Grid Dynamics (NASDAQ:GDYN) Sets New 12-Month High – Should You Buy?

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) hit a new 52-week high on Friday . The stock traded as high as $24.60 and last traded at $24.35, with a volume of 3153 shares. The stock had previously closed at $24.03.

Analyst Ratings Changes

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

Grid Dynamics Price Performance

The firm’s fifty day simple moving average is $20.88 and its 200 day simple moving average is $16.88. The company has a market capitalization of $2.01 billion, a PE ratio of 810.30 and a beta of 1.01.

Insider Buying and Selling

In related news, CFO Anil Doradla sold 3,000 shares of the business’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $22.12, for a total value of $66,360.00. Following the completion of the sale, the chief financial officer now owns 343,012 shares of the company’s stock, valued at approximately $7,587,425.44. The trade was a 0.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 7.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Lord Abbett & CO. LLC acquired a new position in shares of Grid Dynamics during the 3rd quarter valued at about $8,589,000. Vontobel Holding Ltd. purchased a new stake in shares of Grid Dynamics in the 3rd quarter valued at approximately $1,143,000. Barclays PLC increased its holdings in shares of Grid Dynamics by 173.8% during the 3rd quarter. Barclays PLC now owns 111,182 shares of the company’s stock worth $1,556,000 after buying an additional 70,579 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Grid Dynamics by 30.9% during the 3rd quarter. Wellington Management Group LLP now owns 2,859,808 shares of the company’s stock valued at $40,037,000 after buying an additional 675,419 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Grid Dynamics by 1.3% in the third quarter. Geode Capital Management LLC now owns 1,381,429 shares of the company’s stock valued at $19,344,000 after acquiring an additional 17,763 shares during the last quarter. Hedge funds and other institutional investors own 71.18% of the company’s stock.

About Grid Dynamics

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.