Grid Dynamics (NASDAQ:GDYN) Shares Gap Down After Insider Selling

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN) gapped down prior to trading on Wednesday after an insider sold shares in the company. The stock had previously closed at $19.12, but opened at $18.24. Grid Dynamics shares last traded at $18.08, with a volume of 905,221 shares.

Specifically, CFO Anil Doradla sold 4,000 shares of Grid Dynamics stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $17.66, for a total transaction of $70,640.00. Following the transaction, the chief financial officer now directly owns 376,282 shares of the company’s stock, valued at $6,645,140.12. The trade was a 1.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. lifted their target price on shares of Grid Dynamics from $17.00 to $18.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. TD Cowen boosted their price target on shares of Grid Dynamics from $16.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Needham & Company LLC upped their price objective on Grid Dynamics from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Cantor Fitzgerald upgraded shares of Grid Dynamics to a “strong-buy” rating in a report on Monday, August 12th. Finally, Citigroup raised their price target on Grid Dynamics from $17.00 to $18.00 and gave the stock 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 issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $17.50.

Grid Dynamics Stock Down 5.8 %

The company’s 50-day simple moving average is $15.08 and its 200 day simple moving average is $12.63. The firm has a market capitalization of $1.31 billion, a PE ratio of 602.87 and a beta of 1.04.

Grid Dynamics (NASDAQ:GDYN) last issued its quarterly earnings results on Thursday, October 31st. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.01. The business had revenue of $87.40 million for the quarter, compared to analyst estimates of $85.09 million. Grid Dynamics had a net margin of 0.74% and a return on equity of 0.15%. Grid Dynamics’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.08 EPS.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Fourth Sail Capital LP grew its stake in shares of Grid Dynamics by 138.0% during the 2nd quarter. Fourth Sail Capital LP now owns 769,924 shares of the company’s stock worth $8,092,000 after purchasing an additional 446,477 shares during the period. Summit Creek Advisors LLC raised its position in shares of Grid Dynamics by 25.1% during the 2nd quarter. Summit Creek Advisors LLC now owns 1,147,992 shares of the company’s stock worth $12,065,000 after purchasing an additional 230,688 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Grid Dynamics by 14.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,672,906 shares of the company’s stock valued at $17,581,000 after acquiring an additional 206,201 shares in the last quarter. Silvercrest Asset Management Group LLC lifted its holdings in Grid Dynamics by 43.1% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 604,481 shares of the company’s stock valued at $7,429,000 after purchasing an additional 182,052 shares in the last quarter. Finally, Lord Abbett & CO. LLC boosted its position in Grid Dynamics by 42.3% during the first quarter. Lord Abbett & CO. LLC now owns 479,302 shares of the company’s stock worth $5,890,000 after acquiring an additional 142,446 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.