Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) Sees Significant Growth in Short Interest

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) saw a large growth in short interest in the month of September. As of September 30th, there was short interest totalling 2,040,000 shares, a growth of 5.2% from the September 15th total of 1,940,000 shares. Based on an average daily trading volume, of 349,500 shares, the short-interest ratio is presently 5.8 days. Approximately 3.6% of the company’s shares are short sold.

Grid Dynamics Stock Down 0.5 %

Shares of Grid Dynamics stock traded down $0.08 on Thursday, reaching $15.42. The company’s stock had a trading volume of 159,911 shares, compared to its average volume of 329,519. Grid Dynamics has a 52-week low of $9.07 and a 52-week high of $15.63. The company has a market capitalization of $1.18 billion, a P/E ratio of 516.67 and a beta of 1.06. The stock has a 50-day moving average price of $13.91 and a 200-day moving average price of $11.86.

Grid Dynamics (NASDAQ:GDYN) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.07 by $0.01. The company had revenue of $83.04 million during the quarter, compared to analyst estimates 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 was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.09 EPS.

Insider Buying and Selling

In related news, CEO Leonard Livschitz sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $14.56, for a total value of $218,400.00. Following the transaction, the chief executive officer now owns 3,460,901 shares of the company’s stock, valued at $50,390,718.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Leonard Livschitz sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $14.56, for a total value of $218,400.00. Following the transaction, the chief executive officer now owns 3,460,901 shares of the company’s stock, valued at $50,390,718.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the firm’s 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 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 disclosure for this sale can be found here. Insiders have sold 961,387 shares of company stock valued at $12,349,914 in the last 90 days. Company insiders own 7.40% of the company’s stock.

Hedge Funds Weigh In On Grid Dynamics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Harbor Capital Advisors Inc. lifted its holdings 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 purchasing an additional 1,770 shares in the last quarter. Hsbc Holdings PLC purchased a new position in shares of Grid Dynamics in the second quarter worth about $117,000. ProShare Advisors LLC purchased a new position in shares of Grid Dynamics in the first quarter worth about $124,000. XTX Topco Ltd purchased a new position in shares of Grid Dynamics in the second quarter worth about $129,000. Finally, Mount Yale Investment Advisors LLC purchased a new position in shares of Grid Dynamics in the second quarter worth about $141,000. 71.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. TD Cowen raised Grid Dynamics from a “hold” rating to a “buy” rating and upped their target price for the company from $12.00 to $16.00 in a research report on Friday, August 2nd. Needham & Company LLC upped their target price on Grid Dynamics from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. increased their price target on Grid Dynamics from $15.00 to $17.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Cantor Fitzgerald raised Grid Dynamics to a “strong-buy” rating in a research report on Monday, August 12th. Finally, Citigroup cut their price target on Grid Dynamics from $15.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, July 12th. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $15.67.

About Grid Dynamics

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.