Grid Dynamics (NASDAQ:GDYN) Upgraded by Cantor Fitzgerald to “Strong-Buy”

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

Several other analysts also recently weighed in on the company. Needham & Company LLC raised their price objective on Grid Dynamics from $16.00 to $17.00 and gave the company a buy rating in a research note on Monday, August 5th. Wedbush reissued an outperform rating and issued a $13.00 target price on shares of Grid Dynamics in a report on Thursday, May 23rd. Citigroup decreased their price target on shares of Grid Dynamics from $15.00 to $14.00 and set a buy rating on the stock in a report on Friday, July 12th. JPMorgan Chase & Co. dropped their price objective on shares of Grid Dynamics from $17.00 to $15.00 and set an overweight rating for the company in a research note on Thursday, May 2nd. Finally, TD Cowen raised shares of Grid Dynamics from a hold rating to a buy rating and boosted their target price for the stock from $12.00 to $16.00 in a research note on Friday, August 2nd. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Grid Dynamics currently has a consensus rating of Buy and an average price target of $15.33.

Grid Dynamics Trading Down 3.3 %

Shares of NASDAQ:GDYN opened at $12.93 on Monday. The firm has a 50 day moving average of $11.28 and a 200-day moving average of $11.59. Grid Dynamics has a 12 month low of $9.07 and a 12 month high of $14.70. The stock has a market capitalization of $989.42 million, a PE ratio of 431.00 and a beta of 1.05.

Grid Dynamics (NASDAQ:GDYN) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.07 by $0.01. The business 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 company’s revenue was up 7.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.09 earnings per share. On average, research analysts predict that Grid Dynamics will post 0.02 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Anil Doradla sold 3,000 shares of the firm’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $12.97, for a total transaction of $38,910.00. Following the completion of the transaction, the chief financial officer now owns 369,282 shares of the company’s stock, valued at $4,789,587.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Grid Dynamics news, CFO Anil Doradla sold 3,000 shares of the company’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $12.97, for a total value of $38,910.00. Following the sale, the chief financial officer now owns 369,282 shares in the company, valued at approximately $4,789,587.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Shuo Zhang sold 4,000 shares of the firm’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $9.34, for a total value of $37,360.00. Following the transaction, the director now owns 22,015 shares of the company’s stock, valued at $205,620.10. The disclosure for this sale can be found here. Insiders have sold 63,000 shares of company stock valued at $647,860 in the last ninety days. 7.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. International Assets Investment Management LLC bought a new position in Grid Dynamics during the fourth quarter worth $26,000. Harbor Capital Advisors Inc. boosted its position in Grid Dynamics by 21.3% during the second quarter. Harbor Capital Advisors Inc. now owns 10,073 shares of the company’s stock valued at $106,000 after acquiring an additional 1,770 shares during the last quarter. ProShare Advisors LLC acquired a new stake in Grid Dynamics during the 1st quarter worth about $124,000. Hsbc Holdings PLC bought a new position in shares of Grid Dynamics in the 2nd quarter worth about $117,000. Finally, XTX Topco Ltd acquired a new position in shares of Grid Dynamics in the 2nd quarter valued at about $129,000. Institutional investors and hedge funds own 71.18% of the company’s stock.

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.