Grid Dynamics (NASDAQ:GDYN) Reaches New 12-Month High – What’s Next?

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)’s stock price reached a new 52-week high during trading on Thursday . The stock traded as high as $17.66 and last traded at $17.65, with a volume of 103010 shares. The stock had previously closed at $16.98.

Analyst Ratings Changes

Several equities research analysts have commented on GDYN shares. Cantor Fitzgerald upgraded Grid Dynamics to a “strong-buy” rating in a research note on Monday, August 12th. 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. TD Cowen upped their price target on Grid Dynamics from $16.00 to $19.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Needham & Company LLC upped their price target on Grid Dynamics from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Finally, JPMorgan Chase & Co. upped their price target on Grid Dynamics from $17.00 to $18.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Five equities research 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, Grid Dynamics has a consensus rating of “Buy” and a consensus target price of $17.50.

Grid Dynamics Price Performance

The stock has a market capitalization of $1.35 billion, a price-to-earnings ratio of 589.86 and a beta of 1.04. The business has a fifty day moving average of $14.61 and a 200 day moving average of $12.34.

Grid Dynamics (NASDAQ:GDYN) last released its quarterly earnings data on Thursday, October 31st. The company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.01. Grid Dynamics had a return on equity of 0.15% and a net margin of 0.74%. The firm had revenue of $87.40 million for the quarter, compared to analysts’ expectations of $85.09 million. During the same period in the prior year, the firm posted $0.08 earnings per share. The firm’s quarterly revenue was up 12.9% on a year-over-year basis.

Insiders Place Their Bets

In other Grid Dynamics news, CFO Anil Doradla sold 3,000 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $17.66, for a total transaction of $52,980.00. Following the transaction, the chief financial officer now directly owns 380,282 shares in the company, valued at $6,715,780.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Anil Doradla sold 3,000 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $17.66, for a total value of $52,980.00. Following the sale, the chief financial officer now directly owns 380,282 shares in the company, valued at approximately $6,715,780.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Leonard Livschitz sold 15,000 shares of the stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $14.56, for a total value of $218,400.00. Following the completion of the sale, the chief executive officer now owns 3,460,901 shares in the company, valued at approximately $50,390,718.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 961,387 shares of company stock worth $12,363,984 over the last ninety days. Corporate insiders own 7.40% of the company’s stock.

Hedge Funds Weigh In On Grid Dynamics

Several hedge funds have recently made changes to their positions in the company. Harbor Capital Advisors Inc. grew its holdings in shares of Grid Dynamics by 21.3% during the second quarter. Harbor Capital Advisors Inc. now owns 10,073 shares of the company’s stock worth $106,000 after buying an additional 1,770 shares during the last quarter. Hsbc Holdings PLC acquired a new position in Grid Dynamics in the 2nd quarter valued at about $117,000. ProShare Advisors LLC acquired a new position in Grid Dynamics in the 1st quarter valued at about $124,000. XTX Topco Ltd acquired a new position in Grid Dynamics in the 2nd quarter valued at about $129,000. Finally, Mount Yale Investment Advisors LLC acquired a new position in Grid Dynamics in the 2nd quarter valued at about $141,000. Hedge funds and other institutional investors 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.