Grid Dynamics (NASDAQ:GDYN) Stock Price Down 4.9% – Here’s What Happened

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)’s share price fell 4.9% during trading on Monday . The company traded as low as $23.00 and last traded at $22.87. 539,611 shares changed hands during trading, a decline of 24% from the average session volume of 711,620 shares. The stock had previously closed at $24.05.

Wall Street Analysts Forecast Growth

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

Grid Dynamics Price Performance

The business’s fifty day simple moving average is $21.19 and its two-hundred day simple moving average is $17.18. The company has a market cap of $1.87 billion, a PE ratio of 757.59 and a beta of 1.01.

Insider Activity at Grid Dynamics

In related news, CFO Anil Doradla sold 3,000 shares of Grid Dynamics stock in a transaction on Monday, December 9th. The shares were sold at an average price of $19.08, for a total value of $57,240.00. Following the sale, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 8,000 shares of company stock worth $171,780 in the last 90 days. Corporate insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On Grid Dynamics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GDYN. MCF Advisors LLC increased its stake in shares of Grid Dynamics by 65.8% during the fourth quarter. MCF Advisors LLC now owns 1,864 shares of the company’s stock worth $41,000 after purchasing an additional 740 shares in the last quarter. 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 in the last quarter. Harbor Capital Advisors Inc. increased its stake in Grid Dynamics by 10.5% during the 4th quarter. Harbor Capital Advisors Inc. now owns 10,903 shares of the company’s stock worth $242,000 after buying an additional 1,036 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Grid Dynamics by 5.6% during the second quarter. The Manufacturers Life Insurance Company now owns 22,388 shares of the company’s stock valued at $235,000 after acquiring an additional 1,184 shares during the last quarter. Finally, Global Retirement Partners LLC purchased a new position in shares of Grid Dynamics in the fourth quarter valued at approximately $27,000. 71.18% of the stock is owned by hedge funds and other institutional investors.

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.