Grid Dynamics’ (GDYN) “Buy” Rating Reaffirmed at Needham & Company LLC

Grid Dynamics (NASDAQ:GDYN)‘s stock had its “buy” rating restated by Needham & Company LLC in a report released on Friday, Benzinga reports. They presently have a $16.00 price objective on the stock. Needham & Company LLC’s target price indicates a potential upside of 58.89% from the company’s current price.

Other equities analysts have also recently issued reports about the company. Citigroup reduced their price target on Grid Dynamics from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Monday, April 22nd. Cantor Fitzgerald lifted their target price on Grid Dynamics from $14.00 to $17.00 and gave the company an “overweight” rating in a report on Wednesday, March 13th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Grid Dynamics from $17.00 to $15.00 and set an “overweight” rating on the stock in a report on Thursday. Four analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $15.75.

Grid Dynamics Stock Performance

NASDAQ GDYN traded up $0.23 during trading on Friday, hitting $10.07. 556,407 shares of the company’s stock traded hands, compared to its average volume of 392,910. The stock has a market capitalization of $765.02 million, a price-to-earnings ratio of 335.78 and a beta of 1.00. The business has a 50 day moving average of $11.74 and a 200-day moving average of $12.33. Grid Dynamics has a 12-month low of $8.00 and a 12-month high of $14.70.

Grid Dynamics (NASDAQ:GDYN) last announced its quarterly earnings results on Thursday, February 22nd. The company reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.01). Grid Dynamics had a net margin of 0.72% and a return on equity of 3.33%. The business had revenue of $78.07 million for the quarter, compared to analysts’ expectations of $76.64 million. During the same quarter in the previous year, the company posted $0.14 earnings per share. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. On average, analysts expect that Grid Dynamics will post 0.07 EPS for the current year.

Insider Activity at Grid Dynamics

In other Grid Dynamics news, CEO Leonard Livschitz sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $13.88, for a total value of $208,200.00. Following the sale, the chief executive officer now owns 3,760,474 shares of the company’s stock, valued at approximately $52,195,379.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Grid Dynamics news, CEO Leonard Livschitz sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $13.88, for a total value of $208,200.00. Following the completion of the transaction, the chief executive officer now owns 3,760,474 shares of the company’s stock, valued at approximately $52,195,379.12. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Anil Doradla sold 4,000 shares of the firm’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $13.26, for a total transaction of $53,040.00. Following the sale, the chief financial officer now owns 395,568 shares in the company, valued at approximately $5,245,231.68. The disclosure for this sale can be found here. Over the last quarter, insiders sold 88,884 shares of company stock valued at $1,099,255. Company insiders own 7.40% of the company’s stock.

Hedge Funds Weigh In On Grid Dynamics

A number of hedge funds and other institutional investors have recently modified their holdings of the company. International Assets Investment Management LLC purchased a new position in shares of Grid Dynamics during the 4th quarter valued at about $26,000. SG Americas Securities LLC bought a new position in Grid Dynamics during the third quarter valued at approximately $142,000. American Trust raised its stake in shares of Grid Dynamics by 10.1% during the third quarter. American Trust now owns 12,963 shares of the company’s stock worth $158,000 after acquiring an additional 1,186 shares in the last quarter. Johnson Investment Counsel Inc. bought a new stake in shares of Grid Dynamics in the 3rd quarter worth approximately $166,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Grid Dynamics by 147.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,246 shares of the company’s stock worth $203,000 after acquiring an additional 9,081 shares during the last quarter. 71.18% of the stock is currently 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.