Grid Dynamics (NASDAQ:GDYN) Lifted to Strong-Buy at Cantor Fitzgerald

Cantor Fitzgerald upgraded shares of Grid Dynamics (NASDAQ:GDYN) to a strong-buy rating in a research report released on Monday morning, Zacks.com reports. Cantor Fitzgerald also issued estimates for Grid Dynamics’ FY2024 earnings at $0.04 EPS.

A number of other research analysts have also issued reports on GDYN. JPMorgan Chase & Co. decreased their target price on shares of Grid Dynamics from $17.00 to $15.00 and set an overweight rating on the stock in a research report on Thursday, May 2nd. TD Cowen upgraded shares of Grid Dynamics from a hold rating to a buy rating and increased their target price for the stock from $12.00 to $16.00 in a research report on Friday, August 2nd. Needham & Company LLC increased their target price 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. Wedbush reaffirmed an outperform rating and set a $13.00 price target on shares of Grid Dynamics in a report on Thursday, May 23rd. Finally, Citigroup cut their target price on Grid Dynamics from $15.00 to $14.00 and set a buy rating for the company in a research note on Friday, July 12th. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Grid Dynamics presently has a consensus rating of Buy and a consensus price target of $15.33.

Grid Dynamics Trading Up 3.9 %

NASDAQ:GDYN opened at $13.43 on Monday. The stock has a 50 day simple moving average of $11.36 and a 200 day simple moving average of $11.60. Grid Dynamics has a 1-year low of $9.07 and a 1-year high of $14.70. The stock has a market cap of $1.03 billion, a P/E ratio of 447.67 and a beta of 1.05.

Grid Dynamics (NASDAQ:GDYN) last announced its earnings results on Thursday, August 1st. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. Grid Dynamics had a negative net margin of 0.37% and a positive return on equity of 1.05%. The company had revenue of $83.04 million during the quarter, compared to analysts’ expectations of $81.06 million. During the same quarter in the previous year, the business posted $0.09 earnings per share. Grid Dynamics’s quarterly revenue was up 7.4% on a year-over-year basis. As a group, sell-side analysts forecast that Grid Dynamics will post 0.02 EPS for the current year.

Insider Buying and Selling

In related news, CEO Leonard Livschitz sold 10,000 shares of the firm’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $9.24, for a total transaction of $92,400.00. Following the completion of the transaction, the chief executive officer now directly owns 3,585,901 shares of the company’s stock, valued at approximately $33,133,725.24. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Shuo Zhang sold 4,000 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $9.34, for a total transaction of $37,360.00. Following the completion of the transaction, the director now directly owns 22,015 shares of the company’s stock, valued at approximately $205,620.10. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Leonard Livschitz sold 10,000 shares of the firm’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $9.24, for a total value of $92,400.00. Following the transaction, the chief executive officer now directly owns 3,585,901 shares of the company’s stock, valued at $33,133,725.24. The disclosure for this sale can be found here. Insiders sold a total of 78,000 shares of company stock valued at $843,160 in the last three months. Insiders own 7.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. International Assets Investment Management LLC bought a new position in shares of Grid Dynamics in the 4th quarter worth about $26,000. Harbor Capital Advisors Inc. grew its stake in shares of Grid Dynamics by 21.3% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 10,073 shares of the company’s stock valued at $106,000 after buying an additional 1,770 shares during the period. Hsbc Holdings PLC acquired a new stake in shares of Grid Dynamics in the 2nd quarter valued at about $117,000. ProShare Advisors LLC acquired a new stake in shares of Grid Dynamics in the 1st quarter valued at about $124,000. Finally, XTX Topco Ltd acquired a new stake in shares of Grid Dynamics in the 2nd quarter valued at about $129,000. 71.18% of the stock is owned by 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.