Grid Dynamics (NASDAQ:GDYN) Reaches New 52-Week High – Here’s What Happened

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) hit a new 52-week high on Thursday . The company traded as high as $20.92 and last traded at $20.79, with a volume of 149994 shares. The stock had previously closed at $20.53.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on GDYN. Citigroup increased their price target on Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, October 28th. JPMorgan Chase & Co. raised their target price on Grid Dynamics from $17.00 to $18.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Needham & Company LLC boosted their price target 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. Finally, TD Cowen raised their price objective 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. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $18.33.

Grid Dynamics Trading Up 7.7 %

The stock has a market cap of $1.87 billion, a PE ratio of 756.92 and a beta of 1.06. The business has a 50-day moving average price of $18.13 and a 200 day moving average price of $14.60.

Grid Dynamics (NASDAQ:GDYN) last issued its quarterly earnings data on Thursday, October 31st. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.09 by $0.01. Grid Dynamics had a net margin of 0.74% and a return on equity of 0.15%. The company had revenue of $87.40 million during the quarter, compared to analysts’ expectations of $85.09 million. During the same quarter in the previous year, the company earned $0.08 earnings per share. Grid Dynamics’s revenue for the quarter was up 12.9% on a year-over-year basis. On average, equities analysts predict that Grid Dynamics Holdings, Inc. will post 0.03 earnings per share for the current year.

Insider Activity at Grid Dynamics

In related news, CEO Leonard Livschitz sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $14.56, for a total transaction of $218,400.00. Following the transaction, the chief executive officer now directly owns 3,460,901 shares in the company, valued at $50,390,718.56. This trade represents a 0.43 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Anil Doradla sold 4,000 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $17.66, for a total transaction of $70,640.00. Following the completion of the transaction, the chief financial officer now owns 376,282 shares in the company, valued at $6,645,140.12. The trade was a 1.05 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 25,000 shares of company stock valued at $399,260. Corporate insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Grid Dynamics

A number of large investors have recently made changes to their positions in GDYN. Lord Abbett & CO. LLC bought a new position in shares of Grid Dynamics during the third quarter valued at approximately $8,589,000. Barclays PLC lifted its position in shares of Grid Dynamics by 173.8% in the 3rd quarter. Barclays PLC now owns 111,182 shares of the company’s stock worth $1,556,000 after purchasing an additional 70,579 shares during the period. Teachers Retirement System of The State of Kentucky boosted its stake in shares of Grid Dynamics by 35.9% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 107,738 shares of the company’s stock valued at $1,508,000 after purchasing an additional 28,438 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Grid Dynamics by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,381,429 shares of the company’s stock valued at $19,344,000 after purchasing an additional 17,763 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in shares of 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 buying an additional 675,419 shares during the period. 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.