Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) Short Interest Update

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) was the recipient of a large increase in short interest in the month of December. As of December 31st, there was short interest totalling 2,210,000 shares, an increase of 18.2% from the December 15th total of 1,870,000 shares. Currently, 3.5% of the shares of the stock are short sold. Based on an average daily trading volume, of 891,300 shares, the days-to-cover ratio is presently 2.5 days.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. JPMorgan Chase & Co. raised their target price on Grid Dynamics from $17.00 to $18.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Needham & Company LLC lifted their target price on Grid Dynamics from $20.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. TD Cowen boosted their target price 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, Citigroup raised their price target on shares of Grid Dynamics from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $18.33.

Insider Buying and Selling at Grid Dynamics

In related news, CFO Anil Doradla sold 3,000 shares of the stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $22.12, for a total transaction of $66,360.00. Following the sale, the chief financial officer now owns 343,012 shares in the company, valued at approximately $7,587,425.44. This trade represents a 0.87 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold a total of 13,000 shares of company stock valued at $247,220 in the last ninety days. 7.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Grid Dynamics

Several large investors have recently modified their holdings of the business. Rhumbline Advisers increased its holdings in Grid Dynamics by 5.2% in the second quarter. Rhumbline Advisers now owns 82,323 shares of the company’s stock valued at $865,000 after purchasing an additional 4,072 shares during the period. American Century Companies Inc. increased its stake in shares of Grid Dynamics by 34.9% in the second quarter. American Century Companies Inc. now owns 38,852 shares of the company’s stock valued at $408,000 after buying an additional 10,054 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Grid Dynamics by 14.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,672,906 shares of the company’s stock worth $17,581,000 after acquiring an additional 206,201 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Grid Dynamics by 64.5% during the second quarter. Renaissance Technologies LLC now owns 287,600 shares of the company’s stock worth $3,023,000 after acquiring an additional 112,800 shares during the last quarter. Finally, Hsbc Holdings PLC acquired a new position in shares of Grid Dynamics in the second quarter worth approximately $117,000. Institutional investors own 71.18% of the company’s stock.

Grid Dynamics Stock Up 2.0 %

Grid Dynamics stock traded up $0.41 during trading hours on Friday, hitting $21.06. The stock had a trading volume of 498,634 shares, compared to its average volume of 1,463,230. The business’s 50 day simple moving average is $19.72 and its 200-day simple moving average is $15.83. Grid Dynamics has a one year low of $9.07 and a one year high of $24.16. The stock has a market cap of $1.74 billion, a price-to-earnings ratio of 702.23 and a beta of 1.01.

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

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.