Short Interest in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) Drops By 7.5%

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) was the recipient of a significant decrease in short interest during the month of January. As of January 31st, there was short interest totalling 3,350,000 shares, a decrease of 7.5% from the January 15th total of 3,620,000 shares. Based on an average trading volume of 996,500 shares, the short-interest ratio is currently 3.4 days. Approximately 4.4% of the company’s shares are short sold.

Analyst Ratings Changes

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

Insider Activity at Grid Dynamics

In other Grid Dynamics news, CFO Anil Doradla sold 3,000 shares of the company’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $22.12, for a total value of $66,360.00. Following the transaction, the chief financial officer now owns 343,012 shares of the company’s stock, valued at $7,587,425.44. This represents a 0.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Over the last three months, insiders have sold 8,000 shares of company stock worth $171,780. Insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Grid Dynamics

Several large investors have recently bought and sold shares of GDYN. Loomis Sayles & Co. L P acquired a new position in shares of Grid Dynamics during the fourth quarter worth about $55,114,000. Vanguard Group Inc. lifted its stake in Grid Dynamics by 26.8% in the fourth quarter. Vanguard Group Inc. now owns 5,535,526 shares of the company’s stock worth $123,110,000 after acquiring an additional 1,171,481 shares during the last quarter. Focus Partners Wealth acquired a new position in Grid Dynamics during the 4th quarter worth approximately $23,053,000. William Blair Investment Management LLC purchased a new stake in shares of Grid Dynamics in the 4th quarter valued at approximately $22,192,000. Finally, Ensign Peak Advisors Inc purchased a new stake in shares of Grid Dynamics in the 4th quarter valued at approximately $20,162,000. Hedge funds and other institutional investors own 71.18% of the company’s stock.

Grid Dynamics Stock Down 2.3 %

NASDAQ:GDYN opened at $22.01 on Wednesday. The company has a market cap of $1.82 billion, a price-to-earnings ratio of 733.91 and a beta of 1.01. Grid Dynamics has a 52 week low of $9.07 and a 52 week high of $24.60. The company has a fifty day simple moving average of $21.54 and a two-hundred day simple moving average of $17.52.

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.