Grid Dynamics (NASDAQ:GDYN) Stock Price Down 3.5% – Here’s What Happened

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)’s stock price traded down 3.5% during mid-day trading on Wednesday . The company traded as low as $21.04 and last traded at $20.73. 36,941 shares changed hands during mid-day trading, a decline of 94% from the average session volume of 660,198 shares. The stock had previously closed at $21.49.

Analyst Ratings Changes

A number of research firms have commented on GDYN. TD Cowen increased their price objective on shares of Grid Dynamics from $16.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Needham & Company LLC increased their price target on shares of Grid Dynamics from $20.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Citigroup lifted their price target on Grid Dynamics from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Finally, JPMorgan Chase & Co. upped their price objective on Grid Dynamics from $17.00 to $18.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $18.33.

Grid Dynamics Trading Up 4.9 %

The firm has a market cap of $1.86 billion, a P/E ratio of 752.58 and a beta of 1.01. The business’s 50-day moving average is $20.45 and its two-hundred day moving average is $16.48.

Grid Dynamics (NASDAQ:GDYN) last posted its earnings results on Thursday, October 31st. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.09 by $0.01. The company had revenue of $87.40 million during the quarter, compared to analyst estimates of $85.09 million. Grid Dynamics had a return on equity of 0.15% and a net margin of 0.74%. The business’s revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.08 earnings per share. On average, analysts anticipate that Grid Dynamics Holdings, Inc. will post 0.03 earnings per share for the current year.

Insider Activity at Grid Dynamics

In related news, CFO Anil Doradla sold 3,000 shares of Grid Dynamics stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $19.08, for a total value of $57,240.00. Following the sale, the chief financial officer now directly owns 373,282 shares in the company, valued at $7,122,220.56. This trade represents a 0.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold 10,000 shares of company stock worth $194,240 in the last 90 days. 7.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Grid Dynamics

Hedge funds have recently made changes to their positions in the business. Rhumbline Advisers increased its position in Grid Dynamics by 98.6% in the 4th quarter. Rhumbline Advisers now owns 161,262 shares of the company’s stock valued at $3,586,000 after acquiring an additional 80,054 shares during the period. New York State Teachers Retirement System bought a new position in shares of Grid Dynamics in the fourth quarter worth $295,000. Legato Capital Management LLC acquired a new position in shares of Grid Dynamics during the fourth quarter valued at $929,000. State of Alaska Department of Revenue acquired a new position in shares of Grid Dynamics during the fourth quarter valued at $775,000. Finally, Yousif Capital Management LLC bought a new stake in shares of Grid Dynamics during the fourth quarter valued at about $526,000. Institutional investors 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.