Grid Dynamics (NASDAQ:GDYN) Reaches New 52-Week High – Here’s Why

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)’s stock price reached a new 52-week high on Thursday . The company traded as high as $20.92 and last traded at $20.79, with a volume of 149994 shares changing hands. The stock had previously closed at $20.53.

Analysts Set New Price Targets

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

Grid Dynamics Stock Up 1.4 %

The business has a 50 day simple moving average of $17.87 and a 200-day simple moving average of $14.46. The company has a market capitalization of $1.72 billion, a P/E ratio of 693.90 and a beta of 1.06.

Grid Dynamics (NASDAQ:GDYN) last posted its quarterly earnings data on Thursday, October 31st. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. The company had revenue of $87.40 million for the quarter, compared to the consensus estimate of $85.09 million. Grid Dynamics had a return on equity of 0.15% and a net margin of 0.74%. The company’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.08 EPS. Equities analysts forecast that Grid Dynamics Holdings, Inc. will post 0.03 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Leonard Livschitz sold 15,000 shares of Grid Dynamics stock in a transaction on Tuesday, October 8th. The stock was sold at an average price of $14.56, for a total transaction of $218,400.00. Following the completion of the sale, the chief executive officer now owns 3,460,901 shares of the company’s stock, valued at approximately $50,390,718.56. This trade represents a 0.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Anil Doradla sold 4,000 shares of Grid Dynamics stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $17.66, for a total value of $70,640.00. Following the sale, the chief financial officer now owns 376,282 shares of the company’s stock, valued at approximately $6,645,140.12. This represents a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 25,000 shares of company stock worth $399,260 in the last three months. 7.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Grid Dynamics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FMR LLC boosted its holdings in shares of Grid Dynamics by 38.7% during the 3rd quarter. FMR LLC now owns 2,873 shares of the company’s stock worth $40,000 after buying an additional 801 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Grid Dynamics by 5.6% in the second quarter. The Manufacturers Life Insurance Company now owns 22,388 shares of the company’s stock valued at $235,000 after purchasing an additional 1,184 shares during the last quarter. Trust Point Inc. grew its position in shares of Grid Dynamics by 5.0% in the third quarter. Trust Point Inc. now owns 32,290 shares of the company’s stock valued at $452,000 after purchasing an additional 1,532 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Grid Dynamics by 17.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,919 shares of the company’s stock worth $188,000 after purchasing an additional 2,673 shares during the period. Finally, Quarry LP lifted its position in shares of Grid Dynamics by 131.5% during the 3rd quarter. Quarry LP now owns 5,236 shares of the company’s stock worth $73,000 after purchasing an additional 2,974 shares during the last quarter. Institutional investors and hedge funds 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.