Grid Dynamics (NASDAQ:GDYN) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Grid Dynamics (NASDAQ:GDYN) had its target price boosted by JPMorgan Chase & Co. from $17.00 to $18.00 in a report released on Wednesday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Other research analysts have also recently issued reports about the company. Cantor Fitzgerald raised Grid Dynamics to a “strong-buy” rating in a research report on Monday, August 12th. Needham & Company LLC lifted their price target on shares of Grid Dynamics from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Citigroup upped their price objective on shares of Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Monday. Finally, TD Cowen upgraded Grid Dynamics from a “hold” rating to a “buy” rating and lifted their target price for the stock from $12.00 to $16.00 in a research report on Friday, August 2nd. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Grid Dynamics currently has an average rating of “Buy” and a consensus price target of $16.50.

Grid Dynamics Trading Down 1.7 %

Shares of NASDAQ GDYN opened at $15.93 on Wednesday. The stock has a fifty day simple moving average of $14.38 and a 200-day simple moving average of $12.14. Grid Dynamics has a twelve month low of $9.07 and a twelve month high of $16.32. The stock has a market capitalization of $1.22 billion, a PE ratio of -1,593.00 and a beta of 1.06.

Grid Dynamics (NASDAQ:GDYN) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.01. Grid Dynamics had a positive return on equity of 1.05% and a negative net margin of 0.37%. The business had revenue of $83.04 million for the quarter, compared to analysts’ expectations of $81.06 million. During the same period last year, the firm earned $0.09 earnings per share. The company’s revenue for the quarter was up 7.4% compared to the same quarter last year.

Insider Transactions at Grid Dynamics

In other Grid Dynamics news, CEO Leonard Livschitz sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $13.02, for a total transaction of $195,300.00. Following the completion of the sale, the chief executive officer now directly owns 3,520,901 shares of the company’s stock, valued at $45,842,131.02. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Grid Dynamics news, CEO Leonard Livschitz sold 15,000 shares of the company’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $13.02, for a total transaction of $195,300.00. Following the completion of the transaction, the chief executive officer now owns 3,520,901 shares in the company, valued at approximately $45,842,131.02. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of Grid Dynamics 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 completion of the sale, the insider now directly owns 13,889,183 shares in the company, valued at approximately $177,781,542.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 958,387 shares of company stock worth $12,311,004. Company insiders own 7.40% of the company’s stock.

Hedge Funds Weigh In On Grid Dynamics

A number of large investors have recently modified their holdings of the business. Lord Abbett & CO. LLC grew its holdings in Grid Dynamics by 42.3% during the first quarter. Lord Abbett & CO. LLC now owns 479,302 shares of the company’s stock worth $5,890,000 after acquiring an additional 142,446 shares during the period. Silvercrest Asset Management Group LLC boosted its position in shares of Grid Dynamics by 43.1% during 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 in the last quarter. Comerica Bank grew its stake in shares of Grid Dynamics by 198.8% during 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. increased its holdings in shares of Grid Dynamics by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 4,202,012 shares of the company’s stock valued at $51,643,000 after purchasing an additional 64,300 shares in the last quarter. Finally, Fourth Sail Capital LP lifted its stake in shares of Grid Dynamics by 138.0% in the second quarter. Fourth Sail Capital LP now owns 769,924 shares of the company’s stock valued at $8,092,000 after purchasing an additional 446,477 shares during the period. 71.18% of the stock is 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.