Grid Dynamics (NASDAQ:GDYN) Reaches New 12-Month High – What’s Next?

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) shares hit a new 52-week high during trading on Thursday . The company traded as high as $17.66 and last traded at $17.65, with a volume of 103010 shares traded. The stock had previously closed at $16.98.

Wall Street Analysts Forecast Growth

A number of analysts have commented on GDYN shares. Needham & Company LLC upped their price target on Grid Dynamics from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Cantor Fitzgerald upgraded Grid Dynamics to a “strong-buy” rating in a research report on Monday, August 12th. Citigroup increased their target price on Grid Dynamics from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. JPMorgan Chase & Co. increased their target price on Grid Dynamics from $17.00 to $18.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Finally, TD Cowen increased their target price on Grid Dynamics from $16.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. 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.com, the stock currently has a consensus rating of “Buy” and an average target price of $17.50.

Grid Dynamics Stock Performance

The firm has a market cap of $1.35 billion, a PE ratio of 589.86 and a beta of 1.04. The firm has a fifty day simple moving average of $14.61 and a two-hundred day simple moving average of $12.34.

Grid Dynamics (NASDAQ:GDYN) last posted its quarterly earnings data on Thursday, October 31st. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.01. The business had revenue of $87.40 million during the quarter, compared to analyst estimates of $85.09 million. Grid Dynamics had a return on equity of 0.15% and a net margin of 0.74%. The company’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same period last year, the company earned $0.08 EPS.

Insider Activity

In other Grid Dynamics news, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the firm’s stock in a transaction 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 transaction, the insider now directly owns 13,889,183 shares in the company, valued at $177,781,542.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CFO Anil Doradla sold 3,000 shares of Grid Dynamics stock in a transaction on Friday, November 1st. The stock was sold at an average price of $17.66, for a total value of $52,980.00. Following the transaction, the chief financial officer now directly owns 380,282 shares in the company, valued at approximately $6,715,780.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $12.80, for a total value of $11,691,353.60. Following the transaction, the insider now owns 13,889,183 shares in the company, valued at approximately $177,781,542.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 961,387 shares of company stock valued at $12,363,984 in the last ninety days. Insiders own 7.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Lord Abbett & CO. LLC lifted its holdings in shares of Grid Dynamics by 42.3% in the 1st quarter. Lord Abbett & CO. LLC now owns 479,302 shares of the company’s stock valued at $5,890,000 after buying an additional 142,446 shares during the period. Silvercrest Asset Management Group LLC raised its holdings in Grid Dynamics by 43.1% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 604,481 shares of the company’s stock worth $7,429,000 after purchasing an additional 182,052 shares during the period. Comerica Bank raised its holdings in Grid Dynamics by 198.8% in the 1st quarter. Comerica Bank now owns 77,820 shares of the company’s stock worth $956,000 after purchasing an additional 51,778 shares during the period. Vanguard Group Inc. raised its holdings in Grid Dynamics by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 4,202,012 shares of the company’s stock worth $51,643,000 after purchasing an additional 64,300 shares during the period. Finally, Fourth Sail Capital LP raised its holdings in Grid Dynamics by 138.0% in the 2nd quarter. Fourth Sail Capital LP now owns 769,924 shares of the company’s stock worth $8,092,000 after purchasing an additional 446,477 shares during the period. 71.18% of the stock is currently 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.