TD Cowen Increases Grid Dynamics (NASDAQ:GDYN) Price Target to $19.00

Grid Dynamics (NASDAQ:GDYN) had its price target boosted by TD Cowen from $16.00 to $19.00 in a report released on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. TD Cowen’s price objective suggests a potential upside of 24.67% from the stock’s previous close.

Other research analysts have also recently issued reports about the stock. Needham & Company LLC increased their price objective on shares of Grid Dynamics from $17.00 to $20.00 and gave the company a “buy” rating in a report on Friday. JPMorgan Chase & Co. upped 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. Cantor Fitzgerald upgraded Grid Dynamics to a “strong-buy” rating in a research report on Monday, August 12th. Finally, Citigroup boosted their price objective on Grid Dynamics from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $17.50.

Grid Dynamics Price Performance

Shares of Grid Dynamics stock opened at $15.24 on Friday. Grid Dynamics has a 1-year low of $9.07 and a 1-year high of $17.66. The business’s fifty day moving average price is $14.45 and its two-hundred day moving average price is $12.21. The company has a market capitalization of $1.17 billion, a P/E ratio of 508.00 and a beta of 1.04.

Grid Dynamics (NASDAQ:GDYN) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. The business had revenue of $83.04 million for the quarter, compared to analysts’ expectations 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.

Insider Activity

In other Grid Dynamics news, CEO Leonard Livschitz sold 15,000 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 3,520,901 shares of the company’s stock, valued at approximately $45,842,131.02. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, major shareholder Teamsun Technology Co. Beijing sold 913,387 shares of the business’s stock in a transaction on 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. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Leonard Livschitz sold 15,000 shares of Grid Dynamics stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $13.02, for a total value of $195,300.00. Following the sale, the chief executive officer now directly owns 3,520,901 shares of the company’s stock, valued at approximately $45,842,131.02. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 958,387 shares of company stock worth $12,311,004. Insiders own 7.40% of the company’s stock.

Hedge Funds Weigh In On Grid Dynamics

A number of hedge funds have recently added to or reduced their stakes in GDYN. Harbor Capital Advisors Inc. increased its stake in shares of Grid Dynamics by 21.3% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 10,073 shares of the company’s stock worth $106,000 after purchasing an additional 1,770 shares during the last quarter. ProShare Advisors LLC acquired a new stake in shares of Grid Dynamics in the 1st quarter valued at $124,000. Hsbc Holdings PLC bought a new stake in Grid Dynamics in the second quarter worth $117,000. XTX Topco Ltd acquired a new position in Grid Dynamics during the second quarter worth $129,000. Finally, Mount Yale Investment Advisors LLC bought a new position in Grid Dynamics during the second quarter valued at about $141,000. Institutional investors and hedge funds own 71.18% of the company’s stock.

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.