Citigroup Lowers Grid Dynamics (NASDAQ:GDYN) Price Target to $14.00

Grid Dynamics (NASDAQ:GDYN) had its target price decreased by equities researchers at Citigroup from $15.00 to $14.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price objective suggests a potential upside of 27.04% from the stock’s previous close.

A number of other research analysts also recently commented on GDYN. Wedbush reissued an “outperform” rating and set a $13.00 target price on shares of Grid Dynamics in a research report on Thursday, May 23rd. JPMorgan Chase & Co. cut their target price on shares of Grid Dynamics from $17.00 to $15.00 and set an “overweight” rating on the stock in a research report on Thursday, May 2nd. Finally, Needham & Company LLC reissued a “buy” rating and set a $16.00 target price on shares of Grid Dynamics in a research report on Friday, May 3rd. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $15.00.

Grid Dynamics Price Performance

GDYN stock opened at $11.02 on Friday. The company has a market capitalization of $843.25 million, a PE ratio of 367.46 and a beta of 1.05. Grid Dynamics has a 12 month low of $9.07 and a 12 month high of $14.70. The firm’s 50-day moving average is $10.12 and its 200 day moving average is $11.64.

Grid Dynamics (NASDAQ:GDYN) last posted its quarterly earnings results on Thursday, May 2nd. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.09). The company had revenue of $79.82 million during the quarter, compared to analysts’ expectations of $77.48 million. Grid Dynamics had a return on equity of 3.31% and a net margin of 0.72%. Sell-side analysts forecast that Grid Dynamics will post 0.02 EPS for the current fiscal year.

Insider Activity

In other news, Director Shuo Zhang sold 4,000 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $9.34, for a total value of $37,360.00. Following the sale, the director now directly owns 22,015 shares in the company, valued at approximately $205,620.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Leonard Livschitz sold 10,000 shares of Grid Dynamics stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $10.54, for a total value of $105,400.00. Following the completion of the sale, the chief executive officer now directly owns 3,660,691 shares in the company, valued at approximately $38,583,683.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Shuo Zhang sold 4,000 shares of Grid Dynamics stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $9.34, for a total transaction of $37,360.00. Following the completion of the sale, the director now owns 22,015 shares of the company’s stock, valued at $205,620.10. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 73,000 shares of company stock worth $734,850. Corporate insiders own 7.40% of the company’s stock.

Institutional Trading of Grid Dynamics

A number of institutional investors have recently bought and sold shares of GDYN. Wellington Management Group LLP boosted its stake in Grid Dynamics by 113.9% in the 3rd quarter. Wellington Management Group LLP now owns 1,482,626 shares of the company’s stock worth $18,058,000 after purchasing an additional 789,373 shares in the last quarter. Teachers Retirement System of The State of Kentucky raised its position in Grid Dynamics by 123.3% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 79,051 shares of the company’s stock worth $963,000 after buying an additional 43,651 shares during the last quarter. Vanguard Group Inc. raised its position in Grid Dynamics by 1.2% during the 3rd quarter. Vanguard Group Inc. now owns 4,007,370 shares of the company’s stock worth $48,810,000 after buying an additional 45,750 shares during the last quarter. Public Employees Retirement System of Ohio raised its position in Grid Dynamics by 5.8% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 271,591 shares of the company’s stock worth $3,308,000 after buying an additional 14,940 shares during the last quarter. Finally, SG Americas Securities LLC raised its position in Grid Dynamics by 52.4% during the 4th quarter. SG Americas Securities LLC now owns 17,723 shares of the company’s stock worth $236,000 after buying an additional 6,094 shares during the last quarter. 71.18% of the stock is currently owned by institutional investors and hedge funds.

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.