Grid Dynamics (NASDAQ:GDYN) Given New $18.00 Price Target at JPMorgan Chase & Co.

Grid Dynamics (NASDAQ:GDYN) had its price target raised by JPMorgan Chase & Co. from $17.00 to $18.00 in a research report report published on Wednesday, Benzinga reports. The firm currently has an overweight rating on the stock.

GDYN has been the subject of several other research reports. Cantor Fitzgerald upgraded shares of Grid Dynamics to a “strong-buy” rating in a research report on Monday, August 12th. TD Cowen upgraded shares of Grid Dynamics from a “hold” rating to a “buy” rating and increased their price target for the company from $12.00 to $16.00 in a research report on Friday, August 2nd. Citigroup increased their price target on shares of Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Finally, Needham & Company LLC increased their price target on shares of Grid Dynamics from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $17.50.

Grid Dynamics Price Performance

Shares of GDYN stock opened at $15.24 on Wednesday. The firm has a 50-day moving average of $14.45 and a 200-day moving average of $12.21. The company has a market cap of $1.17 billion, a P/E ratio of 508.00 and a beta of 1.04. Grid Dynamics has a one year low of $9.07 and a one year high of $17.66.

Grid Dynamics (NASDAQ:GDYN) last announced its earnings results on Thursday, August 1st. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.07 by $0.01. The company had revenue of $83.04 million during the quarter, compared to the consensus estimate of $81.06 million. Grid Dynamics had a negative net margin of 0.37% and a positive return on equity of 1.05%. The firm’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.09 earnings per share.

Insiders Place Their Bets

In other Grid Dynamics news, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $12.80, for a total transaction of $11,691,353.60. Following the completion of the transaction, the insider now owns 13,889,183 shares in the company, valued at $177,781,542.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Grid Dynamics news, CEO Leonard Livschitz sold 15,000 shares of Grid Dynamics stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $13.73, for a total transaction of $205,950.00. Following the completion of the sale, the chief executive officer now directly owns 3,475,901 shares in the company, valued at $47,724,120.73. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $12.80, for a total transaction of $11,691,353.60. Following the completion of the sale, the insider now owns 13,889,183 shares of the company’s stock, valued at approximately $177,781,542.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 958,387 shares of company stock worth $12,311,004 over the last quarter. 7.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Grid Dynamics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GDYN. Harbor Capital Advisors Inc. increased its position in Grid Dynamics by 21.3% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 10,073 shares of the company’s stock valued at $106,000 after purchasing an additional 1,770 shares during the period. ProShare Advisors LLC purchased a new stake in shares of Grid Dynamics in the 1st quarter worth about $124,000. Hsbc Holdings PLC purchased a new stake in Grid Dynamics during the 2nd quarter valued at about $117,000. XTX Topco Ltd purchased a new stake in Grid Dynamics during the 2nd quarter valued at about $129,000. Finally, Mount Yale Investment Advisors LLC purchased a new stake in Grid Dynamics during the 2nd quarter valued at about $141,000. 71.18% of the stock is currently 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.