JPMorgan Chase & Co. Cuts Grid Dynamics (NASDAQ:GDYN) Price Target to $9.00

Grid Dynamics (NASDAQ:GDYN) had its price objective lowered by JPMorgan Chase & Co. from $10.00 to $9.00 in a research report sent to investors on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other research analysts have also recently commented on the company. Needham & Company LLC reduced their target price on Grid Dynamics from $15.00 to $13.00 and set a “buy” rating for the company in a research report on Friday, October 31st. Weiss Ratings restated a “hold (c-)” rating on shares of Grid Dynamics in a research note on Wednesday, December 24th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $11.00.

Grid Dynamics Stock Down 2.6%

GDYN stock opened at $6.81 on Wednesday. Grid Dynamics has a twelve month low of $6.16 and a twelve month high of $25.50. The company has a market cap of $577.28 million, a PE ratio of 45.40 and a beta of 0.82. The business’s 50-day simple moving average is $8.51 and its 200 day simple moving average is $8.33.

Insiders Place Their Bets

In other news, CFO Anil Doradla sold 4,368 shares of Grid Dynamics stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $10.00, for a total value of $43,680.00. Following the completion of the transaction, the chief financial officer owned 344,852 shares in the company, valued at approximately $3,448,520. The trade was a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 6.50% of the company’s stock.

Institutional Investors Weigh In On Grid Dynamics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Pacer Advisors Inc. bought a new stake in shares of Grid Dynamics during the 3rd quarter valued at $1,199,000. Fourth Sail Capital LP lifted its stake in Grid Dynamics by 58.5% in the second quarter. Fourth Sail Capital LP now owns 1,623,562 shares of the company’s stock valued at $18,752,000 after buying an additional 599,293 shares during the period. Squarepoint Ops LLC bought a new position in Grid Dynamics during the second quarter worth about $2,565,000. Integrated Quantitative Investments LLC grew its position in shares of Grid Dynamics by 56.7% during the 2nd quarter. Integrated Quantitative Investments LLC now owns 94,254 shares of the company’s stock worth $1,089,000 after buying an additional 34,097 shares during the period. Finally, CenterBook Partners LP increased its stake in shares of Grid Dynamics by 169.1% in the 2nd quarter. CenterBook Partners LP now owns 308,317 shares of the company’s stock valued at $3,561,000 after acquiring an additional 193,733 shares during the last quarter. 71.18% of the stock is owned by institutional investors and hedge funds.

Grid Dynamics Company Profile

Grid Dynamics (NASDAQ: GDYN) is a digital engineering and technology services company that helps enterprises accelerate their digital transformation initiatives. The company specializes in designing and implementing scalable, cloud-native solutions that leverage advanced analytics, machine learning and artificial intelligence to optimize operations, enhance customer experiences and drive revenue growth. Its technology expertise spans e-commerce platforms, modern data architectures, DevOps and automation, as well as custom application development across a range of industries including retail, financial services, high tech and automotive.

Key service offerings include cloud migration and modernization, data engineering and analytics, AI/ML-driven insights, digital commerce and omnichannel solutions.