Kornitzer Capital Management Inc. KS Invests $1.03 Million in Grid Dynamics Holdings, Inc. (NASDAQ:GDYN)

Kornitzer Capital Management Inc. KS bought a new position in shares of Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) during the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 46,300 shares of the company’s stock, valued at approximately $1,030,000.

Several other hedge funds have also recently modified their holdings of GDYN. FMR LLC raised its position 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 purchasing an additional 801 shares during the last quarter. MCF Advisors LLC raised its position in shares of Grid Dynamics by 65.8% during the 4th quarter. MCF Advisors LLC now owns 1,864 shares of the company’s stock worth $41,000 after purchasing an additional 740 shares during the last quarter. Quarry LP raised 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. Quantbot Technologies LP acquired a new position in shares of Grid Dynamics during the 3rd quarter worth about $122,000. Finally, Intech Investment Management LLC acquired a new position in shares of Grid Dynamics during the 3rd quarter worth about $153,000. Institutional investors and hedge funds own 71.18% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on GDYN. Needham & Company LLC upped their price target on shares of Grid Dynamics from $20.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. JPMorgan Chase & Co. increased 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. Citigroup increased 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, TD Cowen increased their price objective on shares of Grid Dynamics from $16.00 to $19.00 and gave the company a “buy” rating in a report on Friday, November 1st. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $18.33.

Grid Dynamics Trading Down 2.0 %

GDYN stock opened at $21.57 on Thursday. The company has a market cap of $1.78 billion, a price-to-earnings ratio of 719.24 and a beta of 1.01. Grid Dynamics Holdings, Inc. has a 12 month low of $9.07 and a 12 month high of $24.60. The firm has a 50-day moving average of $21.58 and a two-hundred day moving average of $17.55.

Insider Transactions at Grid Dynamics

In other news, CFO Anil Doradla sold 3,000 shares of the firm’s 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 completion of the sale, the chief financial officer now owns 343,012 shares in the company, valued at $7,587,425.44. This trade represents a 0.87 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 8,000 shares of company stock worth $171,780 in the last 90 days. Insiders own 7.20% 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.