,587,425.44. The trade was a 0.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders have sold 8,000 shares of company stock valued at $171,780. Insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On Grid Dynamics

Several hedge funds have recently bought and sold shares of the company. Coppell Advisory Solutions LLC purchased a new stake in Grid Dynamics during the fourth quarter worth about $25,000. Global Retirement Partners LLC acquired a new position in shares of Grid Dynamics in the fourth quarter valued at approximately $27,000. FMR LLC increased its stake in Grid Dynamics by 38.7% during the 3rd quarter. FMR LLC now owns 2,873 shares of the company’s stock worth $40,000 after buying an additional 801 shares during the period. MCF Advisors LLC lifted its holdings in 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 buying an additional 740 shares in the last quarter. Finally, Johnson Financial Group Inc. purchased a new position in Grid Dynamics in the 4th quarter valued at approximately $70,000. Institutional investors and hedge funds own 71.18% of the company’s stock.

Grid Dynamics Stock Down 2.3 %

NASDAQ:GDYN traded down $0.51 during trading hours on Tuesday, reaching $22.01. 570,211 shares of the stock were exchanged, compared to its average volume of 719,400. Grid Dynamics has a twelve month low of $9.07 and a twelve month high of $24.60. The business has a 50-day moving average of $21.54 and a two-hundred day moving average of $17.52. The company has a market capitalization of $1.82 billion, a price-to-earnings ratio of 733.91 and a beta of 1.01.

Wall Street Analyst Weigh In

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

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.